For spot month position limits, if the commodity derivative has a short maturity, the competent authority shall adjust the position limit downwards.
For other months' position limits, where the commodity derivative has a large number of separate expiries, competent authority shall adjust the position limit upwards.
Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.