Regulatory Alerts2020-08-06
ESMA Opinion on revised position limits for EEX Panamax TC Freight contracts
The European Securities and Markets Authority (ESMA) issued an opinion assessing the revised position limits set by the German Federal Financial Supervisory Authority (BaFin) for EEX Panamax Time Charter Freight Futures and Options. BaFin reset the spot month and other months' limits to 13,099 lots each, representing 25% of the open interest, following a significant increase in open interest and the migration of trading from Nasdaq Futures to the European Energy Exchange. ESMA concluded that these limits comply with the calculation methodology established in RTS 21 and are consistent with the market abuse prevention and orderly pricing objectives of MiFID II.
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