Novità per gli Energy Derivatives
abstract
Following the global financial crisis, a new regulatory framework regarding derivatives regulation has arisen from the combined provisions of MiFID II, MiFIR and EMIR, aimed to make financial markets more efficient and transparent and to increase investor protections. In detail, MiFID II and MiFIR have introduced important changes particularly in relation to the definition of “financial instrument” and the exemptions defining the regulatory perimeter. Interpretative doubts arising from current regulations have resulted in clarifying interventions of European Authorities such as ESMA and ACER. Furthermore, EMIR has introduced provisions to improve transparency, establish common rules for central counterparties and for trade repositories and to reduce the risks associated with OTC derivatives market.