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.

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.  From 3 January 2018 these will have a  position limit set against them as outlined in the table.  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.

Each commodity derivative contract has a separate limit for the spot month and other months' periods. The limits apply to positions held in the contracts listed in the table.  On a case by case basis, FCA will consider any contracts which are based on identical contractual specifications for aggregation.  The same limits will apply to those associated and identified mini, Balmo (Balance of Month), mini-Balmo or other contracts such as those where the same commodity is denominated in different units.  The specific contracts to be aggregated are identified in the table below by their Venue Product Code. 

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 applicable to specific contracts.

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 table 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 positions in those contracts which are aggregated together, separate position reports are 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*9,650 (24.9%)9,650 (24.9%)LotsCalendar Month
Crude Diff - Argus Mars vs WTI Trade Month Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEARW*TBATBALotsTBA
Crude Diff - Argus WTI Houston vs WTI Trade Month Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEACM*TBATBALotsTBA
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 - Argus LLS vs WTI 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEARK*8,050 (25.0%)11,250 (34.9%)LotsCalendar Month
Crude Diff - Argus LLS vs WTI Trade Month Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEARL*6,500 (35.0%)7,400 (39.9%)LotsCalendar Month
Crude Diff - Argus WTI Midland vs WTI 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEMLT*TBATBALotsTBA
Crude Diff - Argus WTI Midland vs WTI Trade Month Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEMSV*TBATBALotsTBA
Crude Diff - Brent 1st Line vs Dubai 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEBOD*27,900 (25.0%)27,900 (25.0%)LotsCalendar Month
Crude Diff - Dated Brent vs Brent 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEDBF*86,950 (25.0%)86,950 (25.0%)LotsCalendar Month
Crude Diff - TMX WCS 1A Index Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPETMW*24,400 (25.0%)7,700 (39.9%)LotsCalendar Month
Crude Diff - WTI 1-Month Calendar Spread FutureIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPETIATBATBALotsTBA
Crude Diff - WTI 1st Line vs Brent 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEBTD*16,350 (25.0%)22,900 (35.0%)LotsCalendar Month
Crude Future - Brent 1-Month Calendar Spread OptionIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEBRMTBATBALotsTBA
Dated Brent Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEPDB*26,500 (25.0%)73,450 (23.0%)LotsCalendar Month
Crude Diff - Dated Brent vs Dubai 1st Line FutureIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEPDDTBATBALotsTBA
Dubai 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEDBI*41,400 (25.0%)75,800 (25.0%)LotsCalendar Month
Ethane, OPIS Mt. Belvieu Non-TET, Fixed Price Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEETE*15,300 (25.0%)24,950 (30.0%)LotsCalendar Month
Fuel Oil 3.5% FOB Rotterdam Barges Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEBAR*1,700 (29.7%)8,100 (21.5%)LotsCalendar Month
Fuel Oil 380 CST Singapore Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPESYS*TBATBALotsTBA
Fuel Oil Crack - Fuel Oil 3.5% FOB Rotterdam Barges vs Brent 1st Line FutureIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEBOBTBATBALotsTBA
Fuel Oil Crack - Fuel Oil 3.5% FOB Rotterdam Barges vs Brent 1st Line Future (in Bbls)*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEBOA*TBATBALotsTBA
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
Fuel Oil Diff - USGC HSFO (Platts) vs Fuel Oil 3.5% FOB Rotterdam Barges (Platts) Future (in bbls)*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEGOE*10,900 (24.9%) 13,100 (29.9%)LotsCalendar Month
Fuel Oil Outright - USGC HSFO (Platts) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPERBO*3,450 (35.0%)7,450 (22.9%)LotsCalendar Month
Gasoil ARB Singapore Gasoil 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 Crack - Low Sulphur Gasoil 1st Line vs Brent 1st Line Future (in Bbls)*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEULD*32,850 (25.0%)32,850 (25.0%)LotsCalendar Month
Gasoil Diff - Low Sulphur Gasoil 1-Month Calendar Spread FutureIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEUUMTBATBALotsTBA
Gasoil Diff - Singapore 10PPM Gasoil VS Singapore Gasoil FutureIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEGSWTBATBALotsTBA
Gasoline - Singapore Mogas 92 Unleaded (Platts) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPESMT*41,050 (25.0%)33,900 (26.0%)LotsCalendar Month
Gasoline Crack - RBOB Gasoline 1st Line vs Brent 1st Line Future (in bbls)*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPERBR*7,900 (24.9%)11,100 (35.0%)LotsCalendar Month
Gasoline Diff - Singapore Mogas 92 Unleaded (Platts) vs Argus Eurobob Oxy FOB Rotterdam Barges FutureIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEGDK10,450 (24.9%)10,450 (24.9%)LotsCalendar Month
globalCOAL Newcastle Coal Futures*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPENCF*2,700 (24.8%)11,700 (22.5%)LotsCalendar Month
Heating Oil Arb - Heating Oil 1st Line vs Low Sulphur Gasoil 1st Line Future (in Bbls)*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEULM*7,300 (24.9%)10,250 (35.0%)LotsCalendar Month
Heating Oil Crack - Heating Oil 1st Line vs Brent 1st Line Future (in bbls)IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEHBT3,000 (24.8%)4,800 (39.6%)LotsCalendar Month
Heating Oil FuturesIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEO20,800 (25.0%)9,650 (32.4%)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
Jet Fuel Diff Singapore Jet Kero vs Singapore Gasoil 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 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 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEULA*33,850 (25.0%)18,000 (29.4%)LotsCalendar Month
Low Sulphur Gasoil FuturesIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEG25,000 (18.5%)125,100 (15.5%)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 Crack - Naphtha CIF NWE Cargoes (Platts) vs Brent 1st Line Future (in bbls)IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPENBB5,350 (24.9%)5,350 (24.9%)LotsCalendar Month
Natural Gasoline, OPIS Mt. Belvieu Non-TET, Fixed Price Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPENGE*4,700 (24.8%)4,550 (24.8%)LotsCalendar Month
Normal Butane, OPIS Mt. Belvieu Non-TET, Fixed Price Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPENBI*6,600 (24.9%)5,450 (25.8%)LotsCalendar Month
NYH (RBOB) Gasoline FuturesIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEN17,200 (25.0%)12,250 (33.4%)LotsCalendar Month
Propane, OPIS Mt. Belvieu Non-TET, Fixed Price Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEPRN*17,000 (25.0%)12,000 (27.4%)LotsCalendar Month
Propane, OPIS Mt. Belvieu TET, Fixed Price Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEPRL*17,000 (25.0%)22,500 (25.0%)LotsCalendar Month
Robusta Coffee FuturesIFLXIce Futures Europe - Agricultural Products Division RC19,700 (20.0%)35,800 (25.0%)LotsWhole spot month^
Singapore Gasoil Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPESWS*62,800 (35%)51,800 (25.0%)LotsCalendar 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 FutureIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPESTB20,100 (25.0%) 20,100 (25.0%)LotsCalendar Month
Crude Diff -TMX SW 1a Index Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPETMR*TBATBALotsTBA
UK Feed Wheat FuturesIFLXIce Futures Europe - Agricultural Products Division T7,400 (24.9%)4,300 (34.4%)LotsWhole spot month^
UK Natural Gas FuturesIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEM63,000 (24.0%)130,700 (23.0%)LotsCalendar Month
Crude Diff - Urals North vs Dated Brent CFD Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPECFU*TBATBALotsTBA
Weekly CFD - Dated Brent (Platts) vs First Month BFOE (Platts) FutureIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPECFDTBATBALotsTBA
Weekly CFD - Dated Brent (Platts) vs Second Month (Platts) FutureIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPECFTTBATBALotsTBA
White Sugar FuturesIFLXIce Futures Europe - Agricultural Products Division W18,950 (20.0%)23,300 (25.0%)LotsWhole spot month^
WTI 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPER*30,000 (25.0%)8,300 (32.5%)LotsCalendar Month
WTI Crude FuturesIFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPET24,600 (20.5%)118,700 (17.5%)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 Bespoke contracts 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
Biodiesel Outright - Soybean Oil Penultimate Day 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPESOY*2,5002,500LotsSee contract specification
Butane - Argus CIF ARA Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEABR*2,5002,500LotsSee contract specification
Butane - Argus Far East Index Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEABF*2,5002,500LotsSee contract specification
Butane - Argus Saudi CP Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEABS*2,5002,500LotsSee contract specification
Crude Diff - Argus Mars vs WTI 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEARO*2,5002,500LotsSee contract specification
Crude Diff - Argus WTI Houston vs. WTI 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEAIL*2,5002,500LotsSee contract specification
Crude Diff - Argus WTS vs WTI 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEAFH*2,5002,500LotsSee contract specification
Crude Diff - Argus WTS vs WTI Trade Month Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEAVT*2,5002,500LotsSee contract specification
Crude Diff - CPC Blend CIF MED Cargoes (Platts) vs Dated Brent (Platts) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEDCR*2,5002,500LotsSee contract specification
Crude Diff - TMX WCS 1B Index Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPETDX*2,5002,500LotsSee contract specification
Crude Diff - Urals Med vs Dated Brent CFD Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEUCF*2,5002,500LotsSee contract specification
Diesel Crack - ULSD 10ppm CIF NWE Cargoes vs Brent 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEUBN*2,5002,500LotsSee contract specification
Diesel Diff - Diesel 10ppm (UK) CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEULU*2,5002,500LotsSee contract specification
Diesel Diff - Diesel 10ppm CIF NWE (Le Havre) Cargoes vs Low Sulphur Gasoil 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEULG*2,5002,500LotsSee contract specification
Diesel Diff - Diesel 10PPM FOB ARA Barges (Platts) vs Low Sulphur Gasoil 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEULE*2,5002,500LotsSee contract specification
Diesel Diff - Gulf Coast ULSD vs Heating Oil 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEGOH*2,5002,500LotsSee contract specification
Diesel Diff - ULSD 10ppm CIF Med Cargoes vs Low Sulphur Gasoil 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEULI*2,5002,500LotsSee contract specification
Diesel Diff - ULSD 10ppm CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEULF*2,5002,500LotsSee contract specification
Diesel Outright - Diesel 10PPM FOB ARA Barges (Platts) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEDOR*2,5002,500LotsSee contract specification
Ethane in E/P Mix, OPIS Conway In-Well, Fixed Price Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEECC*2,5002,500LotsSee contract specification
Ethane in E/P Mix, OPIS Mt. Belvieu Non-TET, Fixed Price Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEECB*2,5002,500LotsSee contract specification
Ethylene, PCW Mont Belvieu Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEETH*2,5002,500LotsSee contract specification
Fuel Oil - 3.5% CIF MED Cargoes Futures*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPECIM*2,5002,500LotsSee contract specification
Fuel Oil 1% CIF Med Cargoes Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPECIF*2,5002,500LotsSee contract specification
Fuel Oil 1% CIF NWE Cargoes Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPECID*2,5002,500LotsSee contract specification
Fuel Oil 1% FOB Med Cargoes Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEOPM*2,5002,500LotsSee contract specification
Fuel Oil 1% FOB NWE Cargoes Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPECAR*2,5002,500LotsSee contract specification
Fuel Oil 1% FOB Rotterdam Barges Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEFOB*2,5002,500LotsSee contract specification
Fuel Oil 180 CST Singapore Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPESZS*2,5002,500LotsSee contract specification
Fuel Oil 3.5% FOB Med Cargoes Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEFOM*2,5002,500LotsSee contract specification
Fuel Oil Crack - New York 1% Fuel Oil vs WTI 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEFOK*2,5002,500LotsSee contract specification
Fuel Oil Crack - USGC HSFO (Platts) vs Brent 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEGCS*2,5002,500LotsSee contract specification
Fuel Oil Diff - Fuel Oil 1% FOB NWE Cargoes vs 3.5% FOB Rotterdam Barges Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEFOS*2,5002,500LotsSee contract specification
Fuel Oil Diff - Fuel Oil 1% FOB Rotterdam Barges vs 1% FOB NWE Cargoes Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEFBC*2,5002,500LotsSee contract specification
Fuel Oil Diff - Fuel Oil 180 CST Singapore vs 3.5% FOB Rotterdam Barges Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPESFS*2,5002,500LotsSee contract specification
Fuel Oil Diff - Fuel Oil 180 CST Singapore vs 380 CST Singapore Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPESTS*2,5002,500LotsSee contract specification
Fuel Oil Diff - Fuel Oil 3.5% FOB Med Cargoes vs 3.5% FOB Rotterdam Barges Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPENVS*2,5002,500LotsSee contract specification
Fuel Oil Diff - New York 1% Fuel Oil (Platts) vs USGC HSFO (Platts) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEFOD*2,5002,500LotsSee contract specification
Fuel Oil Diff - New York 1% Fuel Oil vs 1% FOB NWE Cargoes Fuel Oil Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEFOH*2,5002,500LotsSee contract specification
Fuel Oil Outright - Middle East Fuel Oil 180 CST FOB Arab Gulf (Platts) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEMEA*2,5002,500LotsSee contract specification
Fuel Oil Outright - New York 1% Fuel Oil Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEFOW*2,5002,500LotsSee contract specification
Fuel Oil Outright- Middle East Fuel Oil 380 CST FOB Arab Gulf (Platts) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEME2*2,5002,500LotsSee contract specification
Gasoil 0.1% CIF Med Cargoes Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEGCM*2,5002,500LotsSee contract specification
Gasoil 0.1% CIF NWE Cargoes Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEGCW*2,5002,500LotsSee contract specification
Gasoil 0.1% FOB Med Cargoes Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEGOM*2,5002,500LotsSee contract specification
Gasoil 50ppm FOB Rotterdam Barges Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEGSA*2,5002,500LotsSee contract specification
Gasoil Arb- Singapore Gasoil 10ppm (Platts) vs Low Sulphur Gasoil 1st Line Future (in Bbls)*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEBAP*2,5002,500LotsSee contract specification
Gasoil Crack - Low Sulphur Gasoil 1st Line vs Brent 1st Line Future (in MTs)*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEULC*2,5002,500LotsSee contract specification
Gasoil Diff - Gasoil 0.1% CIF Med Cargoes vs Low Sulphur Gasoil 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEULQ*2,5002,500LotsSee contract specification
Gasoil Diff - Gasoil 0.1% CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEULT*2,5002,500LotsSee contract specification
Gasoil Diff - Gasoil 0.1% FOB ARA Barges (Platts) vs Low Sulphur Gasoil 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEULR*2,5002,500LotsSee contract specification
Gasoil Outright - Gasoil 0.1% FOB ARA Barges (Platts) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEGOF*2,5002,500LotsSee contract specification
Gasoil Outright - Middle East Gasoil FOB Arab Gulf (Platts) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEGCQ*2,5002,500LotsSee contract specification
Gasoline - Singapore Mogas 97 Unleaded (Platts) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPESMS*2,5002,500LotsSee contract specification
Gasoline Crack - Argus Euro-Bob Oxy FOB Rotterdam Barges vs Brent 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEEOB*2,5002,500LotsSee contract specification
Gasoline Diff - Group 3 Sub-octane Gasoline (Platts) vs RBOB Gasoline 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEGDL*2,5002,500LotsSee contract specification
Gasoline Diff - Gulf Coast CBOB 87 Gasoline Prompt Pipeline (Platts) vs RBOB Gasoline 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEGDM*2,5002,500LotsSee contract specification
Gasoline Diff - Gulf Coast Unl 87 Gasoline Prompt Pipeline (Platts) vs RBOB Gasoline 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEUM1*2,5002,500LotsSee contract specification
Gasoline Diff - RBOB Gasoline 1st Line vs Argus Eurobob Oxy FOB Rotterdam Barge Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEGDO*2,5002,500LotsSee contract specification
Gasoline Outright - Premium Unleaded Gasoline 10ppm FOB Rotterdam Barges (Platts) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEGDI*2,5002,500LotsSee contract specification
Gulf Coast Jet Fuel Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEJCF*2,5002,500LotsSee contract specification
Heating Oil 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEHOF*2,5002,500LotsSee contract specification
Iso Butane, OPIS Conway In-Well, Fixed Price Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEISC*2,5002,500LotsSee contract specification
Iso Butane, OPIS Mt. Belvieu Non-TET, Fixed Price Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEISO*2,5002,500LotsSee contract specification
Iso Butane, OPIS Mt. Belvieu TET, Fixed Price Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEISL*2,5002,500LotsSee contract specification
Jet CIF NWE Cargoes Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEJCN*2,5002,500LotsSee contract specification
Jet Fuel Crack - Jet CIF NWE Cargoes vs Brent 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEJNB*2,5002,500LotsSee contract specification
Jet Fuel Diff - Argus NYH Jet Fuel vs Heating Oil 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEJCH*2,5002,500LotsSee contract specification
Jet Fuel Diff - Gulf Coast Jet Fuel vs Heating Oil 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEJHO*2,5002,500LotsSee contract specification
Jet Fuel Diff - LA Jet Fuel (Platts) vs Heating Oil 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPELA4*2,5002,500LotsSee contract specification
Jet Fuel Outright - Jet FOB MED Cargoes (Platts) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEJCP*2,5002,500LotsSee contract specification
LPG (BLGP) FFA - Middle East Gulf to East 44,000Mts (Baltic) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEWAT*2,5002,500LotsSee contract specification
Naphtha - C+F Japan Cargo Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPENJC*2,5002,500LotsSee contract specification
Naphtha CIF NWE Cargoes Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPENEC*2,5002,500LotsSee contract specification
Naphtha Crack - Naphtha C+F Japan (Platts) vs Brent 1st Line Future (in Bbls)*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPENBG*2,5002,500LotsSee contract specification
Naphtha Crack - Naphtha CIF NWE Cargoes vs Brent 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPENOB*2,5002,500LotsSee contract specification
Naphtha Diff - Naphtha C+F Japan vs Naphtha CIF NWE Cargoes Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEJOE*2,5002,500LotsSee contract specification
Naphtha FOB Med Cargoes (Platts) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPENIT*2,5002,500LotsSee contract specification
Natural Gasoline, OPIS Conway In-Well, Fixed Price Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPENGC*2,5002,500LotsSee contract specification
Natural Gasoline, OPIS Mt. Belvieu TET, Fixed Price Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPENGL*2,5002,500LotsSee contract specification
Normal Butane, OPIS Conway In-Well, Fixed Price Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEIBC*2,5002,500LotsSee contract specification
Normal Butane, OPIS Mt. Belvieu TET, Fixed Price Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPENBR*2,5002,500LotsSee contract specification
Polymer Grade Propylene (PGP), PCW Mont Belvieu Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEPPL*2,5002,500LotsSee contract specification
Premium Unleaded Gasoline 10ppm FOB Med Cargoes Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEUCB*2,5002,500LotsSee contract specification
Propane, Argus CIF ARA vs Naphtha, Platts CIF NWE Cargo, Differential Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEAPN*2,5002,500LotsSee contract specification
Propane, Argus CIF ARA, Fixed Price Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEAPC*2,5002,500LotsSee contract specification
Propane, Argus Far East Index vs Naphtha C+F Japan (Platts) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEARR*2,5002,500LotsSee contract specification
Propane, Argus Far East vs Propane, Argus CIF ARA, Differential Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEEGD*2,5002,500LotsSee contract specification
Propane, Argus Far East, Fixed Price Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEAFE*2,5002,500LotsSee contract specification
Propane, Argus Saudi CP, Fixed Price Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPESCP*2,5002,500LotsSee contract specification
Propane, OPIS Conway In-Well, Fixed Price Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEPRC*2,5002,500LotsSee contract specification
Propane, OPIS Mt. Belvieu Other Non-TET Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEPBO*2,5002,500LotsSee contract specification
RBOB Gasoline 1st Line Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPERBS*2,5002,500LotsSee contract specification
Singapore Gasoil 10ppm Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEGST*2,5002,500LotsSee contract specification
Singapore Jet Kerosene Cargoes (Platts) vs Singapore Gasoil 10 ppm (Platts) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEBAQ*2,5002,500LotsSee contract specification
Singapore Mogas 95 Unleaded (Platts) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPESMF*2,5002,500LotsSee contract specification
Singapore Naphtha Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPENPT*2,5002,500LotsSee contract specification
TC12 FFA - WCI to Japan (Baltic) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPETCN*2,5002,500LotsSee contract specification
TC14 FFA - USGC to Continent (Baltic) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEWCN*2,5002,500LotsSee contract specification
TC15 FFA - Med to Far East (Baltic) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPETCM*2,5002,500LotsSee contract specification
TC2 FFA - Northwest Europe to USAC (Baltic) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEWNU*2,5002,500LotsSee contract specification
TC5 FFA - Arabian Gulf to Japan (Platts) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEWMJ*2,5002,500LotsSee contract specification
TC6 FFA - Skikda to Lavera (Cross Med) (Baltic) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEWSL*2,5002,500LotsSee contract specification
TC7 FFA-Singapore to EC Australia (Baltic) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPETC7*2,5002,500LotsSee contract specification
TC9 FFA - Baltic to UK-Continent (Baltic) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPETC9*2,5002,500LotsSee contract specification
TD20 West Africa to UK-Continent (Baltic) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEWAC*2,5002,500LotsSee contract specification
TD3 FFA - Arabian Gulf to Japan (Baltic) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEWGJ*2,5002,500LotsSee contract specification
TD3C FFA - Middle East Gulf to China (Baltic) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPETDL*2,5002,500LotsSee contract specification
TD8 FFA - Kuwait to Singapore (Baltic) Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPETDK*2,5002,500LotsSee contract specification
ULSD 10ppm CIF Med Cargoes Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEUCM*2,5002,500LotsSee contract specification
ULSD 10ppm CIF NWE Cargoes Future*IFEUINTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPEULN*2,5002,500LotsSee contract specification

Notes on the data

  • 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 ‘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.
  • ^ ‘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.

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.