Sir Nicholas Soames: To ask Mr Chancellor of the Exchequer, what steps he has taken to reduce speculation in and improve the transparency and supervision of the oil futures market; and if he will make a statement.

Harriett Baldwin, Economic Secretary to the Treasury (City Minister): The EU Markets in Financial Instruments Directive (MiFID 2) will from 3 January 2017 bring in a new regime for the regulation of commodity derivatives, which will include limits on the size of positions a person can take and reporting obligations.

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