On 19 November 2018, the International Organisation of Securities Commissions (IOSCO) published a final report on its survey on the principles for the regulation and supervision of commodity derivatives markets. The report follows on from the IOSCOs Principles for the Regulation and Supervision of Commodity Derivatives Markets (the IOSCO Principles) endorsed by the G20 in 2010. The report is a final implementation report concluding the ongoing review since 2010 of the implementation of the IOSCO Principles – and updates on international developments surrounding them.

Highlights from the report, in terms of compliance with the IOSCO Principles, include:

  • the January 2018 implementation in the EU of MiFID II and MiFIR established pre and post-trade transparency requirements, position limits, and position reporting requirements for commodity derivatives;
  • in Canada, substantially all over-the-counter (OTC) derivatives, including OTC commodity derivatives, are now required to be reported to a regulated trade repository;
  • following the Swiss implementation of the Financial Market Infrastructure Act and Financial Market Infrastructure Ordinance, no licensed exchanges for the trading of commodity derivatives remain in Switzerland;
  • Malaysia is working towards implementing trade reporting for OTC derivatives; and
  • Singapore is currently in the process of implementing its comprehensive trade reporting regime for commodity derivative.