Since the 2008/2009 global financial markets crisis, policymakers have focused heavily on regulations related to the trading and clearing of derivatives including derivatives on various commodities, such as interest rates and various indices, as well as energy commodities, agricultural commodities, metals, and other related derivatives. Large and small entities, both financial and commercial, which trade and hedge in these important markets are facing the introduction of broader licensing and registration requirements; a plethora of new record-keeping and reporting obligations; new rules on margin, regulatory capital and position limits; and significant extensions to regulatory enforcement regimes covering manipulation and market abuse. In addition, global regulators now increasingly regulate physical commodity markets that underlie derivatives markets.