Commodities traders question EU’s insider trading regime

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

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here