Michel Barnier has spoken on changes to transparency in commodity markets. An English summary of a speech looks at how the Commission wants to organise appropriate collection and dissemination of information in markets where there is no regulator of physical business, such as agricultural markets. He said regulators of positions in commodity derivatives must have stronger powers and that Europe would impose position limits if appropriate. He said ESMA would work towards the adoption of common rules, consistently applied, to supervise these markets and should strengthen collaboration at European level with regulators of the underlying physical markets. He also said the revision of the Market Abuse Directive will clearly define what constitutes market abuse in the case of commodity derivatives and will ensure that all contracts and transactions where abuse may occur are adequately covered by EU rules. He also said the Commission intends to propose new transparency rules for listed and non-listed companies working in the extractive industry and forestry. (Source: English Translation of Michel Barnier Speech on Commodity Markets)