Europex response to ESMA consultation paper on MiFID II review report on position limits and position management

Brussels, 6 January 2020 | Europex, the Association of European Energy Exchanges, welcomes the opportunity to contribute to the ESMA consultation paper on the MiFID II review report on position limits and position management in commodity derivatives. Europex has actively participated in previous MiFID related consultations, such as the call for evidence on position limits that took place last summer. While the review fulfils a legal obligation under MiFID II, this exercise is also a vital opportunity to assess the impact of position limits and position management on commodity derivatives markets and to ensure the regime is working in practice
Read More

Categories: Consultation Responses.

Europex response to the ESMA call for evidence on position limits in commodity derivatives

Brussels, 5 July 2019 | Europex, the Association of European Energy Exchanges, welcomes the opportunity to contribute to the ESMA call for evidence on position limits and position management in commodity derivatives. Europex has actively participated in previous public consultations on the MiFID II/MiFIR package, including on the position limit regime as well as on its implementing legislation and the related regulatory guidance. The present call for evidence offers an important opportunity to review the regime 18 months after its entry into application. Importantly, Europex supports the policy objectives of MiFID II/MiFIR to ensure transparency and prevent abuse in commodities
Read More

Categories: Consultation Responses.

MiFIR pre-trade transparency regime: making it work for commodity derivatives – recommendations

Brussels, 25 June 2018 | The purpose of this paper is to provide ESMA and National Competent Authorities with specific recommendations in support of their work with regard to amending certain parts of Regulation 2017/583 (‘RTS 2’)1, relating to the MiFIR pre-trade transparency regime for non- equity products. Europex members have long argued that, in its present form, the regime is not fit for purpose and cannot be applied to trade registration facilities in energy derivatives markets. Should these pre- arranged trades be no longer reported to regulated markets for clearing purposes, this would compromise their vital role in supporting
Read More

Categories: Position Papers.

The MiFIR pre-trade transparency regime: making it work for commodity derivatives

Brussels, 25 April 2018 |The purpose of the present paper is to provide ESMA and all interested National Competent Authorities (NCAs) with detailed information in support of their work in amending specific aspects of ‘RTS 2’ in relation to the MiFIR pre-trade transparency regime for non-equity instruments. Europex members have long argued that the MiFIR pre-trade transparency regime does not apply to trade registration. We consider that the regime in its present form is not fit for purpose and cannot be applied to trade registration facilities in energy derivatives markets without compromising their vital role in supporting the hedging activity
Read More

Categories: Position Papers.