European Securities and Markets Authority (Esma)
Energy firms concerned by Mifid II ‘ability test’
The definition of a financial instrument under Mifid II and the structure of two key exemptions are worrying energy trading firms such as utilities
Mifid II adjustments fail to ease energy firms' worries
Energy firms such as utilities are fighting hard to avoid being regulated under Mifid II and having to comply with onerous EU financial rules. But despite last-minute changes to regulators’ proposed technical standards, the chances of escape appear slim
Impact of Mifid II on commodities sparks heated debate
Industry representatives and regulators clashed while discussing tightened rules on commodity dealers under Mifid II at Energy Risk Summit Europe
Energy groups fight back on key Mifid II exemption
Energy industry groups are pushing for “sensibly higher thresholds” to prevent themselves from being subjected to financial rules under Mifid II
EU capital requirements worry commodity trading firms
The finalisation of Mifid II in Europe has rekindled a debate over whether commodity trading firms should be subject to capital requirements. Firms are lobbying strongly against the idea, but regulators and the European Commission will have the final say
EU commodity position limits prove tricky to hammer out
EU regulators are working on plans to implement commodity derivatives position limits under Mifid II. But their latest proposals have been criticised by energy firms, which point to questions over issues such as hedging exemptions and where the limits…
EU commodity position limits too cumbersome, firms say
Firms argue that EU commodity derivatives position limit proposals under Mifid II are bad for end-users and the energy market
Metals traders shun clearing due to Emir, says LME chief
Emir's introduction of segregated clearing accounts is pushing firms towards trading OTC, says LME head Garry Jones
CFTC urged to co-operate with EU on position limits
US rules should take effect simultaneously with Mifid II, argues FIA
Commodity trading firms piece together Mifid II jigsaw
Mifid II is certain to have a big impact on commodity trading firms, but market participants say that piecing together the precise effect of the legislation is difficult due to undefined terms and its complex links with other European rules. Stella…
Energy companies divided on approach to Emir clearing
European utilities are concerned about breaching Emir thresholds requiring firms to clear their OTC derivatives trades, while oil majors are resigned to the idea
Energy firms ponder Mifid exemptions and position limits
A consultation by the European Securities and Markets Authority is being closely scrutinised for answers on how a revamped Markets in Financial Instruments Directive will affect commodity trading companies
Emir reporting date sparks 'mad rush' in energy derivatives market
A requirement to report trades under the European Market Infrastructure Regulation kicked in on February 12, creating a rush to comply among energy derivatives market participants. Some firms have struggled with the rules, and say a lack of support from…
Energy firms find Emir thresholds too close for comfort
The European Market Infrastructure Regulation will force non-financial counterparties to clear trades in over-the-counter derivatives once they reach a set of notional thresholds. And despite their original expectations, many energy companies could be…
Emir futures margin rules create 'regulatory arbitrage'
Clearing house and commodity traders voice concerns about European firms going to US due to Emir CCP standards
Turning points: SEB's Torbjörn Iwarson
While many investment banks are having a tough time in commodity markets, Swedish bank SEB is going against the grain by increasing its appetite for risk. Torbjörn Iwarson, the bank’s head of commodities, talks to Jay Maroo
Energy Risk Europe: EC official questions energy industry estimates of clearing costs
Recent industry estimates of the cost of clearing are met with scepticism during a roundtable discussion at Energy Risk Europe
Remit reporting requirements remain unclear
Remit continues to pose problems, as energy firms look for clarity on how to meet the requirements