Activities subject to mutual recognition

What trading activities of credit institutions listed in Annex I of the CRD IV which are subject to mutual recognition, do gold, precious metals and other commodities trading activities of credit institutions, other than trading with derivative instruments on gold, precious metals and other commodities as underlying, belong to?

It is not clear what activities subject to mutual recognition listed in Annex I of the CRD IV does commodities trading activity of credit institutions belong to, and consequently whether commodity trading activity of credit institutions is an activitiy that is subject to mutual recognition within the EU or whether it is an activity which falls within the competence of national authorities of the Member States. Annex I of the CRD IV in point 7(d) refers to trading activity of credit institution for own account and for account of customers in exchange and interest rate instruments, but it is unclear what "exchange instruments" are. The question is whether the term "exchange instruments" refers only to exchange traded derivatives or whether it also includes commodity. If commodities are not included in the term "exchange instruments", then commodity trading does not fall within the scope of Annex I of the CRD IV. Namely, in our understanding of the final reference of Annex I of the CRD IV related to the definition of financial instruments provided for in section C of Annex I of Directive 2004/39/EC (MiFiD), does not include commodity trading but just trading in derivative contracts relating to commodities regardless of the fact whether such contracts are settled in cash or physically settled.