The Federal Council may introduce limits on the size of net positions which a person may hold in commodity derivatives insofar as this is necessary for orderly pricing and settlement as well as for convergence between prices on the derivatives market and on the underlying market. In doing so, it shall take account of recognised international standards and legal developments abroad.
It governs the following for position limits:
the calculation of net positions;
the exemptions for positions which are held for a non-financial counterparty and which serve to reduce the risks directly associated with its business activity, liquidity management or asset management;
the reporting duties required for the transparency of commodity derivatives trading.
FINMA shall set position limits for the individual commodity derivatives.
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