The MiFID Review: What it Means For Commodities

London, April 2011

The European Commission’s December 2010 consultation paper on wholesale revisions to MiFID has focused on commodities derivatives as an area for regulatory intervention and oversite. The proposals are likely to lead to significant infrastructure changes for firms that trade commodities derivatives, particularly those firms that now rely on exemptions for own account and “ancillary” trading, according to Cadwalader, Wickersham & Taft.

The proposals place unregulated and non-financial firms into a financial regulatory context by requiring trading authorisation and imposing capital requirements, conduct of business and operational requirements.

Download the Special report from Cadwalader, Wickersham & Taft here.


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