The German Financial Supervisory Authority BaFin has published a consultation on the adjustment of position limits for THE (Trading Hub Europe) Natural Gas Future contracts on the European Energy Exchange (EEX). Market participants may submit their comments until 10 January 2025.
BaFin is required to set position limits for each significant commodity derivative offered on a German trading venue. A commodity derivative is considered significant if its open interest, i.e. the sum of all outstanding net positions, corresponds to at least 300,000 lots on average over a one-year period.
The planned general administrative act, which is based on Section 54 (1) and Section 56 (1) sentence 2 WpHG and Article 16 of Delegated Regulation (EU) 2022/1302, provides for the position limits to be set at 15,077,000 MWh for the spot month and 47,273,000 MWh for the other months. This regulation is due to come into force on 10 March 2025.
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