CMCE’s advocacy and lobbying activities are directed by its membership and focused on the regulation of commodity derivative markets and participants in these markets. Within this regulation CMCE has prioritised (a) requirements for non-financial counterparties entering into over-the-counter (OTC) derivative contracts, (b) the extension of market abuse rules to spot commodity and commodity derivative transactions, (c) changes to the main regulatory regime for securities and derivatives markets, (d) regulation applicable to commodity benchmarks, (e) regulatory capital rules applicable to commercial market participants, and (f) the implication for commodities trading markets of the United Kingdom’s exit from the European Union.

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