On August 30, the UK Financial Conduct Authority (FCA) published a new web page on position limits for commodity derivative contracts under the revised Markets in Financial Instruments Directive (MiFID II).

Under MIFID II, position limits are required on the size of a net position a person can hold at all times in commodity derivatives traded on trading venues and economically equivalent over-the-counter contracts. The web page lists the commodity derivative contracts that the FCA has currently identified as trading on a UK trading venue, which, beginning January 3, 2018, will have a bespoke position limit set against them. The list will be subject to change, and firms are encouraged to check it regularly.

Any other commodity derivatives not listed in the table and traded on a UK trading venue (but not traded in significant volumes on a venue in another EU member state) will, starting January 3, 2018, be subject to a limit of 2,500 lots.

The web page is available here.