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: