Regulatory Alerts2021-03-08
ESMA Opinion on position limits for MEFFPOWER Baseload contracts
The European Securities and Markets Authority (ESMA) issued an opinion approving the Spanish regulator CNMV's revised position limits for MEFFPOWER Baseload electricity derivative contracts. The new limits set the spot month cap at 10,000,000 MWh and the other months' cap at 5,000,000 MWh, both calculated in compliance with the methodology established in RTS 21. ESMA concluded that these limits are consistent with MiFID II objectives to prevent market abuse while ensuring orderly trading, provided that the CNMV continues to monitor trading patterns closely.
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