On June 16, the UK Financial Conduct Authority (FCA) published a statement setting out the changes it has made to a number of position limits for commodity derivative contracts traded on ICE Futures Europe (the Statement).

The Statement includes a table that clearly outlines the changes to the relevant contract’s spot month position limit and other months’ position limit. Where position limits have been increased, this change will apply immediately. In contrast, the FCA has granted a two-months’ notice period for the application of position limits that have been reduced.

In the Statement, the FCA notes that the position limits are published in advance of the publication of the European Securities and Markets Authority (ESMA) opinions on position limits, and they may change in light of an ESMA opinion, or in the event that the FCA decides it is necessary.

The Statement is available here.