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Part III Trading, 16 Commodity Derivatives

Antonella Sciarrone Alibrandi, Edoardo Grossule

From: Regulation of the EU Financial Markets: MiFID II and MiFIR

Edited By: Danny Busch, Guido Ferrarini

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 30 May 2024

Derivatives — Transparency Directive — Enforcement — Investment business — Regulated activities — Supervision

This chapter considers the MiFID II/MiFIR regulation of the commodity derivatives sector, one of the areas most affected by the financial markets reform process, particularly the MiFID I review. It analyses the position limits regime, and the new rules amplifying the regulatory and supervisory powers of ESMA, of national competent authorities (NCAs) and trading venues, which introducing a range of interventionist tools that can affect operators’ investment business. The chapter also stresses the need to introduce a specific regulation depending on different commodity derivatives. The main provisions and the specific technical standards are analysed, paying particular attention to controversial measures such as the definition of the ancillary activities, the methodology to calculate the position limits, and the authorities’ new powers.

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