Regulatory Alerts2019-09-24
ESMA Opinion on Position Limits for EEX Italian Power Base Contracts
The European Securities and Markets Authority issued an opinion approving position limits proposed by BaFin for EEX Italian Power Base Futures and Options. BaFin set the spot month limit at 27% of deliverable supply and the other months' limit at 23% of open interest, adjusting the statutory baselines based on storage constraints and market liquidity. ESMA concluded that these limits comply with RTS 21 methodology and MiFID II objectives regarding market abuse prevention and orderly pricing.
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