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ARTICLE · 30 AUGUST 2017

MiFID II Position Limits And Reporting Regimes: An Update

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The MiFID II regime will come into force throughout the EU on 3 January 2018. Many of the new rules will directly impact commodity market participants both inside and outside the EU.

European UnionFinance and Banking
Adam Topping
Adam Topping
Ellie Kirby
Ellie Kirby

The MiFID II regime will come into force throughout the EU on 3 January 2018. Many of the new rules will directly impact commodity market participants both inside and outside the EU. Two key areas are the new commodity derivatives position limits and reporting regimes.

What are the new regimes?

MiFID II arguably enacts the most extensive position limits regime anywhere in the world. The regime requires regulators in member states, or national competent authorities (NCAs), to determine limits on the size of positions (long or short) that any market participant (regardless of their location or regulatory status) can take in any commodity derivative contract executed on an EU trading venue. This includes regulated markets, multilateral trading facilities (MTFs), and organised trading facilities (OTFs)), along with "economically equivalent OTC contracts" (EEOTCs).

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