Energy firms blast new Mifid II rules on commodities
Industry expects ‘serious negative consequences’ from Esma proposals
European energy companies have reacted with horror to new rules that spell out long-awaited details of the Markets in Financial Instruments Directive (Mifid II), calling them unfair, unworkable and likely to drive firms out of the commodity derivatives markets.
"There's a real risk that these rules are going to force commodity firms to cut back on trading, and that's going to hurt liquidity and create wider bid-offer spreads in commodities markets," says Paul Dawson, chairman of the Brussels
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