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 EU/European Economic Area (EEA) trading venues and economically equivalent over-the-counter contracts.

On December 7, the UK Financial Conduct Authority (FCA) updated its website in connection with indicative position limits for commodity derivative contracts. The FCA website lists the commodity derivative contracts that the FCA has currently identified as trading on a UK trading venue and in respect of which, beginning January 3, 2018, there will be a bespoke position limit set.

The Dutch regulator (the Autoriteit Financiële Markten, or AFM) also published a website on indicative position limits for Dutch and Belgian power and Dutch gas contracts.

Finally, the French regulator (the Autorité des marchés financiers, or AMF) also published two documents on its website containing, respectively, indicative position limits for commodity derivatives traded on Euronext and commodity derivatives traded on Powernext.

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

The FCA website, AFM website and AMF website are available here, here (in English) and here (in French), respectively.