Draft rule alters Ice Brent position limits basis

摘要

EU financial regulator Esma has proposed revisions to its draft rules on derivatives trading that will significantly change the basis for calculating position limits for Ice Brent crude futures, if accepted by the European Commission. The two revised proposals for draft regulatory technical standards (RTS) released by Esma cover non-equity transparency and commodity derivative position limits under the new markets in financial instruments directive and regulation (MiFID 2 and MiFIR). Esma’s third proposed revision - on the ancillary activities draft RTS - will be issued later this month. This RTS will help determine whether a commodity company’s derivatives trading is ancillary to its main business and therefore if the company is exempt from MiFID 2.