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GLOSSARY

Commodity derivatives definition

Published by a LexisNexis Banking & Finance expert

What does Commodity derivatives mean?

Commodity derivative contracts take their value from the underlying price of a traded commodity and require payments to be made or products delivered based on the movement of that price. They can be traded ‘over-the-counter’ or on exchange. These contracts will reference prices quoted for standardised commodities on global commodities markets.

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UK MiFID II regime—timeline

UK MiFID II regime—timeline This timeline shows key developments relating to the UK provisions which implemented the recast Markets in Financial Instruments Directive 2014/65/EU (MiFID II) and Assimilated Regulation (EU) 600/2014 (UK MiFIR) (together, the UK's MiFID II framework). For earlier developments, see: Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)—timeline (2007–2023) [Archived]. For key developments relating to the EU’s MiFID II framework, see: EU Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)—timeline. 2025 Date Source Document Description 23 April 2025 PRA CP9/25 – Markets in Financial Instruments Directive Organisational Regulation The Prudential Regulation Authority (PRA) has published consultation paper CP9/25, which sets out proposals to amend the PRA Rulebook to reflect the planned revocation of the Markets in Financial Instruments Directive Organisational Regulation (MiFID Org Reg) under the Financial Services and Markets Act 2023 (FSMA 2023). The PRA proposes to restate the MiFID Org Reg within the PRA Rulebook without material changes. This approach is intended...

EU Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)—timeline

EU Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)—timeline This timeline shows key developments relating to the EU’s Markets in Financial Instruments Directive 2014/65/EU (MiFID II) and the Markets in Financial Instruments Regulation (EU) 600/2014 (MiFIR) (together, the EU's MiFID II framework). For earlier developments, see Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)—timeline (2007–2023) [Archived]. For key developments relating to the UK’s MiFID II framework, see: UK MiFID II regime—timeline. 2025 Date Source Document Description 10 April 2025 ESMA ESMA delivers rules on the single volume cap, Systematic Internalisers and circuit breakersFinal Report on SI notification, volume cap and circuit breakers The European Securities and Markets Authority (ESMA) has published a final report containing three draft technical standards related to the revised MiFIR and MiFID II. The package includes standards on single volume cap application, a new qualitative regime for systematic internalisers (SIs), and rules on circuit breakers aligned with the Digital Operational Resilience Act (DORA)....

Discover our 2 Checklists on Commodity derivatives

EU MiFID II and MiFIR level 2 measures

EU MiFID II and MiFIR level 2 measures The purpose of this Practice Note is to track the status of the level 2 measures required to be adopted by the European Commission in relation to the Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR) (together the EU MiFID II framework), as well as amendments to the level 2 measures. MiFID II and MiFIR came into effect on 3 January 2018 and significantly amended and expanded the regulatory framework that was established by the original Markets in Financial Instruments Directive (2004/39/EC) (MiFID). For more information about the EU MiFID II framework, see Practice Notes: EU MiFID II and MiFIR—essentials and EU MiFID II and MiFIR—one minute guide. ESMA’s Interactive Single Rulebook provides a comprehensive overview of and easy access to all level 2 and level 3 measures adopted in relation to MiFID II and MiFIR. For an article-by-article guide to the EU MiFID II framework highlighting the level 2...

Borrowing base facilities—key terms in the facility agreement

Borrowing base facilities—key terms in the facility agreement A borrowing base facility ('BB Facility') is a working capital line designed to provide short term liquidity by way of advances or the issue of trade instruments ('Instrument') such as letters of credit (see: Letters of credit—overview) or demand guarantees (see: On demand guarantees/bonds—overview). It is a type of trade finance. For information on borrowing base facility structures, see Practice Note: Borrowing base facilities—structure, key terms and risks. BB Facilities are usually used to finance a pool of traded assets with high price volatility. A typical borrowing base facility agreement will include provisions which focus on those assets and their value. For information on the security arrangements in borrowing base facility structures, see Practice Note: Borrowing base facilities—taking security. Committed or uncommitted facility BB Facilities have traditionally been made available on an uncommitted basis, although committed BB Facilities are also common. An uncommitted facility is one under which the lender has no obligation to lend or issue an...

Discover our 4 Practice Notes on Commodity derivatives