{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2018-06-01","gaps":[],"covered":["ESMA Q&A 1984 — Q&A — CFDs referencing futures [Answer Published] L3"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"the ESMA publication"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifir/level-3/q-and-a/esma/esma-qa-1984-cfds-referencing-futures","url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1984-cfds-referencing-futures","title":"ESMA Q&A 1984 — Q&A — CFDs referencing futures [Answer Published]","family":"l3","work_id":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1984-cfds-referencing-futures","status":"answer published","force_status":null,"date_state":"current","requested_date":null,"as_of":"2026-11-01","applies_from":null,"application":null,"version_label":"ESMA Q&A register, 1 June 2018","check":{"against":"the ESMA publication","on":"2026-10-26"},"check_result":"matched","official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1984","valid_from":"0001-01-01","valid_until":null,"revision":1,"content_id":"ffd2180f147df43a","change_date":null,"nearest_versions":["2018-06-01"],"first_text_date":null,"correction_applies":false,"versions":["2018-06-01"],"version_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1984-cfds-referencing-futures/versions/2018-06-01","revision_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1984-cfds-referencing-futures/versions/2018-06-01/rev/ffd2180f147df43a","versions_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1984-cfds-referencing-futures/versions","relations_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1984-cfds-referencing-futures/relations","source_line":"Answer by ESMA, published in its Q&A tool · not legislation · published 1 Jun 2018 [Answer Published]","attribution":{"prepared_by":"ESMA","published_by":"ESMA","published_in":"ESMA Q&A tool","document_type":"qa_answer","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"published_on":"2018-06-01","question_submitted_on":"2018-06-01","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1984, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1984, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1984","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1984-cfds-referencing-futures.md","body_sha256":"460be96a17ef6e818adc7010c0c71b0dc9b2c2e3c9926e317e877319ae13d022"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1984 — Q&A — CFDs referencing futures [Answer Published]\"\nshortTitle: \"ESMA Q&A 1984 — Q&A — CFDs referencing futures [Answer Published]\"\nanswer_id: ESMA_QA_1984\ntopic: \"Product intervention\"\nstatus: \"Answer Published\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"MiFIR\"\nmifir_level3: true\nmica_level2: false\nlegal_basis: \"ESMA Decision 2018/795; ESMA Decision 2019/796\"\ndate: 1 June 2018\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1984\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 1 June 2018\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1984\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"ESMA\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"ESMA Answer\"\n    locator: \"ESMA Q&A entry ESMA_QA_1984: field 'ESMA Answer', no 'Answer provided by' line\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2018-06-01\"\n  question_submitted_on: \"2018-06-01\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1984, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1984, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 1 Jun 2018 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 1 June 2018 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1984)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1984 — Q&A — CFDs referencing futures \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1984 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 1 June 2018; question submitted 1 June 2018 |\n| **Legal basis** | ESMA Decision 2018/795; ESMA Decision 2019/796 |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**CFDs referencing futures**\n\n### Question\n\nWhy are CFDs referencing futures contracts not separately identified in Annex I to the CFD Decision to temporarily restrict contracts for differences in the Union in accordance with Article 40 of MiFIR?\n\n***\n\n### Answer\n\n\\[ESMA 35-36-1262 Q&AS on Product intervention, Q&A nr 5.7\\]\n\nAnnex I to the ESMA CFD Decision sets out the different initial margin percentages by type of underlying. The different types of underlyings do not explicitly refer to CFDs referencing futures contracts. Nevertheless, as futures also give the holder an exposure to a specific underlying this specific underlying should be considered for the purpose of the ESMA CFD Decision. For example, the minimum initial margin percentage for a CFD on a future on the USD/EUR pair is 3.33% of the notional value of the CFD. For this purpose ESMA considers a CFD on the future on the USD/EUR to have a type of underlying that is a major currency.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1984)\n"}