In response to growing cross-border regulation, the Commodity Markets Council – Europe (CMCE) was formed in 2012. CMCE is comprised of agriculture, energy, metals and other commodity market participants, price reporting agencies, and trading venues established and/or operating in the European Union (EU), the European Economic Area (EEA), Switzerland and neighbouring countries.

CMC Europe 2016 Work Plan

CMCE faces a busy legislative and regulatory agenda in 2016. Provisional priorities based on member feedback are included below:

  • Conduct and market regulation
  • Regulation of benchmarks
  • Market abuse regime
  • Clearing for OTC derivative contracts
  • Advocacy and education
  • Benchmarks

Regulatory Submissions 2016

  • January 16 – Joint CMCE/EFET submission on MiFID2 draft RTS 20
  • March 4 – CMCE submission to DG FISMA (RTS 20)
  • April 4 – CMCE submissions to ESMA CDTF (RTS 20, 21)
  • April 5 – CMCE submission to FCA (MAR requirements)
  • May 16 – CMCE Letter to ESMA CDTF on MIFID II RTS 20
  • May 20 – CMCE Response to ESMA consultation on MAR inside information
  • June 10 – CME Letter to DG FISMA on MIFID II RTS 20

Regulatory Submissions 2015

  • January 5 – MiFIDII/MiFIR – Response to ESMA CP on the application of C6 and C7 of Annex I of MiFID
  • January 30 – Response to BoE FEMR Review (“How Fair and Effective are the Fixed income, Foreign Exchange and commodities Markets?”)
  • February 3 – MiFIDII/MiFIR – Response to ESMA CP on possible regulatory technical standards under MiFIDII/MiFIR
  • June 16 – CMCE Benchmark Trilogue Recommendations
  • June 26 – CRD4/CRR – Transitional measures for commodity market participants
  • July 10 – EMIR – Response to ESA JC Consultation on risk-mitigation techniques for OTC-derivative contracts not cleared by a CCP (EMIR RTS)
  • August 13 – Response to Commission EMIR review consultation
  • September 9 – CMCE / EFET comment letter to FISMA Commissioner Hill on draft RTS
  • October 22 – Submission MEP Swinburne MEP on ESMA Final draft RTS 20, 21 (Ancillary Activity and Position Limits within MiFID2/MiFIR)
  • November – Benchmarks Position Paper with recommendations for final trilogies
  • December 4 – Response regarding MiFID 2 and MiFIR delay.

Regulatory Submissions 2014

  • January 26 – MAR Response to ESMA DP on possible implementing measures under MAR Link
  • August 1 – MiFID2/R Response to ESMA CP on MiFID 2 and MiFIR (Technical Advice) Link
  • August 1 – MiFID2/R Response to ESMA DP on MiFID 2 and MiFIR (Technical Standards) Link
  • September 17 – EMIR Response to ESMA CP on Clearing Obligation for credit derivatives under EMIR Link
  • October 14 – MAR Response to ESMA CP on possible delegated acts concerning MAR Link
  • October 14 – MAR Response to ESMA CP on draft technical standards concerning MAR Link