On 2 February 2024, the Council of the EU published the text of the proposed:

  • Regulation amending MiFIR as regards enhancing data transparency, removing obstacles to the emergence of consolidated tapes, optimising the trading obligations and prohibiting receiving payment for order flow.
  • Directive amending MiFID II.

The European Parliament adopted the proposed Regulation and Directive on 16 January 2024. The new provisions are intended to reduce information asymmetries between market participants and improve orderly trading in commodity derivatives concerning energy and food. To protect investors from suboptimal trading decisions, the practice of receiving payments for forwarding client orders for execution (‘payment for order flows’) will be banned across the EU.