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



 Anne-Laure Paumier
COOP de France (Association of Agricultural French Cooperatives)
Bernhard Walter
Senior Manager Market Design & Regulatory Affairs, Business Unit Trading, EnBW, Energie Baden-Württemberg AG
Carrie Southard
Director, Head of EMEA Commodity Business Management, Citigroup
Daniel Smith
Head of Finance and Corporate Development, Trayport
Frederic Baule
Independent Consultant
Fredrik Voss
Vice President, Deputy Head, Nasdaq OMX Commodities
Karl-Peter Horstmann
Head of Markets Regulation, RWE
Katarzyna Szwarc
Director, Bureau of Compliance, Polish Power Exchange
Laurent Texier
Global Head of Compliance, Louis Dreyfus Commodities
Liam McCarthy
Executive Director: Legal and Compliance, Morgan Stanley
Maria Dolores Garcia Rodriguez
Deputy Director of International Regulation, Endesa
Myriam Vander Stichele
Senior Researcher, SOMO
Odile Roy de Puyfontaine
Head of Compliance for EMEA and Asia, Vitol Group
Olav Houben
Managing Director Commodities, APG Asset Management
Olivier Raevel
Head of Commodities, Euronext
Peter Caddy
Executive Director , Argus Media Ltd
Pietro Laghezza   
Head of Energy Derivatives Trading, Unicredit
Robert Shimmel
Fund Manager, Director, Commodities, Blackrock
Toni Ricci
European Compliance Officer, BNP Paribas Commodities
Vince McCallion Head of Market Conduct, Statoil
Wolfgang von Rintelen Director Legal & Compliance, EEX