Examples of using Position limits in English and their translations into Slovak
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(ii) position limits are set and monitored for appropriateness;
(11) Give regulators the power to set position limits in MiFID.
Position limits should be set for each individual commodity derivative contract.
Contracts will be 5 BTC, and spot position limits will be set at 1000 contracts.
The position limits of paragraph 1 shall be imposed by competent authorities pursuant to point(p) of Article 69(2).
The contracts will be 5 BTC, and the spot position limits will be set for 1000 contracts.
Position limits shall be set within each trading desk according to the business strategy of that trading desk;
Coordination of national position management measures and position limits by ESMA.
Introduction of reporting and position limits for commodities following the US rules applied by the CFTC.
Where competent authorities decide to impose more restrictive position limits, they must notify ESMA.
The essential details of any ex-ante position limits applied by a competent authority should be published on ESMA's website.
It produces and analyses daily reports on the output of the risk-measurement model andon the appropriate measures to be taken in terms of position limits;
Therefore total open interestprovides a more appropriate baseline for setting position limits than using a figure averaged across all maturities.
Position limits shall specify clear quantitative thresholds for the maximum size of a position in a commodity derivative that persons can hold.
ESMA shall, within 24 hours,issue an opinion on whether it considers that the more restrictive position limits are necessary to address the exceptional case.
The more restrictive position limits may be renewed for further periods not exceeding six months at a time if the grounds for the restriction continue to be applicable.
ESMA is required to monitor at least once a year theway competent authorities have implemented the position limits set in accordance with the methodology for calculation.
The competent authority concerned shall modify the position limits in accordance with ESMA's opinion, or provide ESMA with justification why the change is considered to be unnecessary.
The position limits and position management controls shall be transparent and non-discriminatory, specifying how they apply to persons and taking account of the nature and composition of market participants and of the use they make of the contracts submitted to trading.
ESMA shall take into account experience regarding the position limits of investment firms or market operators operating a trading venue and of other jurisdictions.
The impact of the application of position limits and position management on liquidity, market abuse and orderly pricing and settlement conditions in commodity derivatives markets;
Following publication of opinions by ESMA,NCAs have agreed to modify the position limits in accordance with ESMA's opinions or provide a reason for why a change is not necessary.
While the methodology used for calculation of position limits should not create barriers to the development of new commodity derivatives, ESMA should ensure when determining the methodology for calculation that the development of new commodity derivatives cannot be used to circumvent the position limits regime.
Finally, the Commission intends to proposerules to give regulators the possibility to set position limits to counter disproportionate price movements or concentrations of speculative positions15.
Where a competent authority establishes different position limits for different times within the spot month period, those position limits shall decrease on an incremental basis towards the maturity of the commodity derivative and shall take into account the position management arrangements of the trading venue.
Following the issuance of ESMA's opinions,all NCAs have to modify the position limits in accordance with the opinion, or provide ESMA with a justification for why the change is not necessary;
The key point in respect of non-financial entities is that position limits do not apply to positions held which are objectively measurable as reducing risks directly related to the commercial activity of that non-financial entity.