The European Parliament has voted to adopt the proposed MiFID II rules. A press release can be seen here.

This is the latest step in MiFID II coming into force.MiFID II will affect the commodities market in several ways:

• It reduces the carve outs for commodity traders that exist in the original MiFID
• It introduces the concept of an Organised Trading Facility (OTF) which will have an impact on commodity markets
• Position limits and reporting will apply to commodity markets

The process of producing the various technical standards will now commence.