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Mifid

MiFID II position limits set by AFM and AMF

Announcements of position limits by National Competent Authorities continues, following those over the past few weeks (see here).

The AFM of The Netherlands has announced 4 limits, which can be found here.  In addition the AMF of France has announced several limits on Euronext and Powernext, in two documents which can be found here and here (some of the Euronext ones were already known). AMF has also listed contracts for which the “illiquid” position limit of 2,500 lots applies.

As the MiFID II deadline approaches, most limits are now announced, although opinion documents from ESMA will still need to be issued in the coming weeks, whether before or after January 3rd,  to confirm them. These may provide some explanation of how some of the numbers have been calculated. This post on the Broadpeak blog considers the seemingly high level of some of the limits, as well as possible confusion on how some of the numbers are calculated. There is also some discussion on limits on Bitcoin futures. The issue of crypto currencies and blockchain use in general will be covered in a future post.

 

 

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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