Energy firms blast new Mifid II rules on commodities

Industry expects ‘serious negative consequences’ from Esma proposals

Oil barrels
Oil traders may face bank-like capital requirements under Mifid II

European energy companies have reacted with horror to new rules that spell out long-awaited details of the Markets in Financial Instruments Directive (Mifid II), calling them unfair, unworkable and likely to drive firms out of the commodity derivatives markets.

"There's a real risk that these rules are going to force commodity firms to cut back on trading, and that's going to hurt liquidity and create wider bid-offer spreads in commodities markets," says Paul Dawson, chairman of the Brussels-bas

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