Energy firms blast new Mifid II rules on commodities

Energy firms will abandon commodity derivatives markets if the EU fails to broaden ancillary business exemption, industry groups warn

Oil traders may face bank-like capital requirements under Mifid II

European energy companies have reacted with horror to new rules that spell out long-awaited details of the Markets in Financial Instruments Directive (Mifid II), calling them unfair, unworkable and likely to drive firms out of the commodity derivatives markets.

"There's a real risk that these rules are going to force commodity firms to cut back on trading, and that's going to hurt liquidity and create wider bid-offer spreads in commodities markets," says Paul Dawson, chairman of the Brussels