Article 57 › 3

ESMA shall develop draft regulatory technical standards to determine the methodology for calculation that competent authorities are to apply in establishing the spot month position limits and other months’ position limits for physically settled and cash settled commodity derivatives based on the characteristics of the relevant derivative. The methodology for calculation shall take into account at least the following factors: (a) the maturity of the commodity derivative contracts; (b) the deliverable supply in the underlying commodity; (c) the overall open interest in that contract and the overall open interest in other financial instruments with the same underlying commodity; (d) the volatility of the relevant markets, including substitute derivatives and the underlying commodity markets; (e) the number and size of the market participants; (f) the characteristics of the underlying commodity market, including patterns of production, consumption and transportation to market; (g) the development of new contracts. ESMA shall take into account experience regarding the position limits of investment firms or market operators operating a trading venue and of other jurisdictions. ESMA shall submit those draft regulatory technical standards referred to in the first subparagraph to the Commission by 3 July 2015. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

REGULATION (EU) No 600/2014 OF THE EUROPEAN PARLIAMENT AND OF THE… (EU) — sign in to see which provisions, and what they say.

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Source: EUR-Lex CELLAR · retrieved 2026-09-04