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FCA sets position limits

Yesterday the UK’s Financial Conduct Authority (FCA) published a list of position limits under MiFID II on their position limits page, which can be found here. The list comprises many limits, in excess of those on which ESMA published opinions earlier this week (see here). The list includes many “bespoke” limits, as well as contracts on which the “de minimis” limit of 2,500 lots is to be applied, where other contracts are to be aggregated into them. It was announced in late September that National Competent Authorities would be permitted to published limits directly in this manner (see here).

The FCA also updated their position reporting instructions document, which can be found here. This is to be used by venues and investment firms to report positions to the FCA.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity 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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