The European Securities and Markets Authority is reconsidering what constitutes a spot month in cash-settled gas and physically settled power derivatives contracts, less than three months before position limits dependent on the definition must be set and come into force.

The issue was on the agenda of an October 4 meeting of Esma’s commodity derivatives task force, according to Sipke Veer, supervision officer at the Netherlands’ Autoriteit Financiële Markten, who was speaking at the Emart