See here for a copy of a speech made by Dr Kay Swinburne MEP on the impact of MiFID II on the commodities markets, given to the Commodities Markets Council. Dr Swinburne is also a member of the ECON committee.

The speech gives a view on some of the reasons why MiFID II is sought to cover the committees markets, and makes clear that it is desired that the market be caught quite widely. It discusses some of the the motivations behind the position limits rules, focusing on agricultural commodities. It also gives the view that the ancillary activity tests are likely to catch many when they are eventually finalised.

The timing of the announcement of the MiFID delay, as well as the finalisation of the Regulatory Technical Standards(RTS) 20 and 21 around ancillary activity and position limits is the subject of much discussion. The speech indicates that the delay will be finalised in February/March and the RTS shortly afterwards.

As far as this speech is concerned, those in the commodities and energy markets need to be prepared to come under further regulation due to MiFID, MAR and other financial rule sets.