On 7 February 2020, the European Securities and Markets Authority (ESMA) published seven opinions on position limits regarding commodity derivatives under MiFID II / MiFIR.

The opinions agree with the proposed position limits regarding:

  • ICE Endex Dutch TTF Gas contracts;
  • EEX Phelix DE Base Power contracts;
  • EEX Capesize TC5 Freight contracts;
  • EEX Spanish Power Base contracts; and
  • MEFFPOWER Baseload contracts.

Also, ESMA has published two opinions on the proposed position limits regarding the OMIP SPEL Base contracts. The first opinion relates to the position limits initially notified by Comissao do Mercado de Valores Mobiliarios which ESMA did not find consistent with the objectives established in MiFID II.