Regulatory Alerts2021-03-08
ESMA Opinion on position limits on OMIP SPEL Base contracts
The European Securities and Markets Authority (ESMA) issued an opinion assessing revised position limits for OMIP SPEL Base Futures and Options proposed by the Portuguese regulator CMVM. ESMA concluded that the new limits, set at 10,225,123 MWh for the spot month and 4,452,089 MWh for other months, comply with the calculation methodology in RTS 21 and the objectives of MiFID II. The authority recommended that CMVM carefully monitor trading patterns and review the spot month limit on a timely basis to prevent market abuse.
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