Mifid trading rules cast a shadow over position limits

Contracts caught will depend on trading obligation rules that are still unclear


The European Securities and Markets Authority (Esma) is promising to clarify definitions that are vital to position limits for commodity derivatives, in the face of concerns voiced by market participants.

“A clarification from Esma – if forthcoming – would be pertinent,” says a partner at a large law firm in London. “However, what we have found with Esma is that sometimes even their clarifications don’t make things terribly clear.”

Speaking at an industry conference on March 2, Rodrigo

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