The UK’s Financial Conduct Authority (FCA) has opened the “Connect” system which allows Non Financial Entities to apply for hedge exemptions from the MiFID II position limits regime, for contracts under the FCA’s jurisdiction (that is, contracts found on venues in the UK). Links can be found on the commodity derivatives page here. The FCA recently published a guide on how to make the application (see here).
The FCA has also added new information on the contracts on which limits will be set. Previously a list of contracts on which “bespoke” limits will be set was published. There is now more information on this page, which provides a table and spreadsheet not only of the bespoke contracts, but also of the “de minimis” contracts which must be aggregated.
The page also states that some actual limits will be published in October. This follows the agreement made with ESMA by National Competent Authorities that limits can be published directly, rather than waiting for an opinion to be issued by ESMA (see here).