CHAPTER IIIMETHODOLOGY FOR COMPETENT AUTHORITIES TO CALCULATE POSITION LIMITS

SECTION II Factors relevant for the calculation of position limits

Article 16The maturity of the commodity derivatives contracts(Article 57(3)(a) of Directive 2014/65/EU)

1.

For spot month position limits, if the commodity derivative has a short maturity, competent authorities shall adjust the position limit downwards.

2.

For other months' position limits, where the commodity derivative has a large number of separate expiries, competent authorities shall adjust the position limit upwards.