Vincent Derbali may not be widely known among energy traders, but as a member of the commodity derivatives task force of the European Securities and Markets Authority (Esma), he helped craft a controversial set of rules that the continent's energy industry is working frantically to undo.
On September 28, Paris-based Esma released final draft regulatory technical standards (RTS) for the reworked Markets in Financial Instruments Directive (Mifid II). European Union energy firms have been vehement in their criticism of the proposed rules, saying they will dampen liquidity in commodity derivatives markets and curtail hedging.
(Source: Energy-Risk: Q&A: French regulator defends Mifid II Date: 19 Novemver 2015)
Reaction to AMF interview
Recently an official in the French financial regulatory authority, the AMF, who is also a member of ESMA’s commodity derivatives task force, gave an interview on RISK.NET about the implementation of MiFID II in commodity markets and on eligibility tests for the ancillary activity exemption in particular. His attitude suggests that some regulators have remained deaf to the serious concerns about the ESMA approach to these tests expressed by industry, energy regulators, the European Parliament and Member State governments.
(Source: EFET: Reaction to AMF on ancillary activity test Date: 4 December 2015)