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 (updated as of 8 February 2018):

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

4 049 Lots

4 049 Lots

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.

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

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
14/11/2017 MiFID II/MiFIR Data Services Agreement (402 KB) PDF
26/06/2018 Supplement to the MiFID II/MiFIR Data Services Agreement: Modification of the default values for the risk reducing indicator (53 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