Esma derivatives definition hits CME futures volumes

Energy contracts dip as firms avoid European regulatory burdens

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Kim Taylor, CME Group

CME Group claims that a European decision to categorise cleared futures contracts executed on non-EU exchanges as over-the-counter derivatives has led to a fall in its energy futures volumes as market participants seek to avoid triggering Europe's clearing and valuation reporting requirements. The European Securities and Markets Authority (Esma) released guidance on the implementation of the European Market Infrastructure Regulation (Emir) in August last year, which confirmed that any exchang

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