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MiFID II position limits opinions published by ESMA

On Friday ESMA published a set of opinions on MiFID II position limits that have been submitted to them by National Competent Authorities (NCA). The process under MiFID is for NCAs to establish the limit levels, and then to submit them for an opinion to ESMA. In this instance, one previously submitted limit, on OMIP SPEL Spanish Power Base contracts, has been resubmitted by the CMVM to ESMA following non-approval. In another case, that of ICE Endex Dutch TTF, the limit has been revised following changes in the “input factors” to the limit level.

The press release from ESMA can be found here, and the latest “master list” of limits here. The limits affected are as follows:

  • ICE Endex Dutch TTF Gas contracts (here)
  • EEX Phelix DE Base Power contracts (here)
  • EEX Capesize TC5 Freight contracts (here)
  • EEX Spanish Power Base contracts (here)
  • MEFFPOWER  Baseload contracts (here)
  • OMIP SPEL Base contracts  (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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