Europex Feedback on the Inception Impact Assessment on the Digital Levy

Brussels, 10 February 2021 | Europex supports the Commission’s overall objective to ensure a fair taxation of the digital economy in line with the wider G20 and OECD discussions and welcomes the opportunity to comment on the scope of the initiative. As stated in the Inception Impact Assessment (IIA), it is important that the Commission accurately determines the scope and definition of digital activities, transactions and entities subject to the digital levy. This is a crucial part of the preparatory work for a legislative proposal, considering the great variety of business models and companies active in the digital economy. While
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Categories: Consultation Responses.

‘The Impact of Financial Services Regulation on European Wholesale Energy Markets – A Post-MiFID II Analysis’

Brussels, 10 September 2020 | Europex launches today its new report: ‘The Impact of Financial Services Regulation on European Wholesale Energy Markets – A Post-MiFID II Analysis’, a collaboration between Europex and Norton Rose Fulbright LLP. Since the introduction of MiFID II / MiFIR in January 2018, the relationship between energy markets and financial services regulation has fundamentally changed. The main lesson from the last two and a half years of experience is that the broad brush of financial services regulation sometimes fails to reflect the specific nature of energy commodity markets. Against this backdrop, the report analyses the effects of
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Categories: Press Releases.

Europex Response to the ESMA MiFID II / MiFIR Review Report on the Transparency Regime for Non-Equity Instruments and the Trading Obligation for Derivatives

Brussels, 12 June 2020 | Europex fully supports the objectives of MiFID II / MiFIR and the G-20 Pittsburgh commitments to “improve the functioning and transparency of financial and commodity markets and address excessive commodity price volatility”. We equally agree with the general intention of the MiFIR pre-trade transparency regime which is meant to work towards this larger policy objective. However, we believe the current calibration of the illiquid (“IL”) and Large in Scale (“LIS”) waiver thresholds severely limits the development of niche and nascent contracts traded on secure and transparent exchanges and cleared through risk mitigating CCP clearing houses.
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Categories: Consultation Responses.

Europex response to Commission consultation on the review of the MiFID II/MiFIR regulatory framework

Brussels, 18 May 2020 | Europex fully supports the underlying policy objectives of MiFID II / MiFIR and the G-20 Pittsburgh commitments to “improve the functioning and transparency of financial and commodity markets and address excessive commodity price volatility”. However, more than two years after the MiFID II / MiFIR framework started to apply, we believe that these objectives have not yet fully materialised as far as commodity derivatives markets are concerned, notwithstanding the heavy burden already imposed on the industry. This concerns in particular the MiFID II position limits and position management regime as well as the MiFIR pre-trade
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Categories: Consultation Responses.