What are the relevant financial services Directives and why do they only impose limited transparency obligations on electricity wholesale markets?
The most relevant financial services directives are the Directive on markets in financial instruments (Directive 2004/39/EC) and the Market Abuse Directive (Directive 2003/6/EC). The aim of these Directives is to regulate the trade of securities, including derivatives of commodity markets, and related financial services. Commodity trading itself is not generally regulated by these directives.
