ESMA has issued two documents relating to MiFID II for those who trade commodity derivatives:
- Updated Q+A (here) – This has updates on position limits, position reporting and the ancillary activity test. There are additions, changes and one deletion.
- Updated opinion document on market sizes (here) – This is used as part of the market size test element of the ancillary activity test. The size of market is required as the denominator part of the test for each year and commodity calculated. The test is to be performed annually. In most cases, entity performing the test must inform their National Competent Authority that they are making use of the Ancillary Activity exemption, if they wish to rely on it.