Article 19 The number of market participants(Article 57(3)(e) of Directive 2014/65/EU)

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.

By way of derogation to Article 14, the competent authority shall set the spot month and other months' position limit between 5 % and 50 % if:

1. (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

2. (b)

   the number of investment firms acting as a market maker in accordance with Article 2(1)(6) of Regulation 600/2014/EU in the commodity derivative at the time the position limit is set or reviewed is lower than 3.

For the purposes of the first subparagraph, the competent authority may establish different position limits for different times within the spot month period, the other months' period or for both periods.