Updated 18/09/2024
No longer in force since 14/08/2022

Initial Legal Act
Amendments
Einstufung der Capesize–C7-Freight Future Kontrakte als illiquide
Published: 23/12/2020
Art. 15(1)(a)
Einstufung der Phelix Power DE/AT Peakload Future Kontrakte als illiquide
Published: 23/12/2020
Art. 15(1)(a)
Einstufung der Phelix Power DE/AT OTF Baseload Future Kontrakte als illiquide
Published: 23/12/2020
Art. 15(1)(a)
Positionslimit bei Warenderivaten
Published: 03/01/2018
Art. 15(1)(a), 15(1)(c)
Positionslimits auf illiquide Kontrakte für Warenderivate
Published: 25/11/2021
Art. 15(1)(a), 15(1)(c)
Positionslimit für Swiss Power Future Kontrakte
Published: 03/01/2018
Art. 15(1)(b)
Positionslimit für Dutch Financial Power Future (Base) Kontrakte
Published: 24/04/2018
Art. 15(1)(b)
Positionslimit für TTF natural gas Future und TTF natural gas Option Kontrakte
Published: 27/12/2019
Art. 15(1)(b)
Positionslimit für Panamax-TC4-Freight Future und Panamax-TC4-Freight Option Kontrakte
Published: 11/12/2019
Art. 15(1)(b)
Positionslimit für Supramax-TC10-Freight Future und Supramax-TC10-Freight Option Kontrakte
Published: 11/12/2019
Art. 15(1)(b)
ESMA70-155-10340
Published: 31/07/2020
Art. 15(1)(a)
ESMA70-155-3655
Published: 15/04/2019
Art. 15(1)(b)
ESMA70-155-5284
Published: 18/01/2019
Art. 15(1)(b)
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MiFID II ToolDelegated Regulation 2017/591
Article 15

Article 15 - New and illiquid contracts (Article 57(3)(g) of Directive 2014/65/EU)

Article 15

New and illiquid contracts

(Article 57(3)(g) of Directive 2014/65/EU)

1.   By way of derogation to Article 14,

(a)

for commodity derivatives traded on a trading venue with a total combined open interest in spot and other months' contracts not exceeding 10 000 lots over a consecutive three month period, competent authorities shall set the limit of positions held in those commodity derivatives at 2 500 lots;

(b)

for commodity derivatives traded on a trading venue with a total combined open interest in spot and other months' contracts in excess of 10 000 but not exceeding 20 000 lots over a consecutive three month period, competent authorities shall set the spot and other months' position limit between 5 % and 40 %;

(c)

for commodity derivatives as defined in point (c) of Article 4(1)(44) of Directive 2014/65/EU with a total number of securities in issue not exceeding 10 million over a consecutive three month period, the competent authority shall set the limit of positions held in those commodity derivatives at 2,5 million securities;

(d)

for commodity derivatives as defined in point (c) of Article 4(1)(44) of Directive 2014/65/EU with a total number of securities in issue in excess of 10 million but not exceeding 20 million over a consecutive three month period, the competent authority shall set the spot and other months' position limit between 5 % and 40 %.

2.   The trading venue shall notify the competent authority when the total open interest of any such commodity derivative reaches any of the amounts of lots or number of securities in issue mentioned in the previous paragraph over a consecutive three month period. Competent authorities shall review the position limit upon receiving such notifications.