Revision Of MIFID

The European Parliament’s Economic Affairs committee has recently held an exchange of views in late April on the Commission proposal to revise the Directive on Markets in Financial Instruments Directive (MIFID).  It would seem that the MEPs were generally supportive of the Commission’s proposal and would like to take a more hardline approach on position limits for contracts and narrowing exemptions.  This legislation will have an impact not only on commodity traders but energy traders alike. In parallel, the Council is considering member state views and will come up with a compromise text in June.  Gafta has established a sub group to work on this issue.  See details in AM/2011/425.