The European Securities and Markets Authority (ESMA) has published nine opinions on position limits regarding commodity derivatives under MiFID II and MiFIR. The opinions agree with the position limits proposed by the FCA and concern contracts on:

• London cocoa;
• robusta coffee
• white sugar;
• aluminium;
• copper;
• lead;
• nickel;
• tin; and
• zinc.

ESMA found that the proposed position limits by the FCA are consistent with the objectives established in MiFID II and with the methodology developed for setting those limits. ESMA has also published a list of liquid contracts that will receive a bespoke position limit. ESMA will continue to assess the notifications received and issue opinions in order to ensure that the position limits are set in accordance with the MiFID II framework.

View ESMA agrees MiFID II position limits proposed by FCA, 24 October 2017