After months of delays, the European Union on Monday published details of tough new financial regulation for commodities markets, ending more than a year of uncertainty over how the rules will apply. The commodities changes are part of broad legislation conceived in the wake of the financial crisis that is intended to extend regulatory oversight of fixed-income and commodity markets and move more financial instruments onto exchanges. The plans have drawn criticism from national governments and market participants, concerned that the new rules could push up costs and drive out key players, making it harder for airlines and utilities to manage their risks. Commodity-market participants have been particularly concerned about position limits—or curbs on the volume they are able to trade—and whether the new legislation will require them to be authorized as financial firms, making them hold capital in a similar way to banks. According to the technical standards […]