Head in the sand
There is still scepticism among energy market participants around Mifid. Some believe they are exempt, while many more are waiting to see what others will do. In view of the significant changes Mifid will make to the energy markets, these are not the best approaches, advises Ned Swan from law firm Middleton Potts
The new Markets in Financial Instruments Directive (Mifid) is due to come into force in Europe on 1 November 2007. In summary, Mifid will mean three significant changes for the energy business:
• New rules for buying and selling energy derivatives.
• New rules for energy exchanges and markets.
• New rules for marketing energy derivatives across the EU plus Norway, Iceland and Liechtenstein (the European Economic Area, or EEA).
New market and clearing choicesAfter Mifid, all organised markets must be
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