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  1. Questions and Answers on MiFID II and MiFIR commodity derivatives topics (ESMA70-872942901-36) (updated 23 September 2022)
  2. 2 Position limits [Last update: 23/09/2022]
  3. Question 8 Are the net positions held by clearing members usable for the purposes of determining the positions of their clients for the application of position limits under Article 57? [Last update: 19/12/2016]
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Version date: 19 December 2016 - onwards

Question 8 Are the net positions held by clearing members usable for the purposes of determining the positions of their clients for the application of position limits under Article 57? [Last update: 19/12/2016]

Art. 57 of MiFID II Art. 12 of the RTS 21

Are the net positions held by clearing members usable for the purposes of determining the positions of their clients for the application of position limits under Article 57?

Answer 8

No. Central counterparties determine net positions at the level of their clearing members, which usually encompass the long and short position of many different clients unless held in individually segregated accounts. A CCP may also see positions only for those contracts for which it provides a central counterparty service and not the EEOTC positions or any held at a CCP subject to interoperability. Position limits apply at the level of the individual person, and net positions held at clearing level must therefore be disaggregated.

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