MiFID II: How important are definitions anyway?

November 15, 2017

 

The implementation of MiFID II in January 2018 will bring with it a few changes in the definition of “financial instruments” Anya Bissessur, Senior Commercial Lawyer, Market Regulations and Compliance at Statkraft Energi AS shares her views on this topic and the possible consequences it may have for energy trading.

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“Commodity traders and MiFID II: What now?”

 

Shift in definitions of financial instruments

  • Financially settled transactions remain financial instruments

  • More physically settled transactions come into scope of financial regulations:

 What remains a physical commodity?

  • All commodity spot contracts

  • REMIT carve out for power and gas

    • Take or Pay

    • Physically settled options

    • Netting (close out, payment, operations)

  • Wholesale energy products

 

Immediate Consequences of new definitions

 

Click here to access Anya’s complete presentation!

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