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REMIT Trade Reporting User Manual and Consultation

ACER today released a final draft of the REMIT Trade Reporting user Manual (TRUM). This draft covers “standard” trade fields and order information, which is likely to line up with the contents of the yet to be passed implementing acts. The TRUM will be presented at the open hearing at ACER’s office this Thursday 3rd April. … Continue reading

Post on MAD II / MAR

See here for a post on Finextra by Magnus Alquist about how to prepare for MAD II/MAR. (The new version of the Market Abuse Directive) For those in the energy industry, REMIT will have similar potential consequences, although the degree to which market participants implement surveillance technology remains to be seen. That debate will start … Continue reading

CFTC still unable to analyse Dodd Frank Swap data

Scott O Malia, the commissioner of the CFTC recently talked of how they are still unable to process and analyse the data they have received under Dodd Frank trade reporting. A full article can be seen here on the Waters Technology web site. Back in EMIR land, we do not expect things to be much better, … Continue reading

A lot is going on the the world of MiFID II/MiFIR

The consultations and drafting of the many technical standards under MiFID is now getting under way and will be in full swing over the summer, as can be seen in this post on RegTechFS. In the energy and commodities industry, the challenge is to work out which parts apply to us and are therefore important. … Continue reading

Nice post on Portfolio Compression

See here for Diana Higgins’s post on The OTC Space explaining the benefits of Portfolio Compression. It is the first post in a series that should make for interesting reading.

Response from European Commission to ESMA on EMIR/MiFID inclusion of Physical Forwards and FX Forwards

The European Commission yesterday responded to the letter sent to them by ESMA  a few weeks ago, asking for clarification on the definition of a derivative for FX and Physical Commodity forwards, a copy of which can be seen here. There are a few pointers in the FX part of the response, but the commodities … Continue reading

New EMIR Q+A published by ESMA

This morning ESMA published the latest Q+A on EMIR, which can be downloaded here. Items of particular interest: Notional Values – A few modifications here but still no complete clarity on how to handle commodity based instruments (OTC 9) Back loading of trades with a counterparty that no longer exists – Use the LEI of … Continue reading

The clock starts to tick towards mandatory clearing

As outlined in a post on The OTC Space here, Yesterday NasdaqOMX announced that they had been approved as a CCP under EMIR, which kicks off the process towards mandatory clearing. The post reminds us of the the steps that will now lead to mandatory clearing, at some point over the next few months. The … Continue reading

Article on post EMIR issues

See this interesting article on DerivSource on the issues that still remain after GLERT. The article is finance focused but the issues around derivative definition apply equally to physical forwards.

Annual EMIR Portfolio Reconciliation day

EMIR requires that Non Financial Counterparties under the clearing threshold (NFC-) reconcile their portfolios of uncleared OTC trades once a year, for portfolios of 100 trades or less (quarterly otherwise). The 15th March is both the deadline set in the ESMA Q+A for the annual reconciliation, and also the day on which those under the ISDA … Continue reading