ESMA has today published an opinion on some of the market sizes which can 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 and the press release here.

While the figures are incomplete, the numbers will be helpful to companies who wish to assess whether they will pass the test. The numbers are given on a “double sided” basis, i.e. for a trade between two entities, the value is counted from each side.