The commodity markets – whether they
be agricultural, metals, energy, gas or power – are a vital means to protect
against volatile price movements.
GFMA has formed a Commodities Working Group (CWG) to focus on regulatory issues specific to banks operating in the financial and physical commodities markets. The CWG’s work centers around the creation of a more level regulatory playing field for the commodity
markets, advocating consistency and avoiding duplication among legislative measures. Specific priorities include embedding new transparency requirements in the European wholesale gas and power markets and the implementation of MiFID2 commodity specifc measures, including appropriately calibrated position
limit/reporting regimes. The Group also monitors G-20 issues such as commodity benchmarks, both at IOSCO and European levels