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Mifid

FCA publishes position limits page

The UK’s Financial Conduct Authority has published a position limits page, which lists the contracts on which a “bespoke” limit will be set before 3rd January 2018, under the MiFID II position limits rules. The page can be found here.

The list only includes contracts which:

  • Are under the FCA’s jurisdiction, i.e. the venue is based in the UK.
  • Are “bespoke” – i.e. are not considered either “new” or “illiquid”. Non bespoke contracts attract a limit of 2,500 lots by default.

The actual limit levels are not specified. Last month, ESMA published the first limits, set by France’s AMF, on certain agricultural derivative contracts (see here).

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on energy and commodity regulation. He has more than 20 years of experience in energy and commodity trading, credit, risk and financial technology. He has delivered a series of trading, credit and risk solutions to a wide variety of oil majors, power and gas companies and investment banks. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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