BRUSSELS, 02-Dec-2016 — /EuropaWire/ — The European Commission has taken important steps today to strengthen the regulation of commodities markets and curb price speculation. It also ensures that firms active on these markets are regulated appropriately.
The package completes the rulebook of secondary measures under the revised Markets in Financial Instruments Directive, known as MIFID II, and gives market participants time to prepare for its application, as of 3 January 2018.
In particular, the Commission is adopting regulatory standards that will define parameters for competent authorities to determine “position limits”, i.e. the maximum amount of commodity derivatives that can be held by a single trader, and which represent a tool to help to limit commodity speculation, support orderly pricing and prevent market abuse. The new rules also ensure that large non-financial firms trading a large amount of commodity derivatives are regulated under MiFID II (through the so called “ancillary activity test”).
Valdis Dombrovskis, Vice-President for Financial Stability, Financial Services and Capital Markets Union, commented: “Today’s rules will contribute to better functioning commodities markets that work for the real economy while helping to deal with some of the problems we saw in the financial crisis. We have listened to the concerns raised by the European Parliament and provided for stricter position limit standards whilst at the same time seeking to avoid unintended consequences.”
Philip Hogan, EU Commissioner for Agriculture stated: “Today’s move ensures the effective functioning of futures markets for agricultural products and offers the possibility to hedge risks.”
Today’s package consists of two Delegated Regulations are part of the MiFID II rulebook and are based on the draft regulatory technical standards of the European Securities and Markets Authority (ESMA). With the today’s adoption the Commission has put in place the two final pieces of the 28 regulatory standards that ensure the application of MiFID II as of 3 January 2018.
The Council and the European Parliament now have three months to approve or object to the two standards.
Background
The regulatory standard on position limits provide regulators with the full set of tools to ensure that food price speculation is curbed.The rules establish a “baseline” and maximum bands of deviation on either side of the baseline, to be set by the competent regulators in line with observed price volatility in the underlying commodity markets. The standard also contains several chapters to cater for the so-called “illiquid” derivative contracts, i.e. where open interest levels (number of pending contracts at any given moment in time) are low or where there a few market participants. Moreover, the new standards contain an explicit reference to how volatility should be considered by NCAs. In particular, authorities should seek to minimise volatility or at least review their limits more often in cases of excessive volatility.
Responding to concerns raised in the European Parliament, the Commission modified key aspects of the original proposal by ESMA, in order to provide for stricter position limit standards whilst at the same time seeking to avoid the risk of unintended consequences for the real economy and end users.
The technical standards on ancillary activities set the maximum amount of trading in commodity derivatives that non-financial firms (such as energy and agricultural firms) can engage in before they must seek a MIFID authorisation. The European Commission asked ESMA to revise its original proposal to take into account the capital used by non-financial firms in their physical activity. For this purpose, the Commission developed a test based on capital allocated by the Capital Requirements Regulation (CRR). This “ancillary test” represents a ratio between (i) the capital that would need to be allocated under CRR for the firm to engage in speculative derivatives trading versus (ii) the capital employed to conduct a firm’s main business.
For More Information
Updated rules for markets in financial instruments: MiFID 2
Updated table of level II measures under MiFID
SOURCE: European Commission
- As Brands React to US Tariffs, CommerceIQ Offers Data-Driven Insights for Expansion Into European Markets
- Digi Communications N.V. announces „The Competition Council approves the acquisition of the assets and of the shares of Telekom Romania Mobile Communications by DIGI Romania and Vodafone Romania”
- HTR makes available engineering models of full-metal elastic Lunar wheels
- Tribunal de EE.UU. advierte a Ricardo Salinas: cumpla o enfrentará multas y cárcel por desacatoo
- Digi Communications N.V. announces corporate restructuring of Digi Group’s affiliated companies in Belgium
- Aortic Aneurysms: EU-funded Pandora Project Brings In-Silico Modelling to Aid Surgeons
- BREAKING NEWS: New Podcast “Spreading the Good BUZZ” Hosted by Josh and Heidi Case Launches July 7th with Explosive Global Reach and a Mission to Transform Lives Through Hope and Community in Recovery
- Cha Cha Cha kohtub krüptomaailmaga: Winz.io teeb koostööd Euroopa visionääri ja staari Käärijäga
- Digi Communications N.V. announces Conditional stock options granted to Executive Directors of the Company, for the year 2025, based on the general shareholders’ meeting approval from 25 June 20244
- Cha Cha Cha meets crypto: Winz.io partners with European visionary star Käärijä
- Digi Communications N.V. announces the exercise of conditional share options by the executive directors of the Company, for the year 2024, as approved by the Company’s OGSM from 25 June 2024
- “Su Fortuna Se Ha Construido A Base de La Defraudación Fiscal”: Críticas Resurgen Contra Ricardo Salinas en Medio de Nuevas Revelaciones Judiciales y Fiscaleso
- Digi Communications N.V. announces the availability of the instruction regarding the payment of share dividend for the 2024 financial year
- SOILRES project launches to revive Europe’s soils and future-proof farming
- Josh Case, ancien cadre d’ENGIE Amérique du Nord, PDG de Photosol US Renewable Energy et consultant d’EDF Amérique du Nord, engage aujourd’hui toute son énergie dans la lutte contre la dépendance
- Bizzy startet den AI Sales Agent in Deutschland: ein intelligenter Agent zur Automatisierung der Vertriebspipeline
- Bizzy lance son agent commercial en France : un assistant intelligent qui automatise la prospection
- Bizzy lancia l’AI Sales Agent in Italia: un agente intelligente che automatizza la pipeline di vendita
- Bizzy lanceert AI Sales Agent in Nederland: slimme assistent automatiseert de sales pipeline
- Bizzy startet AI Sales Agent in Österreich: ein smarter Agent, der die Sales-Pipeline automatisiert
- Bizzy wprowadza AI Sales Agent w Polsce: inteligentny agent, który automatyzuje budowę lejka sprzedaży
- Bizzy lanza su AI Sales Agent en España: un agente inteligente que automatiza la generación del pipeline de ventas
- Bizzy launches AI Sales Agent in the UK: a smart assistant that automates sales pipeline generation
- As Sober.Buzz Community Explodes Its Growth Globally it is Announcing “Spreading the Good BUZZ” Podcast Hosted by Josh Case Debuting July 7th
- Digi Communications N.V. announces the OGMS resolutions and the availability of the approved 2024 Annual Report
- Escándalo Judicial en Aumento Alarma a la Opinión Pública: Suprema Corte de México Enfrenta Acusaciones de Favoritismo hacia el Aspirante a Magnate Ricardo Salinas Pliego
- Winz.io Named AskGamblers’ Best Casino 2025
- Kissflow Doubles Down on Germany as a Strategic Growth Market with New AI Features and Enterprise Focus
- Digi Communications N.V. announces Share transaction made by a Non-Executive Director of the Company with class B shares
- Salinas Pliego Intenta Frenar Investigaciones Financieras: UIF y Expertos en Corrupción Prenden Alarmas
- Digital integrity at risk: EU Initiative to strengthen the Right to be forgotten gains momentum
- Orden Propuesta De Arresto E Incautación Contra Ricardo Salinas En Corte De EE.UU
- Digi Communications N.V. announced that Serghei Bulgac, CEO and Executive Director, sold 15,000 class B shares of the company’s stock
- PFMcrypto lancia un sistema di ottimizzazione del reddito basato sull’intelligenza artificiale: il mining di Bitcoin non è mai stato così facile
- Azteca Comunicaciones en Quiebra en Colombia: ¿Un Presagio para Banco Azteca?
- OptiSigns anuncia su expansión Europea
- OptiSigns annonce son expansion européenne
- OptiSigns kündigt europäische Expansion an
- OptiSigns Announces European Expansion
- Digi Communications NV announces release of Q1 2025 financial report
- Banco Azteca y Ricardo Salinas Pliego: Nuevas Revelaciones Aumentan la Preocupación por Riesgos Legales y Financieros
- Digi Communications NV announces Investors Call for the presentation of the Q1 2025 Financial Results
- Digi Communications N.V. announces the publication of the 2024 Annual Financial Report and convocation of the Company’s general shareholders meeting for June 18, 2025, for the approval of, among others, the 2024 Annual Financial Report, available on the Company’s website
- La Suprema Corte Sanciona a Ricardo Salinas de Grupo Elektra por Obstrucción Legal
- Digi Communications N.V. announces the conclusion of an Incremental to the Senior Facilities Agreement dated 21 April 2023
- 5P Europe Foundation: New Initiative for African Children
- 28-Mar-2025: Digi Communications N.V. announces the conclusion of Facilities Agreements by companies within Digi Group
- Aeroluxe Expeditions Enters U.S. Market with High-Touch Private Jet Journeys—At a More Accessible Price ↗️
- SABIO GROUP TAKES IT’S ‘DISRUPT’ CX PROGRAMME ACROSS EUROPE
- EU must invest in high-quality journalism and fact-checking tools to stop disinformation
- ¿Está Banco Azteca al borde de la quiebra o de una intervención gubernamental? Preocupaciones crecientes sobre la inestabilidad financiera
- Netmore and Zenze Partner to Deploy LoRaWAN® Networks for Cargo and Asset Monitoring at Ports and Terminals Worldwide
- Rise Point Capital: Co-investing with Independent Sponsors to Unlock International Investment Opportunities
- Netmore Launches Metering-as-a-Service to Accelerate Smart Metering for Water and Gas Utilities
- Digi Communications N.V. announces that a share transaction was made by a Non-Executive Director of the Company with class B shares
- La Ballata del Trasimeno: Il Mediometraggio si Trasforma in Mini Serie
- Digi Communications NV Announces Availability of 2024 Preliminary Financial Report
- Digi Communications N.V. announces the recent evolution and performance of the Company’s subsidiary in Spain
- BevZero Equipment Sales and Distribution Enhances Dealcoholization Capabilities with New ClearAlc 300 l/h Demonstration Unit in Spain Facility
- Digi Communications NV announces Investors Call for the presentation of the 2024 Preliminary Financial Results
- Reuters webinar: Omnibus regulation Reuters post-analysis
- Patients as Partners® Europe Launches the 9th Annual Event with 2025 Keynotes, Featured Speakers and Topics
- eVTOLUTION: Pioneering the Future of Urban Air Mobility
- Reuters webinar: Effective Sustainability Data Governance
- Las acusaciones de fraude contra Ricardo Salinas no son nuevas: una perspectiva histórica sobre los problemas legales del multimillonario
- Digi Communications N.V. Announces the release of the Financial Calendar for 2025
- USA Court Lambasts Ricardo Salinas Pliego For Contempt Of Court Order
- 3D Electronics: A New Frontier of Product Differentiation, Thinks IDTechEx
- Ringier Axel Springer Polska Faces Lawsuit for Over PLN 54 million
- Digi Communications N.V. announces the availability of the report on corporate income tax information for the financial year ending December 31, 2023
- Unlocking the Multi-Million-Dollar Opportunities in Quantum Computing
- Digi Communications N.V. Announces the Conclusion of Facilities Agreements by Companies within Digi Group
- The Hidden Gem of Deep Plane Facelifts
- KAZANU: Redefining Naturist Hospitality in Saint Martin ↗️
- New IDTechEx Report Predicts Regulatory Shifts Will Transform the Electric Light Commercial Vehicle Market
- Almost 1 in 4 Planes Sold in 2045 to be Battery Electric, Finds IDTechEx Sustainable Aviation Market Report
- Digi Communications N.V. announces the release of Q3 2024 financial results
- Digi Communications NV announces Investors Call for the presentation of the Q3 2024 Financial Results
- Pilot and Electriq Global announce collaboration to explore deployment of proprietary hydrogen transport, storage and power generation technology
- Digi Communications N.V. announces the conclusion of a Memorandum of Understanding by its subsidiary in Romania
- Digi Communications N.V. announces that the Company’s Portuguese subsidiary finalised the transaction with LORCA JVCO Limited
- Digi Communications N.V. announces that the Portuguese Competition Authority has granted clearance for the share purchase agreement concluded by the Company’s subsidiary in Portugal
- OMRON Healthcare introduceert nieuwe bloeddrukmeters met AI-aangedreven AFib-detectietechnologie; lancering in Europa september 2024
- OMRON Healthcare dévoile de nouveaux tensiomètres dotés d’une technologie de détection de la fibrillation auriculaire alimentée par l’IA, lancés en Europe en septembre 2024
- OMRON Healthcare presenta i nuovi misuratori della pressione sanguigna con tecnologia di rilevamento della fibrillazione atriale (AFib) basata sull’IA, in arrivo in Europa a settembre 2024
- OMRON Healthcare presenta los nuevos tensiómetros con tecnología de detección de fibrilación auricular (FA) e inteligencia artificial (IA), que se lanzarán en Europa en septiembre de 2024
- Alegerile din Moldova din 2024: O Bătălie pentru Democrație Împotriva Dezinformării
- Northcrest Developments launches design competition to reimagine 2-km former airport Runway into a vibrant pedestrianized corridor, shaping a new era of placemaking on an international scale
- The Road to Sustainable Electric Motors for EVs: IDTechEx Analyzes Key Factors
- Infrared Technology Breakthroughs Paving the Way for a US$500 Million Market, Says IDTechEx Report
- MegaFair Revolutionizes the iGaming Industry with Skill-Based Games
- European Commission Evaluates Poland’s Media Adherence to the Right to be Forgotten
- Global Race for Autonomous Trucks: Europe a Critical Region Transport Transformation
- Digi Communications N.V. confirms the full redemption of €450,000,000 Senior Secured Notes
- AT&T Obtiene Sentencia Contra Grupo Salinas Telecom, Propiedad de Ricardo Salinas, Sus Abogados se Retiran Mientras Él Mueve Activos Fuera de EE.UU. para Evitar Pagar la Sentencia
- Global Outlook for the Challenging Autonomous Bus and Roboshuttle Markets
- Evolving Brain-Computer Interface Market More Than Just Elon Musk’s Neuralink, Reports IDTechEx
- Latin Trails Wraps Up a Successful 3rd Quarter with Prestigious LATA Sustainability Award and Expands Conservation Initiatives ↗️
- Astor Asset Management 3 Ltd leitet Untersuchung für potenzielle Sammelklage gegen Ricardo Benjamín Salinas Pliego von Grupo ELEKTRA wegen Marktmanipulation und Wertpapierbetrug ein
- Digi Communications N.V. announces that the Company’s Romanian subsidiary exercised its right to redeem the Senior Secured Notes due in 2025 in principal amount of €450,000,000
- Astor Asset Management 3 Ltd Inicia Investigación de Demanda Colectiva Contra Ricardo Benjamín Salinas Pliego de Grupo ELEKTRA por Manipulación de Acciones y Fraude en Valores
- Astor Asset Management 3 Ltd Initiating Class Action Lawsuit Inquiry Against Ricardo Benjamín Salinas Pliego of Grupo ELEKTRA for Stock Manipulation & Securities Fraud
- Digi Communications N.V. announced that its Spanish subsidiary, Digi Spain Telecom S.L.U., has completed the first stage of selling a Fibre-to-the-Home (FTTH) network in 12 Spanish provinces
- Natural Cotton Color lancia la collezione "Calunga" a Milano
- Astor Asset Management 3 Ltd: Salinas Pliego Incumple Préstamo de $110 Millones USD y Viola Regulaciones Mexicanas
- Astor Asset Management 3 Ltd: Salinas Pliego Verstößt gegen Darlehensvertrag über 110 Mio. USD und Mexikanische Wertpapiergesetze
- ChargeEuropa zamyka rundę finansowania, której przewodził fundusz Shift4Good tym samym dokonując historycznej francuskiej inwestycji w polski sektor elektromobilności
- Strengthening EU Protections: Robert Szustkowski calls for safeguarding EU citizens’ rights to dignity
- Digi Communications NV announces the release of H1 2024 Financial Results
- Digi Communications N.V. announces that conditional stock options were granted to a director of the Company’s Romanian Subsidiary
- Digi Communications N.V. announces Investors Call for the presentation of the H1 2024 Financial Results
- Digi Communications N.V. announces the conclusion of a share purchase agreement by its subsidiary in Portugal
- Digi Communications N.V. Announces Rating Assigned by Fitch Ratings to Digi Communications N.V.
- Digi Communications N.V. announces significant agreements concluded by the Company’s subsidiaries in Spain
- SGW Global Appoints Telcomdis as the Official European Distributor for Motorola Nursery and Motorola Sound Products
- Digi Communications N.V. announces the availability of the instruction regarding the payment of share dividend for the 2023 financial year
- Digi Communications N.V. announces the exercise of conditional share options by the executive directors of the Company, for the year 2023, as approved by the Company’s Ordinary General Shareholders’ Meetings from 18th May 2021 and 28th December 2022
- Digi Communications N.V. announces the granting of conditional stock options to Executive Directors of the Company based on the general shareholders’ meeting approval from 25 June 2024
- Digi Communications N.V. announces the OGMS resolutions and the availability of the approved 2023 Annual Report
- Czech Composer Tatiana Mikova Presents Her String Quartet ‘In Modo Lidico’ at Carnegie Hall
- SWIFTT: A Copernicus-based forest management tool to map, mitigate, and prevent the main threats to EU forests
- WickedBet Unveils Exciting Euro 2024 Promotion with Boosted Odds
- Museum of Unrest: a new space for activism, art and design
- Digi Communications N.V. announces the conclusion of a Senior Facility Agreement by companies within Digi Group
- Digi Communications N.V. announces the agreements concluded by Digi Romania (formerly named RCS & RDS S.A.), the Romanian subsidiary of the Company
- Green Light for Henri Hotel, Restaurants and Shops in the “Alter Fischereihafen” (Old Fishing Port) in Cuxhaven, opening Summer 2026
- Digi Communications N.V. reports consolidated revenues and other income of EUR 447 million, adjusted EBITDA (excluding IFRS 16) of EUR 140 million for Q1 2024
- Digi Communications announces the conclusion of Facilities Agreements by companies from Digi Group
- Digi Communications N.V. Announces the convocation of the Company’s general shareholders meeting for 25 June 2024 for the approval of, among others, the 2023 Annual Report
- Digi Communications NV announces Investors Call for the presentation of the Q1 2024 Financial Results
- Digi Communications intends to propose to shareholders the distribution of dividends for the fiscal year 2023 at the upcoming General Meeting of Shareholders, which shall take place in June 2024
- Digi Communications N.V. announces the availability of the Romanian version of the 2023 Annual Report
- Digi Communications N.V. announces the availability of the 2023 Annual Report
- International Airlines Group adopts Airline Economics by Skailark ↗️
- BevZero Spain Enhances Sustainability Efforts with Installation of Solar Panels at Production Facility
- Digi Communications N.V. announces share transaction made by an Executive Director of the Company with class B shares
- BevZero South Africa Achieves FSSC 22000 Food Safety Certification
- Digi Communications N.V.: Digi Spain Enters Agreement to Sell FTTH Network to International Investors for Up to EUR 750 Million
- Patients as Partners® Europe Announces the Launch of 8th Annual Meeting with 2024 Keynotes and Topics
- driveMybox continues its international expansion: Hungary as a new strategic location
- Monesave introduces Socialised budgeting: Meet the app quietly revolutionising how users budget
- Digi Communications NV announces the release of the 2023 Preliminary Financial Results
- Digi Communications NV announces Investors Call for the presentation of the 2023 Preliminary Financial Results
- Lensa, един от най-ценените търговци на оптика в Румъния, пристига в България. Първият шоурум е открит в София
- Criando o futuro: desenvolvimento da AENO no mercado de consumo em Portugal
- Digi Communications N.V. Announces the release of the Financial Calendar for 2024
- Customer Data Platform Industry Attracts New Participants: CDP Institute Report
- eCarsTrade annonce Dirk Van Roost au poste de Directeur Administratif et Financier: une décision stratégique pour la croissance à venir
- BevZero Announces Strategic Partnership with TOMSA Desil to Distribute equipment for sustainability in the wine industry, as well as the development of Next-Gen Dealcoholization technology
- Editor's pick archive....