Position limits for commodity derivative contracts

The FCA is exercising its power of direction under regulation 16 of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (SI 2017/701) (‘MIFI Regs’) to establish position limits on commodity derivatives.

The position limits are established as specified in the tables below and apply to the positions held by a person together with those held on its behalf at an aggregate group level (subject to the exemption for non-financial entities in regulation 17 of the MiFI Regs).

The position limits apply as of 3 January 2018 subject to the section below entitled ‘Notes applicable to specific contracts’.

Terms used in the tables are explained in the ‘Notes on the data’ section below and ‘persons’ for the purposes of this direction comprise persons as defined in the Glossary of definitions in the FCA Handbook.

The position limit exemptions application gateway is open and we have already informed a number of market participants of their exemption approvals. Position limit exemptions for risk-reducing positions will not be restricted to a fixed quantity, thereby allowing for future variation in commercial needs. However, if there is a significant change in the commercial and trading activities of an entity, a new application will need to be submitted. We are asking for a minimum amount of data for the purpose of understanding your business so that we can process applications efficiently, swiftly and accurately. 

 

MiFID II requires that FCA sets limits on the maximum size of positions which a person can hold in commodity derivatives. The limits apply to contracts traded on trading venues and their economically equivalent OTC (EEOTC) contracts. The limits are set using ESMA’s methodology in RTS 21.

On this page we list some of the commodity derivative contracts that we have currently identified as trading on a UK trading venue and its applicable position limit.

Each commodity derivative contract has a separate limit for the spot month and other months' periods.

On a case by case basis, FCA will consider any contracts for aggregation e.g. when these contracts are based on identical contract specifications. Where individual contracts are aggregated, a single overall limit will apply to the primary contract incorporating those identified as mini, Balmo ("Balance of Month"), mini-Balmo or other contracts. The specific contracts to be aggregated are identified in the spreadsheet* by their Venue Product Code. In performing the aggregation, any positions in mini or mini-Balmo contracts should be converted to match the lot size of the primary contract using the ratio specified in the table.

FCA may change a position limit as a result of an ESMA Opinion, or in the event we decide it is necessary to do so. If this happens, details of the new limit and its effective date will be shown in the tables and notes.

Please note that this is not a comprehensive list: there may be new trading venues, such as Organised Trading Facilities, which will become authorised under MiFID II. There may also be commodity derivative contracts on existing or prospective venues which are not yet available to trade. Further commodity derivatives will be subject to position limits and we encourage those potentially affected by these limits to check this webpage regularly.

Any other commodity derivatives traded on a UK trading venue which are not specifically identified in the tables by their Venue Product Code will have a limit of 2,500 lots, unless the position limit is set by another competent authority in another Member State.

For the avoidance of doubt, whilst a single position limit will apply to all positions in those contracts which are aggregated together, separate position reports are still required for each commodity derivative. This is required under Art.58 of MIFID II, and ITS 4 and MAR 10 of the FCA Handbook, for each contract in which a position is held.

Please refer to the notes at the end of the table, which provide further guidance for readers.

Bespoke contracts

Key:

* For the full list of bespoke and de minimis contracts which are aggregated and their VPCs, download the full spreadsheet (XLSX)

Commodity Derivative Name(including associated contracts)Venue Market Identifier Code (MIC) Name of Trading Venue Venue Product Codes (VPC)Spot month single limit#Other month limit#Unit of measurementDefinition of spot month
API2 Rotterdam Coal Futures*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEATW*5,550 (24.9%)38,800 (20.5%)LotsCalendar Month
API4 Richards Bay Coal Futures*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEAFR*2,425 (24.8%)4,700 (23.9%)LotsCalendar Month
Argus Euro-Bob Oxy FOB Rotterdam Barges Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEAEO*‡4,750 (24.8%)4,000 (24.9%)LotsCalendar Month
Argus Euro-bob Oxy FOB Rotterdam Barges vs Brent 1st Line Future (in Bbls)*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEAEB*12,950 (24.9%)12,950 (24.9%)LotsCalendar Month
Biodiesel Diff Argus BioD FAME 0 FOB ARA Range (RED Compliant) vs Low Sulphur Gasoil 1st Line FutureIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEBFZTBATBALotsCalendar Month
Brent 1st Line Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEI*‡133,350 (24.0%)85,300 (28.0%)LotsCalendar Month
Brent Crude FuturesIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEB75,000 (13.5%)294,850 (10.5%)LotsCalendar Month
Crude Diff - Brent 1st Line vs Dubai 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEBOD*35,100 (25.0%)35,100 (25.0%)LotsCalendar Month
Crude Diff - CPC Blend CIF MED Cargoes (Platts) vs Dated Brent (Platts) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEDCR*TBATBALotsCalendar Month
Crude Diff - Dated Brent vs Brent 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEDBF*105,700 (25.0%)105,700 (25.0%)LotsCalendar Month
Crude Diff - Dated Brent vs Dubai 1st Line FutureIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEPDDTBATBALotsCalendar Month
Crude Diff - Urals Med vs Dated Brent CFD Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEUCF*TBATBALotsCalendar Month
Crude Diff - Urals North vs Dated Brent CFD Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPECFU*5,450 (25.0%)10,900 (49.9%)LotsCalendar Month
Crude Future - Brent 1-Month Calendar Spread OptionIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEBRM138,950 (25.0%)40,550 (50.0%)LotsCalendar Month
Dated Brent Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEPDB*‡26,500 (25.0%)73,450 (23.0%)LotsCalendar Month
Diesel Diff - Diesel 10PPM FOB ARA Barges (Platts) vs Low Sulphur Gasoil 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEULE*TBATBALotsCalendar Month
Diesel Diff - ULSD 10ppm CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEULF*TBATBALotsCalendar Month
Dubai 1st Line Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEDBI*‡41,400 (25.0%)75,800 (25.0%)LotsCalendar Month
Fuel Oil 3.5% FOB Rotterdam Barges Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEBAR*‡2,850 (49.8%)9,800 (20.4%)LotsCalendar Month
Fuel Oil 380 CST Singapore Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPESYS*‡4,075 (49.8%)10,050 (22.0%)LotsCalendar Month
Fuel Oil Crack - Fuel Oil 3.5% FOB Rotterdam Barges vs Brent 1st Line FutureIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEBOB6,400 (24.9%)6,400 (24.9%)LotsCalendar Month
Fuel Oil Crack - Fuel Oil 3.5% FOB Rotterdam Barges vs Brent 1st Line Future (in Bbls)*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEBOA*‡8,000 (24.9%)8,000 (24.9%)LotsCalendar Month
Fuel Oil Diff - Fuel Oil 1% FOB NWE Cargoes vs 3.5% FOB Rotterdam Barges Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEFOS*TBATBALotsCalendar Month
Fuel Oil Diff - Fuel Oil 380 CST Singapore vs 3.5% FOB Rotterdam Barges Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPESJS*5,100 (24.8%)5,100 (24.8%)LotsCalendar Month
Gasoil Crack - Low Sulphur Gasoil 1st Line vs Brent 1st Line Future (in Bbls)*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEULD*‡52,100 (25.0%)72,950 (35.0%)LotsCalendar Month
Gasoil Crack - Singapore Gasoil 0.05% (Platts) vs Dubai 1st Line (Platts) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPESFG*TBATBALotsCalendar Month
Gasoil Diff - Singapore Gasoil (Platts) vs Singapore Gasoil 0.05% (Platts) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEGSW*10,200 (25.0%)14,300 (35.0%)LotsCalendar Month
Gasoil Diff - Singapore Gasoil 0.05% (Platts) vs Low Sulphur Gasoil 1st Line Future (in Bbls) *IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPESWW*37,500 (25.0%)37,500 (25.0%)LotsCalendar Month
Gasoil Outright - Singapore Gasoil 0.05% (Platts) Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPESWS*‡62,800 (35.0%)51,800 (25.0%)LotsCalendar Month
Gasoline - Singapore Mogas 92 Unleaded (Platts) Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPESMT*‡41,050 (25.0%)33,900 (26.0%)LotsCalendar Month
Gasoline Diff - Singapore Mogas 92 Unleaded (Platts) vs Argus Eurobob Oxy FOB Rotterdam Barges FutureIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEGDK14,900 (24.9%)23,850 (40.0%)LotsCalendar Month
Gasoline Diff - Singapore Mogas 95 Unleaded vs Singapore Mogas 92 Unleaded FutureIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPESMDTBATBALotsCalendar Month
globalCOAL Newcastle Coal Futures*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPENCF*2,700 (24.8%)11,700 (22.5%)LotsCalendar Month
Heating Oil FuturesIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEO20,800 (25.0%)15,350 (44.5%)LotsCalendar Month
Jet Fuel Diff - Jet CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEULJ*5,800 (25.0%)5,800 (25.0%)LotsCalendar Month
JKM LNG (PLATTS) Future (IFEU)IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEJKM16,550 (25.0%)5,000 (44.8%)LotsCalendar Month
Jet Fuel Diff - Singapore Jet Kerosene Cargoes (Platts) vs Singapore Gasoil 0.05% (Platts) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPESVW*24,600 (25.0%) 24,600 (25.0%)LotsCalendar Month
LME AluminiumXLMEThe London Metal ExchangeAH47,450 (14.5%)202,950 (16.5%)LotsOther §
LME CopperXLMEThe London Metal ExchangeCA13,950 (17.0%)106,900 (18.0%)LotsOther §
LME GoldXLMEThe London Metal ExchangeAUTBATBALotsTBA
LME LeadXLMEThe London Metal ExchangePB4,950 (22.9%)33,700 (19.5%)LotsOther §
LME NickelXLMEThe London Metal ExchangeNI25,150 (20.0%)80,200 (21.0%)LotsOther §
LME SilverXLMEThe London Metal ExchangeAGTBATBALotsOther §
LME Steel ScrapXLMEThe London Metal ExchangeSCTBATBALotsCalendar Month
LME TinXLMEThe London Metal ExchangeSN1,700 (22.9%)4,750 (22.3%)LotsOther §
LME ZincXLMEThe London Metal ExchangeZS7,000 (19.0%)78,800 (14.5%)LotsOther §
London Cocoa FuturesIFLXIce Futures Europe - Agricultural Products Division C48,350 (20.0%)102,550 (25.0%)LotsWhole spot month^
Low Sulphur Gasoil 1-Month Calendar Spread OptionIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEUUMTBATBALotsCalendar Month
Low Sulphur Gasoil 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEULA*33,850 (25.0%)24,550 (27.0%)LotsCalendar Month
Low Sulphur Gasoil Futures*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEG*58,850 (43.5%)132,450 (14.5%)LotsCalendar Month
Monthly CFD - Dated Brent (Platts) Vs First Month BFOE (Platts) FutureIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPECFM26,500 (25.0%)6,550 (34.9%)LotsCalendar Month
Naphtha - C+F Japan Cargo Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPENJC*‡2,500 (39.9%)3,050 (24.9%)LotsCalendar Month
Naphtha CIF NWE Cargoes Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPENEC*‡TBATBALotsCalendar Month
Naphtha Crack - Naphtha CIF NWE Cargoes (Platts) vs Brent 1st Line Future (in bbls)*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPENBB*6,850 (25.0%)6,850 (25.0%)LotsCalendar Month
Naphtha Crack - Naphtha CIF NWE Cargoes vs Brent 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPENOB*TBATBALotsCalendar Month
Naphtha Diff - Naphtha C+F Japan vs Naphtha CIF NWE Cargoes Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEJOE*TBATBALotsCalendar Month
NYH (RBOB) Gasoline FuturesIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEN17,200 (25.0%)12,250 (33.4%)LotsCalendar Month
Robusta Coffee FuturesIFLXIce Futures Europe - Agricultural Products Division RC19,700 (20.0%)35,800 (25.0%)LotsWhole spot month^
Singapore Jet Kerosene Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPESRS*‡38,250 (25.0%)18,350 (30.0%)LotsCalendar Month
Singapore Mogas 92 Unleaded vs Brent 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPESTB*20,100 (25.0%)20,100 (25.0%)LotsCalendar Month
TD3 FFA - Arabian Gulf to Japan (Baltic) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEWGJ*TBATBALotsCalendar Month
TD3C FFA - Middle East Gulf to China (Baltic) Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPETDL*‡4,300 (25.0%)8,600 (50.0%)LotsCalendar Month
UK Base Electricity Future (Gregorian)IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEUBLTBATBALotsCalendar Month
UK Feed Wheat Futures IFLXIce Futures Europe - Agricultural Products Division T3,600 (24.8%)3,750 (36.8%)LotsWhole spot month^
UK Natural Gas FuturesIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEM63,000 (25.0%)147,850 (21.5%)LotsCalendar Month
Weekly CFD - Dated Brent (Platts) vs First Month BFOE (Platts) FutureIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPECFD31,000 (40.0%)70,500 (23.0%)LotsCalendar Week†
Weekly CFD - Dated Brent (Platts) vs Second Month (Platts) FutureIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPECFT27,100 (34.9%)30,600  (25.0%)LotsCalendar Week†
White Sugar FuturesIFLXIce Futures Europe - Agricultural Products Division W18,950 (20.0%)23,300 (25.0%)LotsWhole spot month^
WTI Crude FuturesIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPET30,000 (25.0%)138,100 (17.0%)LotsCalendar Month

De minimis contracts which must be aggregated

A consistent application of RTS 21 must be applied to those contracts which fall into the de minimis regime. It is necessary to aggregate together positions in those contracts in the same manner as those on which a position limit has been set in the above table.

The table below lists the de minimis contracts which should be aggregated together for the purpose of calculating a person’s position and determining whether the de minimis limit of 2,500 lots is complied with.

Key:

* * For the full list of bespoke and de minimis contracts which are aggregated and their VPCs, download the full spreadsheet (XLSX)

Commodity Derivative NameVenue Market Identifier Code (MIC) Name of Trading Venue Venue Product Codes (VPC)Spot month single limit#Other month limit#Unit of measurementDefinition of spot month
Argus Euro-BOB OXY FOB Rotterdam Barges VS Platts Naphtha CIF NWE Cargoes Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEEON*‡2,5002,500LotsCalendar Month
Biodiesel Outright - Soybean Oil Penultimate Day 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPESOY*2,5002,500LotsCalendar Month
Diesel Crack - ULSD 10ppm CIF NWE Cargoes vs Brent 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEUBN*2,5002,500LotsCalendar Month
Diesel Diff - Diesel 10ppm (UK) CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEULU*2,5002,500LotsCalendar Month
Diesel Diff - Diesel 10ppm CIF NWE (Le Havre) Cargoes vs Low Sulphur Gasoil 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEULG*2,5002,500LotsCalendar Month
Diesel Diff - ULSD 10ppm CIF Med Cargoes vs Low Sulphur Gasoil 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEULI*2,5002,500LotsCalendar Month
Diesel Outright - Diesel 10PPM FOB ARA Barges (Platts) Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEDOR*‡2,5002,500LotsCalendar Month
Fuel Oil - 3.5% CIF MED Cargoes Futures*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPECIM*2,5002,500LotsCalendar Month
Fuel Oil 1% CIF Med Cargoes Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPECIF*‡2,5002,500LotsCalendar Month
Fuel Oil 1% CIF NWE Cargoes Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPECID*‡2,5002,500LotsCalendar Month
Fuel Oil 1% FOB Med Cargoes Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEOPM*‡2,5002,500LotsCalendar Month
Fuel Oil 1% FOB NWE Cargoes Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPECAR*‡2,5002,500LotsCalendar Month
Fuel Oil 1% FOB Rotterdam Barges Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEFOB*‡2,5002,500LotsCalendar Month
Fuel Oil 180 CST Singapore Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPESZS*‡2,5002,500LotsCalendar Month
Fuel Oil 3.5% FOB Med Cargoes Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEFOM*‡2,5002,500LotsCalendar Month
Fuel Oil Diff - Fuel Oil 1% FOB Rotterdam Barges vs 1% FOB NWE Cargoes Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEFBC*2,5002,500LotsCalendar Month
Fuel Oil Diff - Fuel Oil 180 CST Singapore vs 3.5% FOB Rotterdam Barges Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPESFS*2,5002,500LotsCalendar Month
Fuel Oil Diff - Fuel Oil 180 CST Singapore vs 380 CST Singapore Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPESTS*2,5002,500LotsCalendar Month
Fuel Oil Diff - Fuel Oil 3.5% FOB Med Cargoes vs 3.5% FOB Rotterdam Barges Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPENVS*‡2,5002,500LotsCalendar Month
Fuel Oil Outright - Middle East Fuel Oil 180 CST FOB Arab Gulf (Platts) Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEMEA*‡2,5002,500LotsCalendar Month
Fuel Oil Outright- Middle East Fuel Oil 380 CST FOB Arab Gulf (Platts) Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEME2*‡2,5002,500LotsCalendar Month
Gasoil 0.1% CIF Med Cargoes Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEGCM*‡2,5002,500LotsCalendar Month
Gasoil 0.1% CIF NWE Cargoes Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEGCW*2,5002,500LotsCalendar Month
Gasoil 0.1% FOB Med Cargoes Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEGOM*‡2,5002,500LotsCalendar Month
Gasoil 50ppm FOB Rotterdam Barges Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEGSA*2,5002,500LotsCalendar Month
Gasoil Crack - Low Sulphur Gasoil 1st Line vs Brent 1st Line Future (in MTs)*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEULC*2,5002,500LotsCalendar Month
Gasoil Diff - Gasoil 0.1% CIF Med Cargoes vs Low Sulphur Gasoil 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEULQ*2,5002,500LotsCalendar Month
Gasoil Diff - Gasoil 0.1% CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEULT*2,5002,500LotsCalendar Month
Gasoil Diff - Gasoil 0.1% FOB ARA Barges (Platts) vs Low Sulphur Gasoil 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEULR*2,5002,500LotsCalendar Month
Gasoil Outright - Gasoil 0.1% FOB ARA Barges (Platts) Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEGOF*‡2,5002,500LotsCalendar Month
Gasoil Outright - Middle East Gasoil FOB Arab Gulf (Platts) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEGCQ*2,5002,500LotsCalendar Month
Gasoline - Singapore Mogas 97 Unleaded (Platts) Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPESMS*‡2,5002,500LotsCalendar Month
Gasoline Crack - Argus Euro-Bob Oxy FOB Rotterdam Barges vs Brent 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEEOB*2,5002,500LotsCalendar Month
Gasoline Diff - Premium Unleaded Gasoline 10ppm FOB Med Cargoes (Platts) vs Argus Eurobob Oxy FOB Rotterdam Barges Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEGDE*‡2,5002,500LotsCalendar Month
Gasoline Outright - Premium Unleaded Gasoline 10ppm FOB Rotterdam Barges (Platts) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEGDI*2,5002,500LotsCalendar Month
Indo sub-bit. Coal Futures*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPESUB*2,5002,500LotsCalendar Month
Iron Ore 62% FE (TSI), CFR Tianjin Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEIOC*2,5002,500LotsCalendar Month
Jet CIF NWE Cargoes Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEJCN*‡2,5002,500LotsCalendar Month
Jet Fuel Crack - Jet CIF NWE Cargoes vs Brent 1st Line Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEJNB*‡2,5002,500LotsCalendar Month
Jet Fuel Diff - Jet FOB Rotterdam Barges vs Jet CIF NWE Cargoes Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEJRJ*2,5002,500LotsCalendar Month
Jet Fuel Outright - Jet FOB MED Cargoes (Platts) Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEJCP*‡2,5002,500LotsCalendar Month
LPG (BLGP) FFA - Middle East Gulf to East 44,000Mts (Baltic) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEWAT*2,5002,500LotsCalendar Month
Naphtha Crack - Naphtha C+F Japan (Platts) vs Brent 1st Line Future (in Bbls)*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPENBG*2,5002,500LotsCalendar Month
Naphtha FOB Med Cargoes (Platts) Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPENIT*‡2,5002,500LotsCalendar Month
Premium Unleaded Gasoline 10ppm FOB Med Cargoes Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEUCB*‡2,5002,500LotsCalendar Month
Singapore Mogas 95 Unleaded (Platts) Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPESMF*‡2,5002,500LotsCalendar Month
Singapore Naphtha Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPENPT*‡2,5002,500LotsCalendar Month
TC12 FFA - WCI to Japan (Baltic) Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPETCN*‡2,5002,500LotsCalendar Month
TC14 FFA - USGC to Continent (Baltic) Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEWCN*‡2,5002,500LotsCalendar Month
TC15 FFA - Med to Far East (Baltic) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPETCM*2,5002,500LotsCalendar Month
TC2 FFA - Northwest Europe to USAC (Baltic) Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEWNU*‡2,5002,500LotsCalendar Month
TC5 FFA - Arabian Gulf to Japan (Platts) Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEWMJ*‡2,5002,500LotsCalendar Month
TC6 FFA - Skikda to Lavera (Cross Med) (Baltic) Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEWSL*‡2,5002,500LotsCalendar Month
TC7 FFA-Singapore to EC Australia (Baltic) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPETC7*2,5002,500LotsCalendar Month
TC9 FFA - Baltic to UK-Continent (Baltic) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPETC9*2,5002,500LotsCalendar Month
TD19 Cross Med (Ceyhan to Lavera) (Baltic) Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEWCL*‡2,5002,500LotsCalendar Month
TD20 West Africa to UK-Continent (Baltic) Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEWAC*‡2,5002,500LotsCalendar Month
TD7 FFA UK North Sea to Continent (Baltic) Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEWNC*‡2,5002,500LotsCalendar Month
TD8 FFA - Kuwait to Singapore (Baltic) Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPETDK*‡2,5002,500LotsCalendar Month
TD9 FFA - Caribbean to US Gulf (Baltic) Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEWDC*‡2,5002,500LotsCalendar Month
ULSD 10ppm CIF Med Cargoes Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEUCM*‡2,5002,500LotsCalendar Month
ULSD 10ppm CIF NWE Cargoes Future*‡IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEULN*‡2,5002,500LotsCalendar Month

Notes on the data

  • All Position Limits apply with immediate effect unless otherwise stated.
  • References to ‘trading venue’ encompass regulated markets, MTFs and OTFs, as defined under MiFID II.
  • 'Definition of spot month' states the basis by which you determine whether the spot month or the other months’ limit applies to a position. The spot month limit applies to all positions covered by the spot month definition. It will usually be the 'next expiring contract' which will be determined by the contract specification published by the trading venue. Exceptions to this will be explained in the table.
  • TBA (to be announced) position limit is yet to be set.  
  • ^ 'Whole spot month' is the full period until the next expiry date as stated in the contract specification e.g. two or three calendar months.
  • § 'Other' is the spot month period until the date of the next “Third Wednesday” according to market practice of the London Metal Exchange.
  • # the limit is stated in the quantity of the relevant unit of measurement of the primary contract. This is usually in the number of lots. It is also stated (in brackets) as a percentage of the position limit’s baseline. The baseline is the quantity specific to the contract from which the limit is calculated. This will be either deliverable supply or open interest, following RTS 21.
  • † 'Calendar Week' is the full period of five sequential daily contracts until the next expiry date as stated in the contract specification.
  • ‡ Conversion will be needed for contracts which are either Mini or Mini Balmo with a factor of 10 to match the primary contract.
  • ## Position to be reported in Lots

To apply the limits in a standardised way, where a “mini” contract or other contract expressed in different units is aggregated, the position in those contracts must be converted into units of the primary contract to see if the limit is breached. The primary contract is the one whose Venue Product Code is listed first in the table under the column headed ‘Commodity Derivative Name (including associated contracts)’.

  • Non-Financial Entities who have been given an exemption under Art.8 of RTS 21 will have it applied by FCA to the specific contracts which were listed in their exemption application.
  • If you would like further information on the position limit regime, you can contact the relevant trading venue for assistance.