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ESMA’s call for evidence is seeking stakeholders’ input on the impact of position limits on liquidity, market abuse and orderly pricing and settlement conditions in commodity derivatives markets. Furthermore, stakeholders are invited to share their experience of the application of the MiFID II position limit and position management provisions, explain how trading in commodity derivatives may have been impacted, either positively or negatively, by this new regime and provide thoughts for potential amendments.
Next steps and timeline
Stakeholders are invited to provide feedback by 5 July 2019. ESMA will consider the feedback in drafting its advice for its report to the EC on the impact of position limits and position management controls on commodity derivatives markets. ESMA intends to consult on its draft report to the EC in the last quarter of 2019 with a view to finalising the report by the end of March 2020.