MiFID II entered into force on 3 Jan 2018

MiFID II, the revision of MiFID I and a new regulation, MiFIR changes the rules for trading commodity derivatives. All derivatives contracts are effected by MiFID II and led to increased reporting requirements for trading participants. EEX Group built up a unique compliance service framework to meet MIFID II requirements with minimal effort.

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

Every commodity derivative contract is subject to position limits (see more information in tables below) and trigger the obligation for market participants as well as trading venues to report positions.

MiFID II Webinar
Watch the full length video recording on important obligations here.

MiFID II short code upload tutorial
Learn more about MiFID II related changes to the trading system and how to upload short codes in our video tutorial.



   

Position Limits

BaFIN

National regulator BaFin has decreed position limits for EEX contracts:

Contract

Venue

Venue Product Code
Future / Option

Position limit for spot month

Position limit for other months

Phelix Power Future DE/AT and 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

3 446 281 MWh

4 176 845 MWh

Phelix DE Power Future (Base)

European Energy Exchange AG (EEX)

DEB / O2B

40 416 961 MWh

209 747 820 MWh

Phelix DE Power Future (Peak)

European Energy Exchange AG (EEX)

DEP / O2P

8 432 622 MWh

4 621 611 MWh

Phelix DE/AT OTF Future (Base)

European Energy Exchange AG (EEX)

N1B

34 074 356 MWh

15 606 156 MWh

PXE Hungarian Financial Future (Base)

European Energy Exchange AG (EEX)

F9BM

2 219 844 MWh

2 991 319 MWh

Dutch Financial Power Future (Base)

European Energy Exchange AG (EEX)

Q0B

4 660 649 MWh

3 078 107 MWh

Italien Power Future (Peak)

European Energy Exchange AG (EEX)

FDP

5 340 219 MWh

1 045 510 MWh

Panamax-TC Freight Future and Option

European Energy Exchange AG (EEX)

PTC / OPT

13 099 Lots

13 099 Lots

Capesize-TC Freight Future and Option

European Energy Exchange AG (EEX)

CPT / OCP

13 591 Lots

13 591 Lots

Capesize-C7-Freight Future and OptionEuropean Energy Exchange AG (EEX)C7E4 320 Lots4 320 Lots
Supramax-TC10-Freight Future and OptionEuropean Energy Exchange AG (EEX)SPT / OPS4 138 Lots4 138 Lots
NCG Physical Gas Future (Base)European Energy Exchange AG (EEX)G0B29 511 000 MWh14 182 031 MWh
GPL Physical Gas Future (Base)European Energy Exchange AG (EEX)G2B36 842 518 MWh5 625 774 MWh
TTF Physical Gas Future and TTF Gas Option (Base)European Energy Exchange AG (EEX)G3B / O3B52 466 250 MWh112 196 688 MWh
PEG Physical Gas Future (Base)European Energy Exchange AG (EEX)G5B26 159 410 MWh5 186 170 MWh
CEGH Physical Gas Future (Base)European Energy Exchange AG (EEX)G8B13 710 035 MWh11 071 515 MWh
PSV Physical Gas Future (Base)European Energy Exchange AG (EEX)GCB31 387 743 MWh3 468 279 MWh

For more information, please visit the website of BaFin.

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

MiFID II Downloads

17/10/2018 Mandatory Market Making according to RTS – Spreads (64 KB) XLS
13/09/2018 MiFID EEX overview short code mapping (0.7 MB) PDF
05/08/2019 MiFID II/MiFIR Data Services Agreement (362 KB) PDF
07/06/2018 MiFID II MiFIR Data Services Description (1.8 MB) PDF
09/01/2018 MiFID II Q&A (274 KB) PDF
09/01/2018 MiFID II Q&A Track Changes (0.6 MB) 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
20/06/2018 Third Country Firms under MiFID II - German Banking act (113 KB) PDF

Further Information