Commissioner Jonathan Hill 32 Smith Square, London SW1P 3EU Dear Commissioner Hill, We Are Writing This Open Letter to You As N
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Commissioner Jonathan Hill 32 Smith Square, London SW1P 3EU Dear Commissioner Hill, We are writing this open letter to you as NGOs, civil society organisations, campaigners and EU citizens to call on you to amend the proposed rules for addressing excessive price speculation on food and other commodities in financial markets. When the EU legislation - Markets in Financial Instruments Directive II (MiFID II) – was agreed in January 2014, the European Commission claimed that it would be “curbing speculation on commodities and the disastrous impacts it can have on the world's poorest populations.” 1 However, we are alarmed that the proposed rules for implementation 2 will severely weaken the effectiveness of the legislation and will not tackle excessive speculation on food and other commodities. High and volatile food prices have had a devastating impact in poor and food dependent countries, causing increased hunger, poverty and instability. They also affect agricultural producers as well as consumers in the EU and around the world. Strict limits need to be set consistently throughout the EU on the amount that companies and persons can bet on commodity prices in order to curb harmful speculation. However, the proposals to implement MiFID II that you are considering will allow weak and ineffective position limit systems in member states. They will also leave the EU unable to deliver on its commitments by the G20 leaders, G20 Finance Ministers and G20 Agriculture Ministers. The EU agreed to improve the regulation of financial commodity markets to address excessive price volatility 3 as an important step to reduce poverty, achieve food security, budget stability and strong growth that is both sustainable and inclusive 4 including setting up a robust position limits system. 5 Hundreds of thousands of people across the EU campaigned for strong rules to tackle excessive food speculation and we have not gone away. We are concerned that public interest is being subordinated to the interests of the big energy and financial companies. We call on you to ensure that the technical standards will force national authorities to set stringent position limits and close the loopholes around exemptions. You can find the technical details in the joint memo by Finance Watch, Oxfam, Global Justice Now and SOMO sent to you in October 2015. Yours sincerely, International Belgium Spain ActionAid International CNCD-11.11.11 Amigos de la Tierra España Oxfam International Periferies Netherlands Fundacion Global Nature Europe SOMO (Centre for Research on Mundubat Friends of the Earth Europe Multinational Corporations) Entrepobles COAG: Coordinadora de Organizaciones Agrarias y UK Germany Ganaderas Agricultural Christian Katholische Ecologistas en Acción Fellowship Arbeitnehmerbewegung VSF - Justicia Alimentaria Global Global Justice Now Deutschland (KAB) SEAE: Sociedad Española de Agricultura Ecológica Send a Cow SÜDWIND e.V. – Institut für Xarxa de Consum Solidari The Centre for Food Policy Ökonomie und Ökumene Movimiento de Jóvenes Rurales Cristianos (City University London) World Economy, Ecology & Red África Europa Development (WEED) Colectivos de Acción Solidaria 1 European Commission Memo: Markets in Financial Instruments (MiFID). 14 January 2014, Brussels http://europa.eu/rapid/press- release_MEMO-14-15_en.htm?locale=en 2 https://www.esma.europa.eu/policy-rules/mifid-ii-and-mifir 3 G20 Leaders Statement: The Pittsburgh Summit, paragraph 12, 24-25 September 2009, Pittsburgh http://www.g20.utoronto.ca/2009/2009communique0925.html 4 G20 Leaders Declaration, paragraph 61, 18-19 June 2012, Los Cabos http://www.consilium.europa.eu/uedocs/cms_Data/docs/pressdata/en/ec/131069.pdf 5 Communique, Meeting of Finance Ministers and Central Bank Governors, paragraph 6, 14-15 April 2011,Washington DC, https://www.mof.go.jp/english/international_policy/convention/g20/20110415.htm Individual signatories - 5343 people (391 signatories undisclosed): Dan Iles Sharon Miles Erika Adler S Mumford Linda Warman Marian Wingrove Deborah Doane Julie Wreford Paul Sutton Mike Watkins Clive Orton Beatrice Greenfield Christina Lucey Terry & Ruth Hemming Marjorie Beebee Ronald W Corbin Paul Allard Kathleen Ager Martin Conway Frances Baker Quentin Rubens Mark Fitzgibbon Sonia Reid Carol Hudson Anne Moir Penelope Ormerod Bernie Morran John Logan Catherine Jones James Clark Richard Scruton Antony Brooks Sarah Jeffreys Tim Watkins-Idle Annette Waddington Nazim Merchant Jim Hollyman Benjamin Mabbett Mary Brown Richard Dixon Mike Davis Richard Hamilton Ian Neale Stephen Wedderburn Brian Leslie Greg Hewitt Adrian Loram Sam Partington John McClean Jeremy Hutchinson Jon Cooke Rachel Boulton Michael Pattinson William Cumming Emma Grof Rupert Killick Shelagh Booth Patricia Cassidy Ben Green Poppy Pickard Roshan Lal Christopher Wakeley Sara Millard Val Carroll John Tacon Tim Box Brett Langridge Edward Egan Clive Hopper John Williamson Kenneth Loakman Jean Tinsley Klina Jordan Sally Phillips Elaine Carnegie Frank Pycroft Peter Flack L Warren Jay Mitchell Kathleen Byron Jenifer Ruxton Julieanne Porter Myra Cumming Elizabeth Perkins Peter Schubel Vicky Cann Peter Byrne Michael Baxter Khris Oliveira Emma Spurgin Hussey Suzanne Maher Marion King Martin Gem Peter Holford Jenni Young Paul Tarrant David Plant Sophie Franklin Anna Sandfield Sian Nicholas Carol Allen John Crocker M Wilson Jamie Macdonald Philip Hayllar Christina Suter Glyn Roberts Maria Perez Stuart Beveridge Peter Watkins Margaret Nicholson Robert Cope Tony Young Grace Buckley Susan Will Gillian Cummins Ian Salmon Rebecca Hurtado Austin McCarthy Deborah Loe Catherine Oram Jim Bevington Susan Gilchrist Mark Harrison Elizabeth Lynn James Burden Annie Ogletree Veronica Pasteur Martin Snell John Wilkinson Joan Machin Julia Morgan Elisabeth Mundle Anne And Graham Dyster Jean McDonald Ian Loxley Netia Preece Stephen Pennells Mike Dennis Philip Cooper Frances Ballin Matthew Harbottle Frank Brogan Belinda Cooper Hanna Heissenbuettel Judith Willcox Roger Morton Doreen Brand Costanza Picchioni Greg Walsh Ruth Shepherd Clive Williams Colin Foreman Margaret Mary Morran W Martin Tim Baldwin Francis Buxton Dr Peter & Jean Rookes Mike Schilling Ruth Penny Miriam Ross Stephen Pratt Kate Harvie Lucy Emery Amanda Smith Judith Swain Carole Bishop Peter Watson Peter Hicks Bhushan Sharma Judy Cooper Simon Watkins Ida Hodgman Steve Rolfe Lesley Grahame Alan Pankhurst Adrian Denning Deirdre Balaam Mark Doran Selina Paget David Lavery Tony Matthews Shaun Askew Aideen Fogarty Johna Johnson Mike Wright Michael McGavigan Rosemary Clarke Rosa Shea Richard Leyshon Mary Collins Nita Dewar Patrick Hislop Paul Davies Paul Shearsmith Colin Hunter Guy Johnson Peter Mackridge David Margolies Maureen Wakelin Lucy Johnston Mark Langdon Eileen Edmondson Linda Nel Nigel Baker Ron Ockwell Rebecca Anderson Lois Greenhalgh Sp Th Susan Chapman Elizabeth Stow David Hill Patrick Miller Roz Hughes Hugh Burton Pauline Bell Marcel Schmitt Liz Wooster Jill Hathaway Peter Barton Hannah Wakley Luke Samuels Chris Lowe Sarah Aldred Hannes Gruender Jude Emmet Brigida Kawai Brian Hodgson Mischa Altmann Chris Dyke Kath Cripps Sue Crockford Julia Edwards Mary Wright Jean Clift Stella Wood Ann Harris Anna Townsend Heather Brayshaw Kevin Stokes Vernon Cowdy Clare Fennell Pamela Richardson Glyn Haines Joan Daines John James Teresa Devereux Eileen Petrie Josh Petzoldt Steve Overton Robert Atkins Chris Cumberpatch Lyn Porter Susan Jordan Richard Sturch Alisa Osborne Celia Armitage Jo Cutler Michael West Obe George Davidson Frederick Clark Caoimhe Costigan Tom Tamplin Mandy Freewoman Deborah Shillam Lucy Flint Joe Beale Jo Barber Georgi Ivanov Sue Rogers Vicki Lesley John Madeley Margaret Nelmes Lee Dalton Margaret Okole Damon Lee Norman Sellers John Orbell Sue Hamilton Ioseba Amatriain Losa Liz Carlton Raymond Corness Frank Thomas Fran Francis Sandy Lincoln Viv Davies Vanessa Hill Ken Williams Laurie Clegg Dave Matthews Gordon Webb Teresa Hobday Terry Farrer Peter Shaw Jane O'Donnell Jan Plasil Janet Chapman Gerard Michael Winstanley Denni Turp Jessica Gatty Kathleen Archibald David Reed Julie Reid Ceri McClellan Philip Howell Julia Winn William Ross Fiona Donovan Arthur Hayles Freddie Weyman Pat Sanchez Martin Pippard Rosemary Bunting Alex Wolfson Linda Levett Jo Wall Eric Jethro Mary Haydon Max Wootton Michael Fear Ian Brown Christopher Nash Jonathan Garratt Daphne Barraclough Mary Robertson John Rogers Christopher Clegg Je Rimmington Elizabeth Lindsey Karen King Pam Bradley William Neate Marilyn Jarrett Charmian Larke Robert Burbea Dr Fred Knaggs Pat Armstrong Mary Manolias Philip Davies Ray Harrowing Frances Reynolds Natassija Watson Jim Rylatt Dave Rendle Elisabeth Burleigh Zehera Kassam Dominique Bertrand Kathy Harrop Heather Thompson Paul Browne David Noone Dora Biasio Hazel Sabey Alan Pollard Isobel McMillan Henry Adams Thomas Williams Geoffrey Foster William Murray Hugh Mathie Andrew Donelan Roger Plenty Devon Jones Chris Olende Steve Setford John Mark Robertson Ann Poulter Ann Macdonald Peter Foreman Heather Grinter Pam Wortley Clare Clements Penelope Abraham Mick McMahon Jan Vonberg Daniele Viner Sylvia Brathwaite Brian Lynch Paul Briggs Nick Butler Simon Jackson David Wieberg Maria Vellanz Malcolm Brown Sergio Morella Jeannette James David Gamon Julie Partridge Petra Bongartz Christine Randell Hazel Collis Michael Hillier Doug Johnston Janet Bullock Dermot Haran Brian Steedman Teejay Watts Gill Haggie Cairn Mahoney Terry Banfield Myra Jones Stuart Nicol Dereck Prentis Denis Martin