Regulatory Alerts2021-07-12
ESMA Opinion on position limits on ICE Endex Dutch TTF gas contracts
The European Securities and Markets Authority (ESMA) issued an opinion assessing the Netherlands Authority for the Financial Markets' (AFM) revised position limits for ICE Endex Dutch Title Transfer Facility (TTF) Gas futures and options. ESMA concluded that the new spot month limit of 54,933,660 MWh and the other months' limit of 312,337,870 MWh comply with the calculation methodology in RTS 21 and align with the market abuse prevention objectives of MiFID II. The regulator validated the AFM's approach to calculating deliverable supply and open interest, confirming that the limits maintain orderly market conditions without hampering liquidity.
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