Non-core activities on commodity derivatives


On 2 October 2018, ESMA updated its computations on non-core activities by including an estimate on the size of the commodity derivatives markets and issuance quotas for 2017, based on data collected from trading platforms and data reported to central depositories under EMIR.

Pursuant to the amended directive on financial instruments markets (MiFID II), market players are required to assess their own activity in relation to the total size of the commodity derivatives market. The sizing is important for market players to determine whether they have exceeded the non-core activity thresholds set by the MiFID II Directive, and should therefore apply for authorisation to operate as an investment company.

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