Recital 14

(14) Following the energy crisis of 2022 and the resulting higher and more frequent margin calls and extreme volatility, a comprehensive assessment of the appropriateness of the overall framework for markets for commodity derivatives, for markets for emission allowances and for markets for derivatives of emission allowances is warranted. Such an assessment should have a strategic focus and consider the liquidity and proper functioning of markets for commodity derivatives, for emission allowances and for derivatives of emission allowances in the Union to ensure that the framework governing those markets is fit for purpose in order to facilitate the energy transition and to ensure food security and the ability of the markets to withstand external shocks. In carrying out its analysis, the Commission should also take into account the fact that markets for commodity derivatives play an important role in ensuring that market participants can properly manage the risks arising from their business activities, and that it is very important to set the right parameters in order to ensure that the Union has competitive liquid markets for commodity derivatives that ensure the open strategic autonomy of the Union and the delivery of the European Green Deal. With those objectives in mind, the Commission should, first, assess whether the regimes for the position limits and the position management controls have been conducive to the prevention of market abuse and support for orderly pricing and settlement conditions. That assessment should also establish to what extent nascent markets for energy derivatives have been able to develop in the Union. Second, the Commission should assess the criteria for establishing when an activity is to be considered to be ancillary to the main business at group level, taking into account the overall liquidity in, and the orderly functioning of, markets for commodity derivatives, for emission allowances and for derivatives of emission allowances. Energy companies are increasingly assuming the role of market makers in the markets for energy derivatives. Therefore, the Commission should take into consideration the overall impact of the ancillary activity exemption by looking not only at the authorisation but also at the impact of prudential requirements as set out in Regulation (EU) 2019/2033 of the European Parliament and of the Council (7) and clearing, margining and collateralisation obligations as set out in Regulation (EU) No 648/2012 of the European Parliament and of the Council (8). Third, the Commission should assess to what extent transaction data in markets for commodity derivatives or for derivatives of emission allowances could be collected in a single collecting entity and harmonised across Regulations (EU) No 600/2014 and (EU) No 648/2012 in respect of the number of data fields, format, submission technologies, technical acknowledgement processes and data receivers. The single collecting entity could be the consolidated tape provider for derivatives. The Commission should assess which transaction data would be relevant for the public and how that transaction data would be best disseminated.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-16 · Text as adopted (Official Journal); later amendments are not incorporated in this text.