Position reports
Parties that trade in commodity derivatives, emission rights or derivatives thereof are obliged to report their positions. Therefore, position reports also apply to parties that are exempt from the licence obligation because their trading in commodity derivatives, emission rights and derivatives thereof can be qualified as an ancillary activity. Trading venues where trading takes place in these financial instruments also have the obligation to report positions.
Reporting obligations
A trading venue in the Netherlands on which commodity derivatives and emission rights and derivatives thereof are traded is obliged to publish a report weekly of the aggregate positions of the persons who trade in these financial instruments on the trading venue, as soon as both the number of persons and their outstanding positions exceed the minimum thresholds. The trading venue must report this to the AFM and ESMA. The AFM can oblige an investment firm or market operator that operates or manages a trading venue in the Netherlands on which commodity derivatives and emission rights and derivatives thereof are traded to provide a complete breakdown of the trading positions in commodity derivatives, emission rights or derivatives thereof of the persons who are trading in these financial instruments on the trading platform at least once a day.
An investment firm that trades in commodity derivatives, emission rights or derivatives thereof outside of a trading venue is obliged to provide a breakdown of its positions and the positions of its clients, up to the end client, to the competent supervisor at least once a day.
A participant in or member of a regulated market or a multilateral trading facility (MTF) and a client of an organised trading facility (OTF) is obliged to report daily to the trading venue on which it trades commodities on the details of the positions that it holds in the commodity derivatives traded on that trading venue as well as positions of clients, up to the end client. This reporting obligation does not apply to emission rights and instruments derived from emission rights, but only in respect of commodity derivatives. The trading venue may, however, be obliged to provide a daily complete breakdown of the trading positions in commodity derivatives, emission rights or derivatives thereof to the AFM. The trading venue will therefore generally include the obligation for persons who are trading on the trading venue to also report trading positions in emission rights and derivatives thereof in the exchange regulations.
Procedure reporting obligations
Aforementioned parties email their questions with regard to the procedure to: CPRS@afm.nl