Aggregated News From Investment Management Regulators

June 2020 update of position limits for some commodity derivative contracts

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The limits are being revised in accordance with RTS 21, which states that position limits should be reviewed when there is a significant change in OI, deliverable supply, or any other significant change in the market.

Increases to limits (AEB, AEO, SMT and STB contracts) will apply immediately.

For decreases to limits, including where limits were previously To Be Announced ‘TBA’, we give two months’ notice before the revised limits come into force to enable market participants to adjust their trading strategies in a responsible way. These decreased limits (SMD contract) will apply from 17 August 2020.

These limits are published in advance of the publication of ESMA Opinions on the limits, and may change in light of an ESMA opinion, or in the event that we decide it is necessary. This is in accordance with the statements of ESMA and of the FCA published on 28 September 2017.

The following table sets out the affected contracts and the revised limits:

Contract Product code Previous Spot Month limit Previous Other Months’ limit Revised Spot Month limit Revised Other Months’ limit
Argus Euro-bob Oxy FOB Rotterdam Barges vs Brent 1st Line Future (in Bbls) AEB  12,950 lots  16,150 lots  12,950 lots  23,850 lots
Argus Euro-Bob Oxy FOB Rotterdam Barges Future AEO  4,750 lots  4,000 lots  4,750 lots  6,450 lots
Gasoline Diff – Singapore Mogas 95 Unleaded vs Singapore Mogas 92 Unleaded Future SMD  TBA  TBA  6,050 lots  6,050 lots
Gasoline – Singapore Mogas 92 Unleaded (Platts) Future SMT  41,050 lots  33,900 lots  41,050 lots  39,400 lots
Singapore Mogas 92 Unleaded vs Brent 1st Line Future STB  20,100 lots  20,100 lots  25,350 lots  25,350 lots

Full details of the commodity derivative contracts and the limits set on positions in them.

Regulator Information

Regulator Name: Financial Conduct Authority
Abbreviation: FCA
Jurisdiction: United Kingdom

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