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 measurement

Definition of spot month

API2 Rotterdam Coal Futures*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

ATW*

5,550 (24.9%)

38,800 (20.5%)

Lots

Calendar Month

API4 Richards Bay Coal Futures*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

AFR*

2,425 (24.8%)

4,700 (23.9%)

Lots

Calendar Month

Argus Euro-Bob Oxy FOB Rotterdam Barges Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

AEO*‡

4,750 (24.8%)

4,000 (24.9%)

Lots

Calendar Month

Argus Euro-bob Oxy FOB Rotterdam Barges vs Brent 1st Line Future (in Bbls)*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

AEB*

12,950 (24.9%)

12,950 (24.9%)

Lots

Calendar Month

Biodiesel Diff Argus BioD FAME 0 FOB ARA Range (RED Compliant) vs Low Sulphur Gasoil 1st Line Future

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

BFZ

TBA

TBA

Lots

Calendar Month

Brent 1st Line Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

I*‡

133,350 (24.0%)

85,300 (28.0%)

Lots

Calendar Month

Brent Crude Futures

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

B

75,000 (13.5%)

294,850 (10.5%)

Lots

Calendar Month

Crude Diff - Brent 1st Line vs Dubai 1st Line Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

BOD*

35,100 (25.0%)

35,100 (25.0%)

Lots

Calendar Month

Crude Diff - CPC Blend CIF MED Cargoes (Platts) vs Dated Brent (Platts) Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

DCR*

TBA

TBA

Lots

Calendar Month

Crude Diff - Dated Brent vs Brent 1st Line Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

DBF*

105,700 (25.0%)

105,700 (25.0%)

Lots

Calendar Month

Crude Diff - Dated Brent vs Dubai 1st Line Future

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

PDD

TBA

TBA

Lots

Calendar Month

Crude Diff - Urals Med vs Dated Brent CFD Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

UCF*

TBA

TBA

Lots

Calendar Month

Crude Diff - Urals North vs Dated Brent CFD Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

CFU*

5,450 (25.0%)

10,900 (49.9%)

Lots

Calendar Month

Crude Future - Brent 1-Month Calendar Spread Option

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

BRM

138,950 (25.0%)

40,550 (50.0%)

Lots

Calendar Month

Dated Brent Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

PDB*‡

26,500 (25.0%)

73,450 (23.0%)

Lots

Calendar Month

Diesel Diff - Diesel 10PPM FOB ARA Barges (Platts) vs Low Sulphur Gasoil 1st Line Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

ULE*

TBA

TBA

Lots

Calendar Month

Diesel Diff - ULSD 10ppm CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

ULF*

TBA

TBA

Lots

Calendar Month

Dubai 1st Line Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

DBI*‡

41,400 (25.0%)

75,800 (25.0%)

Lots

Calendar Month

Fuel Oil 3.5% FOB Rotterdam Barges Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

BAR*‡

2,850 (49.8%)

9,800 (20.4%)

Lots

Calendar Month

Fuel Oil 380 CST Singapore Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

SYS*‡

4,075 (49.8%)

10,050 (22.0%)

Lots

Calendar Month

Fuel Oil Crack - Fuel Oil 3.5% FOB Rotterdam Barges vs Brent 1st Line Future

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

BOB

6,400 (24.9%)

6,400 (24.9%)

Lots

Calendar Month

Fuel Oil Crack - Fuel Oil 3.5% FOB Rotterdam Barges vs Brent 1st Line Future (in Bbls)*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

BOA*‡

8,000 (24.9%)

8,000 (24.9%)

Lots

Calendar Month

Fuel Oil Diff - Fuel Oil 1% FOB NWE Cargoes vs 3.5% FOB Rotterdam Barges Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

FOS*

TBA

TBA

Lots

Calendar Month

Fuel Oil Diff - Fuel Oil 380 CST Singapore vs 3.5% FOB Rotterdam Barges Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

SJS*

5,100 (24.8%)

5,100 (24.8%)

Lots

Calendar Month

Gasoil Crack - Low Sulphur Gasoil 1st Line vs Brent 1st Line Future (in Bbls)*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

ULD*‡

52,100 (25.0%)

72,950 (35.0%)

Lots

Calendar Month

Gasoil Crack - Singapore Gasoil 0.05% (Platts) vs Dubai 1st Line (Platts) Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

SFG*

TBA

TBA

Lots

Calendar Month

Gasoil Diff - Singapore Gasoil (Platts) vs Singapore Gasoil 0.05% (Platts) Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

GSW*

10,200 (25.0%)

14,300 (35.0%)

Lots

Calendar Month

Gasoil Diff - Singapore Gasoil 0.05% (Platts) vs Low Sulphur Gasoil 1st Line Future (in Bbls) *

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

SWW*

37,500 (25.0%)

37,500 (25.0%)

Lots

Calendar Month

Gasoil Outright - Singapore Gasoil 0.05% (Platts) Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

SWS*‡

62,800 (35.0%)

51,800 (25.0%)

Lots

Calendar Month

Gasoline - Singapore Mogas 92 Unleaded (Platts) Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

SMT*‡

41,050 (25.0%)

33,900 (26.0%)

Lots

Calendar Month

Gasoline Diff - Singapore Mogas 92 Unleaded (Platts) vs Argus Eurobob Oxy FOB Rotterdam Barges Future

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

GDK

14,900 (24.9%)

23,850 (40.0%)

Lots

Calendar Month

Gasoline Diff - Singapore Mogas 95 Unleaded vs Singapore Mogas 92 Unleaded Future

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

SMD

TBA

TBA

Lots

Calendar Month

globalCOAL Newcastle Coal Futures*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

NCF*

2,700 (24.8%)

11,700 (22.5%)

Lots

Calendar Month

Heating Oil Futures

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

O

20,800 (25.0%)

15,350 (44.5%)

Lots

Calendar Month

Jet Fuel Diff - Jet CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

ULJ*

5,800 (25.0%)

5,800 (25.0%)

Lots

Calendar Month

JKM LNG (PLATTS) Future (IFEU)

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

JKM

16,550 (25.0%)

5,000 (44.8%)

Lots

Calendar Month

Jet Fuel Diff - Singapore Jet Kerosene Cargoes (Platts) vs Singapore Gasoil 0.05% (Platts) Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

SVW*

24,600 (25.0%) 

24,600 (25.0%)

Lots

Calendar Month

LME Aluminium

XLME

The London Metal Exchange

AH

47,450 (14.5%)

202,950 (16.5%)

Lots

Other §

LME Copper

XLME

The London Metal Exchange

CA

13,950 (17.0%)

106,900 (18.0%)

Lots

Other §

LME Gold

XLME

The London Metal Exchange

AU

TBA

TBA

Lots

TBA

LME Lead

XLME

The London Metal Exchange

PB

4,950 (22.9%)

33,700 (19.5%)

Lots

Other §

LME Nickel

XLME

The London Metal Exchange

NI

25,150 (20.0%)

80,200 (21.0%)

Lots

Other §

LME Silver

XLME

The London Metal Exchange

AG

TBA

TBA

Lots

Other §

LME Steel Scrap

XLME

The London Metal Exchange

SC

TBA

TBA

Lots

Calendar Month

LME Tin

XLME

The London Metal Exchange

SN

1,700 (22.9%)

4,750 (22.3%)

Lots

Other §

LME Zinc

XLME

The London Metal Exchange

ZS

7,000 (19.0%)

78,800 (14.5%)

Lots

Other §

London Cocoa Futures

IFLX

Ice Futures Europe - Agricultural Products Division

C

48,350 (20.0%)

102,550 (25.0%)

Lots

Whole spot month^

Low Sulphur Gasoil 1-Month Calendar Spread Option

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

UUM

TBA

TBA

Lots

Calendar Month

Low Sulphur Gasoil 1st Line Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

ULA*

33,850 (25.0%)

24,550 (27.0%)

Lots

Calendar Month

Low Sulphur Gasoil Futures*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

G*

58,850 (43.5%)

132,450 (14.5%)

Lots

Calendar Month

Monthly CFD - Dated Brent (Platts) Vs First Month BFOE (Platts) Future

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

CFM

26,500 (25.0%)

6,550 (34.9%)

Lots

Calendar Month

Naphtha - C+F Japan Cargo Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

NJC*‡

2,500 (39.9%)

3,050 (24.9%)

Lots

Calendar Month

Naphtha CIF NWE Cargoes Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

NEC*‡

TBA

TBA

Lots

Calendar Month

Naphtha Crack - Naphtha CIF NWE Cargoes (Platts) vs Brent 1st Line Future (in bbls)*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

NBB*

6,850 (25.0%)

6,850 (25.0%)

Lots

Calendar Month

Naphtha Crack - Naphtha CIF NWE Cargoes vs Brent 1st Line Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

NOB*

TBA

TBA

Lots

Calendar Month

Naphtha Diff - Naphtha C+F Japan vs Naphtha CIF NWE Cargoes Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

JOE*

TBA

TBA

Lots

Calendar Month

NYH (RBOB) Gasoline Futures

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

N

17,200 (25.0%)

12,250 (33.4%)

Lots

Calendar Month

Permian West Texas Intermediate (WTI) Crude Oil Future

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

HOU

TBA

TBA

Lots

Calendar Month

Robusta Coffee Futures

IFLX

Ice Futures Europe - Agricultural Products Division

RC

19,700 (20.0%)

35,800 (25.0%)

Lots

Whole spot month^

Singapore Jet Kerosene Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

SRS*‡

38,250 (25.0%)

18,350 (30.0%)

Lots

Calendar Month

Singapore Mogas 92 Unleaded vs Brent 1st Line Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

STB*

20,100 (25.0%)

20,100 (25.0%)

Lots

Calendar Month

TD3 FFA - Arabian Gulf to Japan (Baltic) Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

WGJ*

TBA

TBA

Lots

Calendar Month

TD3C FFA - Middle East Gulf to China (Baltic) Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

TDL*‡

4,300 (25.0%)

8,600 (50.0%)

Lots

Calendar Month

UK Base Electricity Future (Gregorian)

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

UBL

TBA

TBA

Lots

Calendar Month

UK Feed Wheat Futures

IFLX

Ice Futures Europe - Agricultural Products Division

T

3,600 (24.8%)

3,750 (36.8%)

Lots

Whole spot month^

UK Natural Gas Futures

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

M

60,350 (23.0%)

147,850 (21.5%)

Lots

Calendar Month

Weekly CFD - Dated Brent (Platts) vs First Month BFOE (Platts) Future

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

CFD

31,000 (40.0%)

70,500 (23.0%)

Lots

Calendar Week†

Weekly CFD - Dated Brent (Platts) vs Second Month (Platts) Future

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

CFT

27,100 (34.9%)

30,600  (25.0%)

Lots

Calendar Week†

White Sugar Futures

IFLX

Ice Futures Europe - Agricultural Products Division

W

18,950 (20.0%)

23,300 (25.0%)

Lots

Whole spot month^

WTI Crude Futures

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

T

30,000 (25.0%)

138,100 (17.0%)

Lots

Calendar 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 Name

Venue Market Identifier Code (MIC)

Name of Trading Venue

Venue Product Codes (VPC)

Spot month single limit#

Other month limit#

Unit of measurement

Definition of spot month

Argus Euro-BOB OXY FOB Rotterdam Barges VS Platts Naphtha CIF NWE Cargoes Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

EON*‡

2,500

2,500

Lots

Calendar Month

Biodiesel Outright - Soybean Oil Penultimate Day 1st Line Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

SOY*

2,500

2,500

Lots

Calendar Month

Diesel Crack - ULSD 10ppm CIF NWE Cargoes vs Brent 1st Line Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

UBN*

2,500

2,500

Lots

Calendar Month

Diesel Diff - Diesel 10ppm (UK) CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

ULU*

2,500

2,500

Lots

Calendar Month

Diesel Diff - Diesel 10ppm CIF NWE (Le Havre) Cargoes vs Low Sulphur Gasoil 1st Line Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

ULG*

2,500

2,500

Lots

Calendar Month

Diesel Diff - ULSD 10ppm CIF Med Cargoes vs Low Sulphur Gasoil 1st Line Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

ULI*

2,500

2,500

Lots

Calendar Month

Diesel Outright - Diesel 10PPM FOB ARA Barges (Platts) Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

DOR*‡

2,500

2,500

Lots

Calendar Month

Fuel Oil - 3.5% CIF MED Cargoes Futures*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

CIM*

2,500

2,500

Lots

Calendar Month

Fuel Oil 1% CIF Med Cargoes Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

CIF*‡

2,500

2,500

Lots

Calendar Month

Fuel Oil 1% CIF NWE Cargoes Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

CID*‡

2,500

2,500

Lots

Calendar Month

Fuel Oil 1% FOB Med Cargoes Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

OPM*‡

2,500

2,500

Lots

Calendar Month

Fuel Oil 1% FOB NWE Cargoes Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

CAR*‡

2,500

2,500

Lots

Calendar Month

Fuel Oil 1% FOB Rotterdam Barges Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

FOB*‡

2,500

2,500

Lots

Calendar Month

Fuel Oil 180 CST Singapore Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

SZS*‡

2,500

2,500

Lots

Calendar Month

Fuel Oil 3.5% FOB Med Cargoes Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

FOM*‡

2,500

2,500

Lots

Calendar Month

Fuel Oil Diff - Fuel Oil 1% FOB Rotterdam Barges vs 1% FOB NWE Cargoes Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

FBC*

2,500

2,500

Lots

Calendar Month

Fuel Oil Diff - Fuel Oil 180 CST Singapore vs 3.5% FOB Rotterdam Barges Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

SFS*

2,500

2,500

Lots

Calendar Month

Fuel Oil Diff - Fuel Oil 180 CST Singapore vs 380 CST Singapore Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

STS*

2,500

2,500

Lots

Calendar Month

Fuel Oil Diff - Fuel Oil 3.5% FOB Med Cargoes vs 3.5% FOB Rotterdam Barges Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

NVS*‡

2,500

2,500

Lots

Calendar Month

Fuel Oil Outright - Middle East Fuel Oil 180 CST FOB Arab Gulf (Platts) Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

MEA*‡

2,500

2,500

Lots

Calendar Month

Fuel Oil Outright- Middle East Fuel Oil 380 CST FOB Arab Gulf (Platts) Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

ME2*‡

2,500

2,500

Lots

Calendar Month

Gasoil 0.1% CIF Med Cargoes Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

GCM*‡

2,500

2,500

Lots

Calendar Month

Gasoil 0.1% CIF NWE Cargoes Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

GCW*

2,500

2,500

Lots

Calendar Month

Gasoil 0.1% FOB Med Cargoes Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

GOM*‡

2,500

2,500

Lots

Calendar Month

Gasoil 50ppm FOB Rotterdam Barges Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

GSA*

2,500

2,500

Lots

Calendar Month

Gasoil Crack - Low Sulphur Gasoil 1st Line vs Brent 1st Line Future (in MTs)*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

ULC*

2,500

2,500

Lots

Calendar Month

Gasoil Diff - Gasoil 0.1% CIF Med Cargoes vs Low Sulphur Gasoil 1st Line Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

ULQ*

2,500

2,500

Lots

Calendar Month

Gasoil Diff - Gasoil 0.1% CIF NWE Cargoes vs Low Sulphur Gasoil 1st Line Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

ULT*

2,500

2,500

Lots

Calendar Month

Gasoil Diff - Gasoil 0.1% FOB ARA Barges (Platts) vs Low Sulphur Gasoil 1st Line Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

ULR*

2,500

2,500

Lots

Calendar Month

Gasoil Outright - Gasoil 0.1% FOB ARA Barges (Platts) Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

GOF*‡

2,500

2,500

Lots

Calendar Month

Gasoil Outright - Middle East Gasoil FOB Arab Gulf (Platts) Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

GCQ*

2,500

2,500

Lots

Calendar Month

Gasoline - Singapore Mogas 97 Unleaded (Platts) Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

SMS*‡

2,500

2,500

Lots

Calendar Month

Gasoline Crack - Argus Euro-Bob Oxy FOB Rotterdam Barges vs Brent 1st Line Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

EOB*

2,500

2,500

Lots

Calendar Month

Gasoline Diff - Premium Unleaded Gasoline 10ppm FOB Med Cargoes (Platts) vs Argus Eurobob Oxy FOB Rotterdam Barges Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

GDE*‡

2,500

2,500

Lots

Calendar Month

Gasoline Outright - Premium Unleaded Gasoline 10ppm FOB Rotterdam Barges (Platts) Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

GDI*

2,500

2,500

Lots

Calendar Month

Indo sub-bit. Coal Futures*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

SUB*

2,500

2,500

Lots

Calendar Month

Iron Ore 62% FE (TSI), CFR Tianjin Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

IOC*

2,500

2,500

Lots

Calendar Month

Jet CIF NWE Cargoes Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

JCN*‡

2,500

2,500

Lots

Calendar Month

Jet Fuel Crack - Jet CIF NWE Cargoes vs Brent 1st Line Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

JNB*‡

2,500

2,500

Lots

Calendar Month

Jet Fuel Diff - Jet FOB Rotterdam Barges vs Jet CIF NWE Cargoes Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

JRJ*

2,500

2,500

Lots

Calendar Month

Jet Fuel Outright - Jet FOB MED Cargoes (Platts) Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

JCP*‡

2,500

2,500

Lots

Calendar Month

LPG (BLGP) FFA - Middle East Gulf to East 44,000Mts (Baltic) Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

WAT*

2,500

2,500

Lots

Calendar Month

Naphtha Crack - Naphtha C+F Japan (Platts) vs Brent 1st Line Future (in Bbls)*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

NBG*

2,500

2,500

Lots

Calendar Month

Naphtha FOB Med Cargoes (Platts) Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

NIT*‡

2,500

2,500

Lots

Calendar Month

Premium Unleaded Gasoline 10ppm FOB Med Cargoes Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

UCB*‡

2,500

2,500

Lots

Calendar Month

Singapore Mogas 95 Unleaded (Platts) Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

SMF*‡

2,500

2,500

Lots

Calendar Month

Singapore Naphtha Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

NPT*‡

2,500

2,500

Lots

Calendar Month

TC12 FFA - WCI to Japan (Baltic) Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

TCN*‡

2,500

2,500

Lots

Calendar Month

TC14 FFA - USGC to Continent (Baltic) Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

WCN*‡

2,500

2,500

Lots

Calendar Month

TC15 FFA - Med to Far East (Baltic) Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

TCM*

2,500

2,500

Lots

Calendar Month

TC2 FFA - Northwest Europe to USAC (Baltic) Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

WNU*‡

2,500

2,500

Lots

Calendar Month

TC5 FFA - Arabian Gulf to Japan (Platts) Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

WMJ*‡

2,500

2,500

Lots

Calendar Month

TC6 FFA - Skikda to Lavera (Cross Med) (Baltic) Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

WSL*‡

2,500

2,500

Lots

Calendar Month

TC7 FFA-Singapore to EC Australia (Baltic) Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

TC7*

2,500

2,500

Lots

Calendar Month

TC9 FFA - Baltic to UK-Continent (Baltic) Future*

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

TC9*

2,500

2,500

Lots

Calendar Month

TD19 Cross Med (Ceyhan to Lavera) (Baltic) Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

WCL*‡

2,500

2,500

Lots

Calendar Month

TD20 West Africa to UK-Continent (Baltic) Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

WAC*‡

2,500

2,500

Lots

Calendar Month

TD7 FFA UK North Sea to Continent (Baltic) Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

WNC*‡

2,500

2,500

Lots

Calendar Month

TD8 FFA - Kuwait to Singapore (Baltic) Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

TDK*‡

2,500

2,500

Lots

Calendar Month

TD9 FFA - Caribbean to US Gulf (Baltic) Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

WDC*‡

2,500

2,500

Lots

Calendar Month

ULSD 10ppm CIF Med Cargoes Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

UCM*‡

2,500

2,500

Lots

Calendar Month

ULSD 10ppm CIF NWE Cargoes Future*‡

IFEU

INTERCONTINENTAL EXCHANGE - ICE FUTURES EUROPE

ULN*‡

2,500

2,500

Lots

Calendar 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.