Yesterday the European Commission opened a consultation on certain aspects of MiFID II and MiFIR. The document can be found here. The consultation includes aspects relevant to energy and commodity market participants, including relating to the position limits regime, about which a consultation run by ESMA has recently closed (see here).

This article on the FT web site discusses the consultation in relation to commodity derivatives. It makes reference to the desire by the Commission to promote the use of Euro denominated benchmarks, not only in gas, but also in oil as discussed last year in this staff working document.

The consultation closes on 20 April 2020