EU proposals leave energy firms cold

September saw the first draft proposals on new EU financial markets regulation. With these running parallel to the energy market’s regulatory changes long in the pipeline, Alex Davis examines the worries for the industry

The perfect storm

When the European Market Infrastructure Regulation (Emir) draft proposals on reforming over-the-counter derivatives markets were published on September 15, they included the caveat that non-financial firms would be exempt from trade clearing requirements if their OTC derivatives positions were related to core commercial hedging activity and posed no systemic risk.

Similarly, the Emir stipulation that there be a central repository for reporting all post-trade data was served up by representatives

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