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ESMA completes review of MiFID II commodity derivatives regime

01 April 2020

The European Securities and Markets Authority (ESMA), the EU securities markets regulator, has today published a review report on the impact of position limits and position management on commodity derivatives markets, following over two years of the Markets in Financial Instruments Directive (MiFID II).

The report contains proposals to make the commodity derivatives framework operate more efficiently for market participants and competent authorities. This includes refocusing the position limit regime on the most important commodity derivatives contracts, and improving convergent implementation of position management controls by trading venues through Level 2 measures.

Technical Advice on weekly position reports

ESMA has also published new Technical Advice to the European Commission (EC) on the weekly aggregated information to be published by trading venues on open positions per category of stakeholders. The aim is to ensure that this information is made available for a larger number of commodity derivatives traded on European Union (EU) trading venues to ensure more transparency in EU commodity derivative markets.

Next steps

The Review Report will feed into the EC’s review of MiFID II, on the impact of position limits and position management on liquidity, market abuse and orderly pricing and settlement conditions in commodity derivatives markets, it must deliver to the European Parliament and Council.