MIFID II Position Limits

MiFID II requires National Competent Authorities (the FCA in the case of the UK) to establish position limits for, amongst other things, commodity derivatives that are made available for trading by trading venues, including the London Metal Exchange (LME).

The table below details the relevant position limits for LME metals, and is taken from the FCA website, where changes to the limits will be published.

In the event of a breach of a position limit, the FCA will contact the position holder directly.

Bespoke Limits

Commodity Derivative Name
(including associated contracts)
 Effective from date Venue Market Identifier Code
(MIC)
Name of trading
venue 
Venue Product Codes
(VPC)
Spot month single limit Other month limits Unit of measurement Definition of spot month
LME Aluminium 3 January 2018 XLME LME AH 47,450
(14.5%)
202,950
(16.5%)
Lots Other § 1
LME Copper 3 January 2018 XLME LME CA 13,950
(17%)
106,900
(18.0%)
Lots  Other §1
LME Gold 3 January 2018 XLME LME
AU TBA TBA Lots  TBA
LME Lead 3 January 2018 XLME
LME
PB 4,950
(22.9%)
33,700
(19.5%)
Lots Other §1
LME Nickel 3 January 2018 XLME
LME
NI 25,150
(20.0%)
80,200
(21.0%)
Lots Other §1
LME Silver  3 January 2018 XLME 
LME 
AG  TBA TBA Lots Calendar Month
LME Steel Scrap
3 January 2018  XLME 
LME 
SC TBA TBA Lots Calendar Month
LME Tin 3 January 2018 XLME
LME
SN 1,700
(22.9%)
4,750
(22.3%)
Lots
Other §1
LME Zinc 3 January 2018 XLME
LME
ZS 7,000
(19.0%)
78,800
(14.5%)
Lots
Other §1

Other § 1
The London Metal Exchange
The London Metal Exchange

Please note this data is taken from the FCA website

De Minimis Limits

Commodity Derivative Venue market ID Name of trading venue Venue Prod Code All months Unit of measure
LME Aluminium Alloy XLME LME AA 2,500 Lots
LME Aluminium US Premium XLME
LME  AN  2,500
Lots 
LME Aluminium West-Europe XLME
LME  AW  2,500  Lots 
LME Aluminium East-Asia Premium
XLME
LME  AE  2,500  Lots 
LME Aluminium South-East Asia Premium
XLME
LME AS 
2,500 Lots
LME Cobalt XLME  LME  CO 
2,500  Lots 
LME NASACC XLME  LME  NA 
2,500  Lots 
LME Molybdenum XLME  LME  MO 2,500  Lots
LME Steel Rebar XLME  LME  SR 2,500  Lots 

 

Footnote

1  “Other” § is the spot month period until the date of the next “Third Wednesday” according to market practice of the London Metal Exchange

Contact

For further information about Position Limits, please email our Market Surveillance team or contact the FCA directly.