ESMA yesterday issued further opinion documents on position limits already set by National Competent Authorities(NCAs) under MiFID II. This follows the publication of opinions in March (see here).

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:

• Belgian Baseload Power Futures (here)
• Dutch Baseload Power Futures (here)
• Phelix DEAT Baseload Futures (here)
• Phelix DEAT Peak Futures (here)

The list of limits about which opinions have been issued, together with links, can be found here.