Regulatory Alerts2021-02-03
ESMA Opinion on position limits for ICE Endex NCG natural gas contracts
The European Securities and Markets Authority (ESMA) issued an opinion assessing the Netherlands Authority for the Financial Markets' (AFM) proposed position limits for ICE Endex German NCG natural gas contracts. ESMA concluded that the new spot month limit of 20,685,000 MWh and the other months' limit of 2,893,941 MWh comply with the calculation methodology in RTS 21 and the objectives of MiFID II. While approving the limits, ESMA recommended that the AFM carefully monitor trading patterns and review the spot month limit on a timely basis to prevent market abuse.
Share