Energy firms ponder Mifid exemptions and position limits

A consultation by the European Securities and Markets Authority is being closely scrutinised for answers on how a revamped Markets in Financial Instruments Directive will affect commodity trading companies

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European energy market participants are eagerly poring over two documents released by the Paris-based European Securities and Markets Authority (Esma) on May 22, which shed some light on how the regulator may implement a second Markets in Financial Instruments Directive (Mifid II).

For many energy traders, two of the most significant features of Mifid II are the exemptions offered to certain trading companies and position limits for commodity derivatives. Unsurprisingly, it is the pages of the

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