Trading : Opinion on position limits on EEX THE Gas contracts

2 June 2025 ESMA74-2124877886-17222 OPINION on position limits on EEX THE Gas contracts I. Introduction and legal basis 1. Article 57(1) of Directive 2014/65/EU on markets in financial instruments (MiFID II) 1 foresees that a commodity derivative other than an agricultural commodity derivative qualifies as a critical or significant commodity derivative when the size of the net open interest is at a minimum 300,000 lots on average over a one-year period. Critical or significant commodity derivatives are subject to position limits. 2. On 25 April 2025, the European Securities and Markets Authority (ESMA) considered that sufficient information was received to assess a notification received from the German Federal Financial Supervisory Authority (BaFin), under Article 57(5) of MiFID II. The notification is regarding the exact position limits BaFin intends to set for the EEX Trading Hub Europe (THE) Gas futures commodity contracts in accordance with the methodology for calculation established in Commission Delegated Regulation (EU) 2022/1302 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the application of position limits to commodity derivatives and procedures for applying for exemptions from position limits2 (“RTS 21a”) and taking into account the factors referred to in Article 57(3) of MiFID II. 3. ESMA’s competence to deliver an opinion is based on Article 57(5) of MiFID II....