MAR 10.4 Position reporting

5A trading venue operator must send the FCA a weekly report regarding the aggregate positions held at the close of business of each week, no later than 5.30pm on Wednesday of the following week.

5A trading venue operator must submit a weekly report to the FCA as soon as possible and no later than 5.30pm on Thursday of that week, where any of Monday, Tuesday or Wednesday of the week in which that report is to be submitted is not a working day.

1. (1)

   5A trading venue operator must prepare a weekly report separately for each commodity derivative and emission allowance traded on its trading venue in accordance with the formats set out in the tables in MAR 10 Annex 3R.

2. (2)

   A weekly report must contain:

   1. (a)

      The aggregate of all positions held by the different persons in each of the categories set out in MAR 10 Annex 3R in an individual commodity derivative or emission allowance traded on that trading venue; and

   2. (b)

      all positions across all maturities of all contracts.

3. (3)

   A trading venue operator must submit to the FCA a weekly report in a common standard XML format.

5A trading venue operator must submit to the FCA a breakdown of the positions referred to in MAR 10.4.8D by means of a daily position report in:

1. (1)

   common standard XML format; and

2. (2)

   the format set out in the tables in MAR 10 Annex 4R.

1. (1)

   1This rule applies to a UK firm operating a multilateral trading facility or an OTF and a UK branch of a third country investment firm operating a multilateral trading facility or an OTF.

2. (2)

   A firm must make public and provide to the FCA 3a weekly report with the aggregate positions held by the different categories of persons for the different commodity derivatives or emission allowances traded on the trading venue, where those instruments meet the criteria of MAR 10.4.3AR5, specifying:

   1. (a)

      the number of long and short positions held by such categories;

   2. (b)

      changes in those positions since the previous report;

   3. (c)

      the percentage of the total open interest represented by each category; and

   4. (d)

      the number of persons holding a position in each category, as specified in MAR 10.4.4R.

3. (3)

   The firm must provide the FCA with a complete breakdown of the positions held by all persons, including the members or participants and clients, as well as those of their clients until the end client is reached, on the trading venue on a daily basis.

4. (4)

   For the weekly report mentioned in (2) above, the firm must differentiate between:

   1. (a)

      positions which are subject to the exemptions in MAR 10.2, identifying the relevant exemption by reference to the non-financial entity, pass-through hedging or liquidity provider exemption, as applicable5; and

   2. (b)

      other positions.

   5

   3

1. (1)

   5For the purpose of weekly reports, the obligation for a trading venue operator to make public such a report applies when both of the following 2 thresholds are met:

   1. (a)

      20 open position holders exist in a given contract on a given trading venue; and

   2. (b)

      the absolute amount of the gross long or short volume of total open interest, expressed in the number of lots of the relevant commodity derivative, exceeds a level of 4 times the deliverable supply in the same commodity derivative, expressed in number of lots.

2. (2)

   Where the commodity derivative does not have a physically deliverable underlying asset and for emission allowances, (1)(b) does not apply.

3. (3)

   The threshold set out in (1)(a) applies in aggregate on the basis of all of the categories of persons regardless of the numbers of position holders in any single category of persons.

4. (4)

   For contracts where there are fewer than 5 position holders active in a given category of persons, the number of position holders in that category need not be published.

5. (5)

   For contracts that meet the conditions set out (1) for the first time, trading venues must publish the contracts’ first weekly report as soon as it is feasibly practical, and in any event no later than 3 weeks from the date on which the thresholds are first triggered.

6. (6)

   Where the conditions set out in (1) are no longer met, trading venues must continue to publish the weekly reports for a period of 3 months. The obligation to publish the weekly report no longer applies where the conditions set out in (1) have not been met continuously upon expiry of that period.

1A firm must classify persons holding positions in commodity derivatives or emission allowances according to the nature of their main business, taking account of any applicable authorisation or registration, as:

1. (1)

   investment firms or credit institutions; or

2. (2)

   investment funds, either as a UCITS, or an AIF or an AIFM; or

3. (3)

   other financial institutions, including:

   1. (a)

      insurance undertakings and reinsurance undertakings as defined in the Solvency II Directive; and

   2. (b)

      institutions for occupational retirement provision as defined in Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement; or

4. (4)

   commercial undertakings; or

5. (5)

   in the case of emission allowances, operators with compliance obligations under the Emission Allowance Trading Directive or the trading scheme order 2020.4