Commodity Derivatives Task Force


CHAIR : Martin Wheatley, Chief Executive, Financial Conduct Authority (FCA UK)

RAPPORTEUR : Catherine Sutcliffe, Carsten Ostermann

In the current overhaul of financial regulations, a number of regulatory initiatives have a direct impact on the field of commodity derivatives, particularly the revision of MiFID, MAD or the upcoming regulatory framework for central counterparties (EMIR).  The Task Force on Commodities Derivatives Markets was created in November 2011 to carry out ESMA’s responsibilities in the European legislative process by drafting technical advice for the Commission, drafting technical standards and preparing additional input to the European institutions where necessary.

As part of that work, the Task Force will monitor and analyse all regulatory and industry developments relevant for commodity financial markets, (such as energy markets, emission allowances, agricultural commodities, IOSCO reports, regulatory proposals of the US CFTC or G20 statements ).

In terms of markets covered, the following ones will form part of the work of this Task Force:  energy (gas, oil and electricity); metals; agricultural and soft commodities; and others, such as emission allowances and freight.  In terms of products, the whole range from traditional futures to exotic derivatives would fall under the remit of the Task Force.

A consultative working group has been formed to assist the Task Force, and the list of members is available on the right.

Any correspondence regarding the work of this Task Force should be sent to Info@esma.europa.eu.

Members of the CDTF consultative group



Robert Shimell Director, Head of Global Index Commodities Blackrock
Tony Ricci Barclays Capital, Chair FOA energy and emissions working group
Holger Hartenfels Managing Director and Senior Counsel  Legal Department Deutsche Bank
Torbjörn Iwarson Head of Commodities SEB Merchant Bank
Dr. Karl-Peter Horstmann Head of Markets Regulation RWE AG
Marc Cornelius  Compliance Officer Europe, Shell International Trading and Shipping Company Limited
Torger Lien CEO of Statkraft Norfund Power Invest AS 
Gerrit Buist Counsel to the Center for Energy, a research center of the faculty of Law of the University
of Amsterdam
Frédéric Baule  General Manager Risk Management Services Trading & Shipping Division Total
Francois-Xavier Olivieri Chief Legal Officer- Energy Management&Trading GDF SUEZ
María Dolores García   Deputy Director of European Regulation ENDESA
Dan Smith Head of Market Development, Trayport
Nick Carew-Hunt Liffe A&M Market Secretariat
Dr. Wolfgang von Rintelen Head of Legal Department (and Head of Market Surveillance) EEX AG
Bernard Valluis French Association of Flour Producers and Food Drink Europe
Tom Murphy Chief Procurement Officer Kerry Group
Dr. Volker J. Petersen  Deutscher Raiffeisenverband e. V. ( Association of German Agricultural Cooperatives) and Copa-Cogeca ( EU Farmers EU Agri-Cooperatives)
John Smillie Executive Director Xstrata
Anne-Laure Paumier COOP de France (Association of Agricultural French Cooperative)