ESMA has this week published seven further opinion documents relating to position limits under MiFID II, of which six relate to gas and one to power. This follows the publication of opinions in January (see here).
The limits themselves have already been announced by the relevant National Competent Authority (in this case AFM, AMF and Bafin). Each opinion has confirmed the limit at the level originality set. The documents explain the rationale for each limit, how the deliverable supply has been calculated and how spot month is established. The opinions can be found as follows:
- ICE Endex PSV natural gas (here)
- Powernext PSV natural gas (here)
- Powernext CEGH-VTP natural gas (here)
- Powernext GPL natural gas (here)
- Powernext NCG natural gas (here)
- Powernext PEG natural gas (here)
- EEX PXE Hungarian power baseload (here)
The first two limits relate to the same deliverable supply.
The list of limits about which opinions have been issued, together with links, can be found here.