French MEP Eric Sargiacomo (S&D) has submitted a new parliamentary question to the European Commission, pressing it on whether it has exchanged information with the European Securities and Markets Authority (ESMA) regarding potential manipulation in the EEX butter futures market. Sargiacomo challenges the Commission's earlier stance that it cannot intervene with independent authorities, citing a legal obligation under EU regulations to cooperate and share information with ESMA.
The question, dated 27 May 2026, follows up on Sargiacomo's earlier written question of 18 February 2026. In that response, Commissioner Albuquerque stated that the Commission had not been informed of any market manipulation or malfunction and that both ESMA and local supervisors are independent, implying the Commission could not approach ESMA. Sargiacomo now points to Article 223(1) of Regulation (EU) 1308/2013, which requires the Commission to cooperate and exchange information with competent authorities and ESMA to help them fulfil their tasks under the Market Abuse Regulation.
Concrete asks and policy direction
Sargiacomo's question contains two concrete asks. First, he demands confirmation that the Commission has indeed exchanged information with ESMA following his February question. Second, he questions the Commission's claim that physical delivery options for agricultural commodity contracts act as a drag on liquidity, noting that major global exchanges allow physical delivery for most such contracts and see far higher trading volumes than the EEX. This suggests Sargiacomo believes physical delivery could enhance market integrity and liquidity, contrary to the Commission's implied position.
Expected follow-up
The Commission is expected to reply within approximately six weeks. The answer will signal whether the Commission maintains its hands-off approach or acknowledges a legal duty to engage with ESMA on potential market abuse. If the Commission confirms it has not exchanged information, Sargiacomo may escalate the issue, potentially calling for a parliamentary debate or further scrutiny of ESMA's independence and the Commission's role in agricultural derivatives oversight.