Editing Commodity market (section)

===European Union===
[[Markets in Financial Instruments Directive]] (MiFID) is the cornerstone of the [[European Commission]]'s [[Financial Services Action Plan]] that regulate operations of the EU financial service markets. It was reviewed in 2012 by the [[European Parliament]] (EP) and the [[Economic and Financial Affairs Council]] (ECOFIN).<ref name=SOMO26oct2012>{{cite journal
|url=http://somo.nl/dossiers-en/sectors/financial/eu-financial-reforms/newsletter-items/issue-14-october-2012/european-parliament-decides-to-tackle-commodity-speculation-a-little-bit
|title=European Parliament decides to tackle commodity speculation: a little bit
|first=Markus
|last=Henn
|issue=14
|journal=Centre for Research on Multinational Corporations 
|date=October 2012
|access-date=19 April 2013
|archive-url=https://web.archive.org/web/20130614125303/http://somo.nl/dossiers-en/sectors/financial/eu-financial-reforms/newsletter-items/issue-14-october-2012/european-parliament-decides-to-tackle-commodity-speculation-a-little-bit
|archive-date=14 June 2013
|url-status=dead
}}</ref> The European Parliament adopted a revised version of Mifid II on 26 October 2012 which include "provisions for position limits on commodity derivatives", aimed at "preventing market abuse" and supporting "orderly pricing and settlement conditions".<ref name=MifidII>
{{cite web
|title=Commodity position limits cause Mifid II confusion
|first=Jay
|last=Maroo
|publisher=Energy Risk
|url=http://www.risk.net/energy-risk/news/2223045/commodity-position-limits-cause-mifid-ii-confusion
|date=13 November 2012
}}</ref>

The [[European Securities and Markets Authority]] (Esma), based in Paris and formed in 2011, is an "EU-wide financial markets watchdog". Esma sets position limits on commodity derivatives as described in Mifid II.<ref name=MifidII />

The EP voted in favor of stronger regulation of commodity derivative markets in September 2012 to "end abusive speculation in commodity markets" that were "driving global food prices increases and price volatility". In July 2012, "food prices globally soared by 10 percent" ([[World Bank]] 2012). Senior British MEP Arlene McCarthy called for "putting a brake on excessive [[food speculation]] and speculating giants profiting from hunger" ending immoral practices that "only serve the interests of profiteers".<ref name=EU>
{{cite news
|title=EU parliament approves moves to end 'abusive' speculation in commodity markets
|publisher=European Parliament
|url=http://www.theparliament.com/latest-news/article/newsarticle/eu-parliament-approves-moves-to-end-abusive-speculation-in-commodity-markets/#.UXCYIqLCaSo
|date= 27 September 2012
|first=Martin
|last=Banks
}}</ref> In March 2012, EP Member Markus Ferber suggested amendments to the European Commission's proposals, intended to strengthen restrictions on [[high-frequency trading]] and commodity price manipulation.<ref>{{Cite news
 | last = Reeve
 | first = Nick
 | title = Mifid amendment calls for commission ban to be scrapped
 | newspaper = Financial Times
 | date = 29 March 2012
 | url = http://www.ftadviser.com/2012/03/29/regulation/eu-legislation/mifid-amendment-calls-for-commission-ban-to-be-scrapped-WmaTS7n8lHtelsl3QTQzkO/article.html
 | url-status = dead
 | archive-url = https://web.archive.org/web/20120521123743/http://www.ftadviser.com/2012/03/29/regulation/eu-legislation/mifid-amendment-calls-for-commission-ban-to-be-scrapped-WmaTS7n8lHtelsl3QTQzkO/article.html
 | archive-date = 21 May 2012
 | df = dmy-all
 }}</ref>