MiFID
well as adding further liquidity. Other market participants are forced problems in the past, and those risks it
to either follow or be left behind. Most choose to follow. has faced have been readily absorbable
Looked at from this perspective, it is perhaps understandable that with no systemic risk implications.
the rapidly growing commodity/energy sector is being dragged into It will not always be this way. The
MiFID. If the sector is conforming more and more to the trading energy market continues to enjoy
practices employed in the financial markets then, argue proponents rapid growth and with some observers
of including commodities within MiFID, it should also come under now including the fast growing carbon
similar governance. market as part of the wider energy
sector, the level of market churn and
Belchambers concedes that the level of churn
the number of financials entering the
broadening energy sector will contin-
and financial participation in the energy
ue to increase. This needs to be taken
sector will reach a critical mass
into consideration by the Commission
But the energy market cannot, and should not, be compared to as it considers how to treat commodi-
purely financial markets. “The financial market is huge, but the ener- ty traders and funds in the MiFID reg-
gy market cannot be described as being so by comparison. The pri- ulatory framework.
mary exercise in energy markets is get the physical markets right in At some point in the future
order to ensure supply security. The energy market does not need Belchambers concedes that the level of
financial regulators getting involved in supply security, and financial churn and financial participation in the
regulators do not have the expertise to manage the energy market,” energy sector will reach a critical mass,
according to Belchambers. at which point the market’s risks will
Before any regulation is imposed on a market, the level of risk have to be looked at more closely. That
posed to that market has to be assessed. However, asks time, however, is not now
•
Belchambers, is there a risk posed to energy supply security or
wholesale prices? Supply security and wholesale prices, he says, are
Jeremy Wilcox is an independent
a physical market issue and should be governed by physical regula-
business advisor & commentator on the
tors and the government.
global energy & environmental markets.
There is, of course, a derivatives risk posed to energy market partic-
www.energy-partnership.co.uk
ipants, but the energy market has not faced that many derivatives
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