OTF uncertainty adds to Mifid II guesswork

Commodity firms need clarity on new type of venues to adjust to imminent rules

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If a Christmas analogy this early in the month can be forgiven, Europe’s impending financial regime is looking increasingly like Santa’s sack: commodity firms have to wait until the appointed day to find out what’s in it. Long in the dark over the final levels of position limits, the market is also unsure which rules will apply to a significant share of commodity derivatives – only weeks before the rules go live.

At the heart of the issue is a lack of clarity over organised trading facilities,