Jurisdiction(s):
United Kingdom

Key definition

Commodities definition

What does Commodities mean? In legal practice, commodities describes fungible raw materials and primary products—such as crude oil, natural gas and power, metals (ferrous and non‑ferrous) and agricultural products—standardised for physical and derivatives trading. The term is descriptive and used across multiple legal contexts, rather than having a single statutory definition. However, in financial regulation, commodity derivatives are defined and regulated under retained UK MiFID and UK EMIR, and in Ireland under EU MiFID II and EMIR, with related rules under UK MAR/EU MAR for market abuse in commodity and related derivatives markets. Key legal features include standard specifications of quality/grade, delivery terms (often via...

UK Fair and Effective Markets Review: FICC reforms overview and 2016/2018 implementation progress: spot FX market abuse, SM&CR extension, FMSB, Global FX Code

Published by a LexisNexis Financial Services expert

Practice notes

ARCHIVED: This Practice Note is archived and is not being maintained. On 10 June 2015, the Fair and Effective Markets Review (FEMR) issued its concluding report. Spanning 106 pages, it addresses a broad array of topics and issues across fixed income, Commodities and currency markets (FICC) and sets out 21 proposals for improvement. The FEMR document is expected to mark the opening stage of an extended programme of changes to how the FICC markets function and the regulations to which they are subject.

Deficiencies in the FICC markets

FEMR was prompted by worries that confidence in the wholesale markets had ebbed after a number of prominent Enforcement actions concerning FICC markets. The review began in June 2014. The Bank of England (BoE), the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) collaborated to assess whether shortcomings had existed regarding fairness and efficiency in the FICC markets, and what measures should be taken to remedy any persisting gaps. FEMR examined several themes, including market structures, standards of acceptable market practice, systems for internal governance and control, and reinforcement of standards, with an emphasis on fairness and efficiency within FICC markets and on actions to tackle any remaining deficiencies effectively...

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Web page updated on 22/05/2026

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