ESMA has published a list of the thresholds applicable to the sovereign issues for the purpose of the notification to competent authorities of significant net short position in sovereign debt. The way these notifications thresholds are defined is further specified in the commission delegated regulation No. 918/2012. This regulation specifies that initial threshold categories shall be:

  1. 0.1% applicable with a total amount of outstanding issued sovereign debt is between 0 and €500bn; and
  2. 0.5% applicable with a total amount of outstanding issued sovereign debt is above €500bn or where there is a liquid futures market for the particular sovereign debt.