Today, FIA and ISDA submitted a response to ESMA's consultation on the review of the Market Abuse Regulation. We focused on the ESMA proposals for commodities and explained why the separate definition of inside information for commodities should be retained as it recognises the special characteristics of commodity markets. On benchmarks, we propose that the review of the European Benchmarks Regulation and the application of MAR to benchmarks should be coordinated, although their scope can diverge due to the different policy objectives. Our members have also supported GFXD’s response not to bring FX spot under MAR.
ESMA will now analyse all responses before publishing a final report with recommendations for the European Commission in the coming months.