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Position limits in commodity derivatives: a quantitative regulatory technique for the efficiency of financial markets?

Luca Orciani

Capital Markets Law Journal2026https://doi.org/10.1093/cmlj/kmag003article
ABDC A
Weight
0.50

Abstract

The article aims to carry out an exegetical and systematic analysis of position limits in commodity derivatives, according to a tripartite structure. In the first part, the problems that have arisen in financial markets at a supranational level are outlined, identifying the reasons and functions of the legislative-regulatory intervention. The second part focuses on the concept of position limits, critically reconstructing the objective scope of application, delving into the controversial calculation method functional to the identification of position limits and determination of net position size. The examination of the subjective application perimeter then follows, identifying precisely the reach of the exemption regime. The third part is devoted to reporting obligations. In a global policy perspective, the study will enable some broader reflections on the regulatory technique to be used to improve market efficiency and reduce excess speculation, seeking to ascertain whether, and within which thresholds, it is optimal for the legislator to use a quantitative approach for these purposes or whether it risks unduly rigidifying the overall system and hindering the birth of new commodity derivatives, in addition to the development of the current ones.

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https://doi.org/https://doi.org/10.1093/cmlj/kmag003

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@article{luca2026,
  title        = {{Position limits in commodity derivatives: a quantitative regulatory technique for the efficiency of financial markets?}},
  author       = {Luca Orciani},
  journal      = {Capital Markets Law Journal},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1093/cmlj/kmag003},
}

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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