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Commission Delegated Regulation (EU) 2022/1302 of 20 April 2022 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the application of position limits to commodity derivatives and procedures for applying for exemption from position limits (Text with EEA relevance)RecitalsChapter I General provisions (arts. 1-2)Article 1 Subject matterArticle 2 DefinitionsChapter II Method for calculating the size of the net position of a person (arts. 3-10)Article 3 Aggregation and netting of positions in a commodity derivativeArticle 4 Method of calculating positions for legal entities within a groupArticle 5 Significant volumesArticle 6 OTC contracts economically equivalent to commodity derivatives traded on trading venuesArticle 7 Positions qualifying as reducing risks directly related to commercial activitiesArticle 8 Application for the exemption from position limits for positions qualifying as reducing risks directly related to commercial activitiesArticle 9 Application for the exemption from position limits for mandatory liquidity provisionArticle 10 Positions qualifying as resulting from mandatory liquidity provisionChapter III Methodology for competent authorities to calculate position limits (arts. 11-23)Section 1 Determination of baseline figures (arts. 11-15)Article 11 Methodology for determining the baseline figure for spot month limitsArticle 12 Deliverable supplyArticle 13 Methodology for determining the baseline figure for other months' limitsArticle 14 Open interestArticle 15 Methodology for determining the baseline figure in respect of certain commodity derivativesSection 2 Factors relevant for the calculation of position limits (arts. 16-23)Article 16 Assessment of factorsArticle 17 New and less liquid agricultural commodity derivativesArticle 18 Deliverable supply in the underlying commodityArticle 19 The overall open interestArticle 20 The number of market participantsArticle 21 Characteristics of the underlying commodity marketArticle 22 RepealArticle 23 Entry into force and applicationAnnexDone at
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Version status: Entered into force | Document consolidation status: No known changes
Version date: 15 August 2022 - onwards
Version 2 of 2

Article 19 The overall open interest

1. Where there is a large volume of overall open interest, competent authorities shall adjust the position limit downwards.

2. Where the open interest is significantly higher than the deliverable supply, competent authorities shall adjust the other months' position limit downwards.

3. Where the open interest is significantly lower than the deliverable supply, competent authorities shall adjust the other months' position limit upwards and, except where the baseline figure for the spot month limit is based on the open interest, shall adjust the spot month position limit downwards.

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