ESMA_QA_1274
23/09/2022
Subject Matter
Positions with different maturities
    Should positions with different maturities for other months’ limits be netted?
    ESMA Answer
    23-09-2022

      [ESMA 70-872942901 Commodity derivatives, Position limits, Q&A 4]

      Yes. Persons must determine their net position for each commodity derivative for the other months’ limit, as indicated in Article 3 (4-7) of RTS 21a.

      They should sum (or net, as appropriate) all individual positions across the curve excluding those positions in the spot month for that commodity derivative.

      Status: Answer Published

      Additional Information

      Level 1 Regulation
      Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets
      Topic
      Position limits