Useful summary on the actual and potential impact of MiFID2 on commodity trading firms by Stella Farringdon of Energy Risk today.  MiFID2 changes the definition of ‘Financial Instrument’ which affects not only which business is regulated under MiFID itself, but also has a cascading impact on other European legislation like EMIR and CRDIV.  There is a lot of detail still to emerge in the definitions, exemptions and application of the rules, but if you need a place to start, here it is.