Brussels, 27 February 2015 | Europex suggests that commodity and emission allowances derivatives that are traded on Regulated Markets (RMs) should only count towards the ancillary activity thresholds in a risk-adjusted manner. Indeed, the significant narrowing of the MiFID I exemptions in MiFID II aims primarily at mitigating systemic risk. Yet, contracts traded on regulated markets are systematically centrally cleared and do thus not pose the same level of systemic risk as non-cleared contracts that are traded on other platforms. This aspect is taken into account by the European Market Infrastructure Regulation (EMIR). Under EMIR, exchange-traded and centrally cleared derivatives (ETDs) do not count towards the clearing threshold.
Please find the whole response attached.
