On Friday 19 March, the European Securities and Markets Authority (ESMA) clarified its supervisory approach to position limits for derivatives contracts, expecting that the adjustment to the Markets in Financial Instruments (MiFID II) Directive, proposed by the Commission to support the post-Covid-19 economic recovery (see EUROPE B12535A11), will be effective in early 2022.
In line with the agreement reached between the Council of the EU and the European Parliament in December (see EUROPE...