Under the revised Markets in Financial Instruments Directive (MiFID II), limits are required to be established on the size of a net position a person can hold (at all times) in commodity derivatives traded on European Union/European Economic Area trading venues and economically equivalent over-the-counter contracts.

On November 28, the UK Financial Conduct Authority (FCA) updated its webpage in connection with position limits for commodity derivative contracts. The FCA webpage lists the commodity derivative contracts that the FCA has currently identified as trading on a UK trading venue and for which, beginning January 3, 2018, there will be a bespoke position limit set.

On November 29, the German regulator (Bundesanstalt für Finanzdienstleistungsaufsicht or “BaFin”), also published a webpage on indicative position limits for commodity derivative contracts traded on German venues.

Each of the lists of the FCA and BaFin will be subject to changes and updates from time to time, and firms are encouraged to check them regularly.