ESMA signs off FCA deriv position limits
The European Securities and Markets Authority (ESMA) has agreed to position limits proposed by the Financial Conduct Authority (FCA) for nine commodity derivative markets, deeming them consistent with Markets in Financial Instruments Directive and Regulation (MiFID II/MIFIR).
ESMA analysed the supply and demand situation for cocoa, robusta coffee, ICE white sugar, aluminium, copper, lead, nickel, tin and zinc. The authority determined whether product was perishable, what standard was deliverable at each market and any other sources of deliverable supply.ESMA calculated traders’ position limits ...
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