Targeted consultation on the review of the functioning of commodity derivatives markets and certain aspects relating to spot energy markets

This consultation is addressed to commodity market participants in the European Union, regardless of where such market participants are domiciled or where they have established their principal place of business, securities markets supervisors and commodity regulators. Commodity exchanges, clearing counterparties (CCPs) active in the clearing of commodity futures and commodity clearing houses are also invited to participate, as well as trade repositories and registered reporting mechanisms.

The outcome of this consultation serves several objectives

• firstly, it will feed into the MiFID report exercise, with a view to making the EU commodity derivatives markets more efficient and resilient, ultimately delivering benefits to the real economy, and bearing in mind the Commission’s general objective to reduce regulatory burden on EU firms
• secondly, it will allow the Commission to collect evidence to feed into broader reflections on the wholesale energy and related financial markets that may inform future policy choices in this area
• where appropriate, this may call for legislative amendments of the relevant legislation, including MiFID and REMIT
• the solutions under consideration may in some cases be specifically targeted at certain types of contracts or commodities. It could, for example, be possible to identify specific solutions as regards gas‑related contracts (as opposed to other commodities)