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ESMA opens consultation on MiFID II position limits

ESMA has opened a consultation on the MiFID II position limits and position management regimes, following a “call for evidence” earlier this year (see here).  The consultation document can be found here.

The document reveals that the call for evidence returned some doubts as to the effectiveness of the regime in countering market abuse and disorderly conditions as well as a possible negative effect on liquidity.

Amongst other proposals, the consultation suggests the removal of the “C6 carve out” which excludes some physical forwards in gas and power traded on an Organised Trading Facility(OTF) from financial regulation (page 23) .

The consultation closes in early January.


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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