INSIGHTS
Beyond the headlines
We don't simply report what has changed. We focus on what it means in practice.
FEATURED INSIGHT
Commodity derivatives: twenty years later, are we still asking the same questions?
Orienta's Marc Cornelius examines the European Commission's latest review of commodity derivatives markets - and asks what has really changed since the original MiFID negotiations more than twenty years ago.
The European Commission's recent review of MiFID II commodity derivatives markets gave me a strong sense of déjà vu.
More than twenty years ago, during the negotiations that created MiFID I, we spent a considerable amount of time grappling with a deceptively difficult question: how should financial-services regulation apply to firms whose principal business is not financial services at all?
That question has never really gone away. It has resurfaced through MiFID II, EMIR and REMIT; through successive debates about position limits, transparency, reporting and the ancillary activities exemption; and, most recently, through the extraordinary volatility and liquidity pressures experienced in European energy markets.
What is striking about the Commission's latest review is not simply where it lands, but how familiar many of its conclusions feel.
OUR LATEST THINKING
MARKET CONDUCT
MARC: is crypto raising the bar for market abuse controls?
Orienta's Marc Cornelius looks at the FCA's new Market Abuse Regime for Cryptoassets and asks whether its emphasis on preventing and disrupting abuse points towards a more interventionist approach to market-abuse controls.
MARKET CONDUCT
Exchange enforcement: are individual breaches always the right target?
Orienta's Marc Cornelius considers what exchange disciplinary action tells us about enforcement, remediation and whether pursuing individual rule breaches always produces the best regulatory outcome.
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