ESMA publishes first MiFID II position management controls for commodity derivatives

On 9 January 2018, the European Securities and Markets Authority (ESMA) issued a first badge of position management controls under the Markets in Financial Instruments Directive (MiFID II).

 MFID II requires Member States to ensure that an investment firm or a market operator operating a trading venue which trades commodity derivatives apply position management controls.

Investment firms or market operators operating trading venues have to inform their national competent authority (NCAs) of the details of position management controls who in turn inform ESMA, which shall publish and maintain on its website a database with summaries of the position management controls.

This information will be updated by ESMA based on further notifications by NCAs.