The European Securities and Markets Authority consented to the first three proposed position limits under the Markets in Financial Instruments Directive II. Specifically, the agency approved spot month, any one-month, and all month position limits proposed by France’s Autorité des marchés financiers for Rapeseed, Corn, and Milling Wheat No. 2. ESMA must ratify all proposed position limits in liquid contracts proposed to be effective January 3, 2018.