Ancillary to the main business at a group level - MiFID 2 Provision: Difference between revisions

Anyway, we are proceeding on the basis that what was intended was for hedging derivatives to reduce net outstanding notional exposure, that they therefore knock out any positions, however constituted that they hedge, and that therefore the hedging exemption is a good thing. In this case, any derivative that matches the exposure you face on an emissions allowance, to the return you must pay on a secured note repackaging the allowance and the derivative, on any account “reduces the risks arising from the potential change in the value of assets ... or liabilities that the person ... owns ... or incurs ... in the normal course of its business”.

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