Commodities traders question EU’s insider trading regime

Esma guidance on Mar leaves market in the dark, say critics – particularly for hedges

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Not so clear-cut: participants say there is a lack of clarity on the definition of inside information

Two new sets of European rules are aiming to make commodities markets more open, fair and transparent; a side-effect has been to plunge market participants into a thick fog.

In part, this is because one of the regulators' key aims – stamping out insider trading – is tough to achieve in markets where hedging is the main aim for many participants, says Jonathan Whitehead, London-based global head of commodities at Societe Generale Corporate & Investment Banking (SG CIB).

"If you know a company is

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