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Stand:updated on 06.11.2019 | Topic OTC derivatives Derivatives

Containment of systemic risks in the European derivatives market, upper limits for holding derivatives whose underlying is a commodity: read more on these pages.

Eu­ro­pean Mar­ket In­fras­truc­ture Reg­u­la­tion (EMIR)

The European Market Infrastructure Regulation (EMIR) is intended to contain systemic risks in the European derivatives market. EMIR imposes obligations on certain parties to derivative transactions. This also includes some notifications to BaFin and ESMA.

More: European Market Infrastructure Regulation (EMIR) …

Po­si­tion lim­its on com­mod­i­ty deriva­tives

Position limits on commodity derivatives were introduced with the implementation of the European Markets in Financial Instruments Directive II (MiFID II). This means that upper limits apply to the holding of derivatives whose underlying is a commodity. Neither individual companies nor groups of companies may combine positions that exceed these thresholds in aggregated form.

More: Position limits on commodity derivatives …

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Publications on this topic

Format News Erscheinung: from 25.06.2024 Stand: , updated on 02.07.2024 TTF-Gas Fu­ture: Dutch Fi­nan­cial Mar­ket Au­thor­i­ty launch­es new Po­si­tion Lim­it

From 1 July 2024 the Dutch Authority for the Financial Markets (AFM) will apply a position limit to the TTF-natural-gas-Future traded at the Leipzig based European Energy Exchange. Due to its high liquidity the future contract has been classified as significant commodity derivative under the directive on markets in financial instruments (MiFID).

Format News Erscheinung: from 16.04.2021 Po­si­tion lim­its on com­mod­i­ty deriva­tives: ES­MA spec­i­fies pri­or­i­ties re­gard­ing the su­per­vi­so­ry ac­tions of na­tion­al com­pe­tent au­thor­i­ties

When applying position limits, national competent authorities should, in future, prioritise agricultural commodity derivatives and significant commodity derivatives contracts with a net open interest of at least 300,000 lots. The European Securities and Markets Authority (ESMA) expressed this expectation in a Forbearance-Note of 19 March 2021. BaFin is taking this forbearance note into account in …

Format FAQ Erscheinung: from 22.01.2018 Stand: , updated on 09.01.2023 Com­mod­i­ty deriva­tives: Po­si­tion lim­its set by BaFin

Position limits set by BaFin

Format Form Erscheinung: from 17.01.2018 Tem­plate for the con­fir­ma­tion by the se­nior man­age­ment for in­tra-group ex­emp­tions pur­suant to Ar­ti­cle 11 (6) to (10) of EMIR and Ar­ti­cle 36 (2) of Del­e­gat­ed Reg­u­la­tion (EU) No 2016/2251

Template for the confirmation by the senior management for intra-group exemptions pursuant to Article 11 (6) to (10) of EMIR and Article 36 (2) of Delegated Regulation (EU) No 2016/2251

Format Article Erscheinung: from 04.01.2017 OTC deriva­tives: Mar­gin re­quire­ments for non-cen­tral­ly cleared con­tracts

The Delegated Regulation on risk-mitigation techniques for non-standardised OTC derivatives was published in the Official Journal of the European Union on 15 December 2016. It will therefore come into force on 4 January 2017. The underlying regulatory technical standards were developed jointly by the three European Supervisory Authorities (ESAs ), since the requirements for OTC derivatives are to …

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