Ending Emir hedge exemption conflicts with Mifid II, firms say
EU energy firms warn Esma’s proposal to scrap the Emir hedge exemption would introduce a glaring inconsistency between Emir and Mifid II
A regulator's proposal to radically simplify European Union derivatives rules by treating hedging transactions the same way as speculative trades would create fresh difficulties for EU energy firms that are already struggling to comply with the new Markets in Financial Instruments Directive (Mifid II), market participants say.
The proposal, released on August 13 by the European Securities and Markets Authority (Esma), would do away with the hedging exemption in the European Markets
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