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ESMA Enforcement of Physical Commodity Forwards and FX Fowards under EMIR

See this post on the DRS website about a speech given by an Executive Director of ESMA. Much of the speech was about the work that lies ahead for MiFID II. Significantly though, it was said that EMIR on Physical Commodity Forwards and FX Forwards, which was queried by ESMA recently, would not be enforced … Continue reading

Vendor updates after GLERT

See this article on CTRM Centre for some updates from vendors on how GLERT went for them.

FCA deadline for Portfolio Reconciliation, Portfolio Compression and Dispute Resolution

The FCA have updated their website and stated that they expect Portfolio Reconciliation, Portfolio Compression and Dispute Resolution to be up and working by 30th April this year. The updated statement is here with the relevant part at the bottom of the page. The biggest impact in energy and commodities is likely to be on the … Continue reading

MiFID II texts published

The latest text of MIFID II and MiFIR have has now been published. MiFIR  (i.e. the regulation) can be found here and MiFID II (i.e. the directive) here. There are over 700 pages to read, and there will be plenty more over the course of the year. The portions on exemptions for traders in commodity derivatives, … Continue reading

GLERT+1 Week – How is it going?

A week after the Go Live for EMIR Reporting of Trades, and a few interesting observations can be made about how trade reporting is going under EMIR, following the uncertainty of last week. As we observed straight after the go live, there were no complete disasters, although there were one or two “glitches”. In operational … Continue reading

ESMA ask European Commission to clarify inclusion position on Physical Commodity Forwards and FX Forwards

On Friday, ESMA issued this letter to the European Commission asking for clarification on the inclusion of Physical Commodity Forwards, as well and FX Forwards.(See also this press release). Definitions of what comprises a “derivative” under MiFID (and therefore EMIR) are found in Annex C. This follows the ruling of the FCA in September, as … Continue reading

News of DTCC production issues

Risk.net recently released this story (sub required) about some issues. Is anyone else having problems?

GLERT + 2 and the dust is settling – what next?

Two days have now passed since the Go Live for EMIR Reporting of Trades. The true picture of how it went is emerging, with a surprising lack of disaster stories so far. This account  on The OTC Space shows some feedback from the financial sector. In the energy sector, most who were a) ready with … Continue reading

GLERT is over

We have reached the end of Go Live for EMIR Reporting of Trades day, 12th February. While there have been bumps there seem to be few stories of disasters and TRs seem to have performed. There are however some who do not have their accounts and who are not yet ready. The next few days … Continue reading

Knee deep in GLERT – reports from the trenches

Halfway through the Go Live of EMIR Reporting of Trades day, and several reports are coming in. The sky has not fallen in yet. For the most part, trades are uploading reasonably to all the repositories, or so we have heard. Some have instituted a few measures in order to “stem the flow”. The main … Continue reading