Regulatory Alerts2025-06-25
ESMA Opinion on position limits for EEX THE Gas contracts
The European Securities and Markets Authority (ESMA) issued an opinion approving the position limits proposed by the German Federal Financial Supervisory Authority (BaFin) for EEX Trading Hub Europe (THE) Natural Gas futures. ESMA confirmed that the spot month limit of 17,938,800 MWh and the other months' limit of 53,054,650 MWh comply with the calculation methodology in RTS 21a and support the objectives of preventing market abuse under MiFID II. The regulator noted that the downward adjustments to baseline limits are justified by post-2022 supply disruptions and market volatility, while inviting BaFin to continuously monitor market developments.
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