ESMA has issued an updated document on the market sizes to be used for the Ancillary Activity test, which must be undertaken by energy and commodity market participants who wish to use the Ancillary Activity exemption from MiFID II under Article 2(1)j. The document can be found here.

The updated document, which is non binding,  adds 2018 numbers to those already published for 2017 and 2016 (the test is carried out on 3 years’ worth of data). The 2018 values for some commodities, such as gas, power and emissions, show significant changes from 2017. Some 2017 numbers have also been updated.