The text agreed last week for MiFID II contained some useful proposed carve outs for commodity position limits. This includes:

• A hedge carve out – definition of “hedge” to follow
• Oil and coal physical forwards to be exempt for three and a half years
• Gas and power physical forwards exempt.

Of course the devil will be in the detail  of the implementation which has yet to be determined and the final text is not available until April.

This article on Risk.NET has some good coverage