Jurisdiction(s):
European Union

EU MiFID II commodity derivatives position limits: scope, calculation methodology, hedging and liquidity exemptions, securitised derivatives exclusion, ESMA coordination and amended position management controls (RTS 21a; 2021/338; 2024/790)

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Practice notes

Position limits under Article 57 of MiFID II

This Practice Note explains position limits under Article 57 of the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and how they operate for commodity derivatives, or derivatives with a commodity as the underlying, in line with Commission Delegated Regulation (EU) 2022/1302 of 20 April 2022 (RTS 21a), as applicable. It also summarises the changes introduced by Directive 2021/338—including the expansion of available exemptions from position limits under Article 57—and the revisions made by Directive (EU) 2024/790 (the MiFID II Review) to obligations on position management controls; see Position management controls. The MiFID II Review, together with Regulation (EU) 2024/791 amending Regulation (EU) 600/2014 (the MiFIR Review), was published in the Official Journal of the EU on 8 March 2024. Member States must transpose the provisions of Directive (EU) 2024/790 into national law by 29 September 2025. For information about position reporting under MiFID II, see Practice Note: Position reporting under EU MiFID II. For information about the UK’s regime, see Practice Note: UK’s commodity derivatives regulatory framework...

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Web page updated on 21/05/2026

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