Question
Sentence 2 of paragraph 3 of Annex II CRR refers to point (11) of Section C of Annex I MiFID, i.e. to emission allowances. Does that mean that spot market emission allowances are to be treated as derivative contracts listed in Annex II, even though they are not derivative in character?
Background on the question
We are reviewing the calculation of KCCP by one of our supervised CCPs. The method of calculation is determined by Art 50b EMIR. Art 50b (a) (ii) EMIR refers to points (a) of Article 301(1) CRR, which in turn refers to derivative contracts listed in Annex II.