See here for a “Bloomberg Brief” article which highlights the fact the topic commodity derivatives drew the highest number of responses to the most recent consultation on MiFID II.
See have seen a great deal of push back on the proposals, especially on the impact that the loss of exemptions may have on the commodity and energy trading industries. Market Participants from across the industry have highlighted that the loss of exemptions will add to costs, and also do not necessarily help to achieve the objective of reduced systemic risk. Never the less, it has been made clear that the intent of the exemption loss is to further regulate the commodity and energy trading industries, which means that compromises are likely to be minor in nature.
MiFID II does have a very far reaching effect on the financial industry as well. This makes the “top ranking” of the commodities industry even more interesting, given the relative sizes of the two sectors.