MiFID II, the revision of MiFID I and a new regulation, MiFIR, is set to change the rules for trading commodity derivatives. All derivatives contracts will be effected by MiFID II and will lead to increased reporting requirements for trading participants. EEX Group builds up a unique compliance service framework to meet MIFID II requirements with minimal effort.

As of 3rd January 2018 MiFID II will become effective

All traders exceeding the ancillary activity exemption threshold will be categorised as an investment firm and are therefore inside the scope of MiFID II. Only traders with ancillary activities in trading commodity derivatives will stay outside the scope of MiFID II.

Every commodity derivative contract will be subject to position limits and trigger the obligation for market participants as well as trading venues to report positions.

  

Indicative Position Limits

BaFIN

National regulator BaFin has published the following list of indicative position limits for EEX contracts (as of 29 November 2017):

 

ContractVenueVenue Product Code
Future / Option
Position limit for spot monthPosition limit for other months

Phelix Power Future DE/AT und Option DE/AT (Base)

European Energy Exchange AG (EEX)

F1B / O1B

46 000 381 MWh

825 477 708 MWh

Phelix Power Future DE/AT (Peak)

European Energy Exchange AG (EEX)

F1P

15 403 476 MWh

19 600 000 MWh

French Power Future and Option (Base)

European Energy Exchange AG (EEX)

F7B / O7B

25 222 306 MWh

119 518 652 MWh

French Power Future (Peak)

European Energy Exchange AG (EEX)

F7P

4 378 303 MWh

1 552 656 MWh

Italian Power Future and Option (Base)

European Energy Exchange AG (EEX)

FDB / ODB

26 579 658 MWh

125 074 460 MWh

Spanish Power Future and Option (Base)

European Energy Exchange AG (EEX)

FEB / OEB

12 814 389 MWh

14 192 000 MWh

Swiss Power Future (Base)

European Energy Exchange AG (EEX)

FC

3 572 426 MWh

2 870 000 MWh

PXE Czech Financial Power Future (Base)

European Energy Exchange AG (EEX)

FX

tbd

tbd

Phelix DE Power Future (Base)

European Energy Exchange AG (EEX)

DEB / O2B

tbd

tbd

For more information, please visit the website of BaFin.

Contracts listed at EEX Group but not shown in the table above or to be published by French regulator AMF are considered illiquid and not subject to bespoke limits. The default limit of 2,500 lots applies in this case.

AMF

French regulator AMF has published bespoke limits for the Powernext gas contracts on 7 December 2017 under this link:

Spot Month Limit

Contract

Deliverable Supply in Lots

Position Limit in % of Deliverable Supply

Position Limit in Lots

PEG Nord

4 021 964

24.9

1 000 000

TTF

328 967

25.8

85 000

GPL

381 958

26.2

100 000

NCG

303 458

24.7

75 000

PSV

278 230

25.2

70 000

 Other Months Limit

Contract

Open Interest in Lots

Position Limit in % of Open Interest

Position Limit in Lots

PEG Nord

763 283

34.7

265 000

TTF

525 368

24.7

130 000

GPL

22 314

35

7 800

NCG

68 240

34.4

23 500

PSV

12 645

34.8

4 400

MiFID II Downloads

13/12/2017 MiFID EEX overview short code mapping (0.7 MB) PDF
14/11/2017 MiFID II/MiFIR Data Services Agreement (402 KB) PDF
13/12/2017 MiFID II Q&A (268 KB) PDF
13/12/2017 MiFID II Q&A Track Changes (281 KB) PDF
27/10/2017 2017-10-27 EEX-PEGAS Customer Information - OTF Transition (276 KB) PDF
12/10/2017 Third Country Firms under MiFID II (EEX Participants) (127 KB) PDF

Further Information