ESMA relaxes MiFID II position limits to help boost post Covid-19 recovery
The European Securities and Markets Authority (ESMA) announces changes to MiFID II Recovery Package for position limits on commodity derivatives.
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The European Securities and Markets Authority (ESMA) announces changes to MiFID II Recovery Package for position limits on commodity derivatives.
The EU Financial Regulator has set July 3, 2017, as the deadline for National Competent Authorities (NCAs) to transpose MiFID II into the national legislation of individual EU Member States.
Before making the final decision on the details of the forms used for commodity derivatives position reporting, ESMA conducted public consultations.
MIFID II Position Limits - All you need to know. Reporting to the relevant National Competent Authority.
The topic of securitised commodity derivatives and their inclusion in the scope of MIFiD II position limits regime has been widely debated in the financial industry for quite some time.
With the impending implementation of MiFID II, many questions are still unanswered.
Positions that are held by, or on behalf of, non-financial entities which are objectively measurable as reducing risk, must not be counted towards the limits and netted against positions which are not considered to reduce risk.
It has been made clear that an OTC derivative can be viewed as economically equivalent to a commodity derivative traded on a trading venue if it has indistinguishable contractual terms and conditions.
Our 22-page guide goes into detail about what the new rules mean for those trading commodity derivatives, and explains what firms need to do to avoid sanctions and penalties for non-compliance.