Commodity trading firms in the European Union must still wait to see if they will be exempt from tougher rules after EU officials and regulators from ESMA (European Securities and Markets Authority) clashed over arcane details of the so-called MiFID II reform.

MiFID II aims at ensuring that non-financial firms are appropriately regulated and compete on a level-playing-field if they engage in commodity derivatives trading to an extent that cannot be considered “ancillary” (secondary)...

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