Esma trying to avoid commodities rerun of forex spat

Regulator seeks to clarify reach of reporting and clearing rules

Esma headquarters

The European Securities and Markets Authority (Esma) is trying to ensure Europe's reporting and clearing obligations are applied consistently by establishing a shared definition for certain commodity derivatives. A legislative fix is not possible until 2017, so proposed guidance was issued on September 29 to cover the interim period.

Existing definitions appear in the Markets in Financial Instruments Directive (Mifid), and are used as the basis for the EU's derivatives reforms – the European

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