ESMA has today issued their latest “opinion on ancillary activity – market size calculation” to be used as part of the “Ancillary Activity Test” calculations. These are used in order for those engaged in activity in commodity derivatives to use the Ancillary Activity Exemption found under Article 2(1)j. The document can be found here.

From next year, the form of the exemption will change, in line with the MIFID II “Quick Fix” recently approved by the European Parliament (see here)