The latest text of MIFID II and MiFIR have has now been published. MiFIR  (i.e. the regulation) can be found here and MiFID II (i.e. the directive) here. There are over 700 pages to read, and there will be plenty more over the course of the year.

The portions on exemptions for traders in commodity derivatives, and also on position limits, will be of particular interest. Position Limits have an initial proposed exemption for gas and power, and also coal and oil. However, agriculture and metals will see increased attention.

We will publish our analysis in due course.