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Mifid

ESMA publishes more MiFID II position limits opinions

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.

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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