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Mifid

New MiFID II Q+A on Commodity Derivatives and others

ESMA have today issued a new Questions and Answers document on the commodity derivatives rules under MiFID II, adopted by the European Commission on 1st December (see here). The Q+A  can be found here, along with an accompanying press release here. Several other documents were also issued, including updated  documents on transparency topics such as systematic internalisers here and market structures here.

The documents answer some questions on the position limits rules, as defined by RTS 21 and the Ancillary Activity test as defined by RTS 20 (see here). However, there will be many other unanswered questions which will need to be resolved before the technical standards can be understood with certainty.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on energy and commodity regulation. He has more than 20 years of experience in energy and commodity trading, credit, risk and financial technology. He has delivered a series of trading, credit and risk solutions to a wide variety of oil majors, power and gas companies and investment banks. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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