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 2023 Work Plan

The CMCE looks ahead to a dynamic policy, legislative and regulatory agenda in 2023. The CMCE’s activities will include continuing ongoing initiatives, adapting to new developments post-Brexit and post Energy crisis, informing the policy debate around the regulation of global commodity markets and analysing and addressing issues arising due to a continued challenging geopolitical development in Europe. We will focus on raising awareness of the essential role that global commodity derivatives markets play in the real economy.

CMCE’s priorities for 2023 include:

European Union:

  • Active monitoring and engagement on the energy crisis related policy and legislative developments (EU market correction mechanism implementation, ACER LNG benchmark)
  • Contributing to the discussion about the EU EMIR, e.g. in relation to the review of clearing thresholds calculation methodology, transparency of margining models, accession criteria, intragroup reporting exemption removal
  • Informing the discussion about the forthcoming review of the EU Benchmarks Regulation (focus on Annex II, third country regime, methodology)
  • Contributing to a review of the EU market abuse regime
  • Monitoring the developments related to the transition to a sustainable economy (related to the taxonomy, non-financial reporting, due diligence, deforestation etc.)
  • Monitoring the developments in relation to Central Bank Digital Currency in Europe

United Kingdom:

  • Contributing to the discussion about the future regulatory framework for the wholesale markets (UK MiFID – ancillary activity exemption, TV regime, OMP/EMP, position management etc.)
  • Monitoring the development of the UK Benchmarks regime pertinent to the commodity benchmarks
  • Monitoring the development of the Financial Services and Markets Bill and Retained EU Law Bill
  • Contributing to the discussion on the Overseas person regime
  • Monitoring the developments related to the transition to a sustainable economy