Energy firms ponder Mifid exemptions and position limits

Esma commodity proposals closely scrutinised by market participants

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European energy market participants are eagerly poring over two documents released by the Paris-based European Securities and Markets Authority (Esma) on May 22, which shed some light on how the regulator may implement a second Markets in Financial Instruments Directive (Mifid II).

For many energy traders, two of the most significant features of Mifid II are the exemptions offered to certain trading companies and position limits for commodity derivatives. Unsurprisingly, it is the pages of the d

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