On October 24, the European Securities and Markets Authority (ESMA) published nine opinions on limits regarding commodity derivatives under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The opinions follow the work plan agreed by ESMA and the national competent authorities of the European Union (NCAs), under which position limits will be published by the NCAs prior to ESMA publishing an opinion on such limits.

The opinions agree with the position limits previously proposed by the FCA in August 2017, and concern contracts on:

• London cocoa;
• Robusta coffee;
• white sugar;
• aluminium;
• copper;
• lead;
• nickel;
• tin; and
• zinc.

ESMA found that the position limits proposed by the FCA are consistent with the objectives established in MiFID II and with the methodology developed for setting those limits.

ESMA also has published a list of liquid contracts that will receive a bespoke position limit, set by the relevant NCA.

The list is available here.