Energy firms expect to escape Mifid II without cutting books

Esma data suggests ancillary activity test will be easier to pass than industry feared

Jigsaw puzzle

Following the publication of data on the size of European Union commodity derivatives markets on July 7, the majority of energy firms now believe they can qualify for an exemption from the second Markets in Financial Instruments Directive (Mifid II) when it comes into force on January 3, 2018.

Under the regime, commodity trading firms will be classified automatically as investment firms and subject to a complex web of financial regulation – including capital requirements – unless they can claim

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