Q&A · ESMA

Position limits - the definition of "a lot"

Answered

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AI-generated Summary

For power and gas derivatives whose lot size varies with the delivery period, ESMA says the monthly contract should be the reference period: its lot size, from the venue's specified days and hours, is used to measure open interest under Article 57(1) MiFID II and to set position limits under RTS 21a.

Details

Reference	ESMA_QA_1273
Issuer	ESMA
Published	23 Sept 2022
Answered	23 Sept 2022
Submitted	23 Sept 2022
ESMA topics	Position limits
Earlier Q&A document	ESMA70-872942901-36 Commodity derivatives, Position limits, Q&A 2

Provisions it relates to

Article 57 MiFID II · Position limits in commodity derivatives and position management controls in commodity derivatives and derivatives of emission allowances
MiFID II
Explicit reference · 90%
MiFID II (whole act)
Explicit reference