See this article on the ICIS site about the potential impact that the changes in the definition of a derivative could have on liquidity at the further end of the curve. The changes to MiFID Annex I section C, which arise both from previous rulings, a recently closed  consultation and also MiFID II could draw more physical forwards into the “derivatives” net and therefore financial regulation.

The article is arguing that if longer dated instruments fall into this net, it will drive trading out of those products which in turn could make longer term investments harder.

The various issue at play here will certainly have some impact on the market. Whilst reclassifying trades as derivatives could make them part of the clearing threshold calculation (if they are not hedges), the bigger issue at play is that there is the possibility that many commodities traders could have to get MiFID licences under MiFID II. This will re classify them as financial counterparties and trigger many other rules to be complied with.