MiFID II / MiFIR Outline
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 | 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 Option | European Energy Exchange AG (EEX) | C7E | 4 320 Lots | 4 320 Lots |
| Supramax-TC10-Freight Future and Option | European Energy Exchange AG (EEX) | SPT / OPS | 4 138 Lots | 4 138 Lots |
| NCG Physical Gas Future (Base) | European Energy Exchange AG (EEX) | G0B | 29 511 000 MWh | 14 182 031 MWh |
| GPL Physical Gas Future (Base) | European Energy Exchange AG (EEX) | G2B | 36 842 518 MWh | 5 625 774 MWh |
| TTF Physical Gas Future and TTF Gas Option (Base) | European Energy Exchange AG (EEX) | G3B / O3B | 52 466 250 MWh | 112 196 688 MWh |
| PEG Physical Gas Future (Base) | European Energy Exchange AG (EEX) | G5B | 26 159 410 MWh | 5 186 170 MWh |
| CEGH Physical Gas Future (Base) | European Energy Exchange AG (EEX) | G8B | 13 710 035 MWh | 11 071 515 MWh |
| PSV Physical Gas Future (Base) | European Energy Exchange AG (EEX) | GCB | 31 387 743 MWh | 3 468 279 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) | |
| 05/08/2019 | MiFID II/MiFIR Data Services Agreement (362 KB) | |
| 07/06/2018 | MiFID II MiFIR Data Services Description (1.8 MB) | |
| 09/01/2018 | MiFID II Q&A (274 KB) | |
| 09/01/2018 | MiFID II Q&A Track Changes (0.6 MB) | |
| 27/10/2017 | 2017-10-27 EEX-PEGAS Customer Information - OTF Transition (276 KB) | |
| 12/10/2017 | Third Country Firms under MiFID II (EEX Participants) (127 KB) | |
| 20/06/2018 | Third Country Firms under MiFID II - German Banking act (113 KB) |
Further Information
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Background information on the different levels of legislation
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Examples of national legislation implementing the three levels of legislation
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Examples of websites of relevant competent financial market regulators
© 2017 European Energy Exchange AG
