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In this act Article 20 of 23
Text as of 8 Feb 2026 · Consolidated version of 8 February 2026 · Same wording as today’s text.Today’s text

Article 20 — The number of market participants

Financial servicesLevel 2RTSMiFID IIIn forceOfficial source

20(1)

1.Where the daily average number of market participants holding a position in the commodity derivative over a period of one year is high, the competent authority shall adjust the position limit downwards.

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20(2)

2.By way of derogation from Article 16, competent authorities shall adjust the position limit upwards and set the spot month and other months’ position limit between 5 % and 50 % of the reference amount if:

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20(2)(a)
(a)the average number of market participants holding a position in the commodity derivative in the period leading up to the setting of the position limit is lower than 10; or
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20(2)(b)
(b)where the commodity derivative is an agricultural commodity derivative with a net open interest below 300 000 lots, the number of investment firms acting as a market maker in accordance with Article 4(1), point (7), of Directive 2014/65/EU in the commodity derivative at the time the position limit is set or reviewed is lower than three.
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For the purposes of the first subparagraph, competent authorities may establish different position limits for different times within the spot month period, the other months’ period or for both periods.