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Regulacja MiFID II i jej wpływ na działalność podmiotów z sektora energetycznego

Dziennik-Marciniak K., Rycerski A.

Rynek Energii

2018

Nr 1

79--86

MiFID I był wiązany w większości z firmami inwestycyjnymi, instytucjami kredytowymi oraz świadczeniem usług inwestycyjnych. Od 3 stycznia 2018 roku MiFID II rozszerza katalog instrumentów finansowych i znacząco zawęża listę wyłączeń. W rezultacie spółki energetyczne zawierające transakcje odnoszące się do uprawnień do emisji oraz towarowych kontraktów pochodnych, w tym odnoszących się do energii i gazu, mogą być objęte postanowieniami MiFID II. Artykuł opisuje kiedy wskazane powyżej kontrakty są uznawane za instrumenty finansowe w rozumieniu MiFID II oraz co należy zrobić, aby skorzystać z wyłączenia dotyczącego działalności dodatkowej. Co najważniejsze, nawet jeśli niektóre spółki energetyczne skorzystają z wyłączenia, MiFID II nakłada na nie nowe obowiązki dotyczące limitów pozycji w towarowych kontraktach pochodnych.

MiFID I was connected mostly with investment firms, credit institutions and providing investment services. From 3 January 2018 MiFID II will expand the catalogue of financial instruments and significantly narrow list of exemptions. As a result, energy companies concluding transactions concerning emission allowances and derivatives contracts relating to commodities, including electricity and gas, might be subject to the provisions of MiFID II. The article describes when the abovementioned contracts are considered financial instruments within the meaning of MiFID II and what shall be done to benefit from the ancillary activity exemption. What is more important, even though some of the energy companies might benefit from exemption, MiFID II imposes on them some new obligations concerning position limits in commodity derivatives.

Development trends of the international derivatives market

Motorniuk U., Terebukh M., Kharchuk V.

ECONTECHMOD : An International Quarterly Journal on Economics of Technology and Modelling Processes

2016

Vol. 5, No 1

63--71

The factors forming international derivatives market trends are researched in this article. The history of the formation of the global derivatives market was analyzed, in particular, events which have led to the growth of the derivatives market. Global derivatives market has revealed major changes in its trends and witnessed the gradual transformation of its structure, observed in recent years. Global derivatives market has revealed major changes in its trends and witnessed the gradual transformation of its structure, observed in recent years. Derivative risks were considered. Benefits of derivatives make them indispensable to the global financial system and the economy The essence, purpose and benefits of the use of derivatives and their role in the modern global financial markets analyzed. The classification of derivatives considered. The main uses for derivatives were single out. The dynamics of global exchange and OTC derivatives markets were analyze. Volatility of the economic environment was significantly improved, leading to a significant increase in financial risks and caused both the professional market and to institutional investors in dire need of new types of derivatives that would enable to effectively hedge to reduce losses in the event of unfavorable changes market and receive additional income from speculative transactions in the market. Possibility of exchange trading for OTC derivatives was emphasized. Courtesy comparative description of the scope and structure of the exchange and OTC derivatives markets were provided. The dynamics of world markets, interest rate derivatives and currency derivatives and studied their structure. The main trends and prospects of the modern international derivatives market are determined.