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 (updated as of 8 February 2018):
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 | 39 047 554 MWh | 78 172 459 MWh |
Phelix DE Power Future (Peak) | European Energy Exchange AG (EEX) | DEP / O2P | 5 431 272 MWh | 2 424 134 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
| 02/01/2018 | Mandatory Market Making according to RTS – Spreads (59 KB) | XLS |
| 18/04/2018 | MiFID EEX overview short code mapping (0.7 MB) | |
| 14/11/2017 | MiFID II/MiFIR Data Services Agreement (402 KB) | |
| 26/06/2018 | Supplement to the MiFID II/MiFIR Data Services Agreement: Modification of the default values for the risk reducing indicator (53 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
