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Deutsche fined over 4.7M GBP for trade reporting errors – Is it time to panic? – Some thoughts

Last week the FCA published a final notice against Deutsche Bank fining them just over £4.7 million (after a settlement discount). The fine was for misreporting Equity CFD trades under MiFID for several years. The full notice can be seen here. The misreporting was inadvertent and the matter was rectified as soon as the mistake was uncovered. … Continue reading

FCA updates its MIFID II web site section

The FCA have just updated their MiFID II web site, which contains a great deal of useful information. It can be accessed here.

Last two weeks catch up – Some activity on the EMIR front

We are back after a two week break, although since much of Europe has been on holiday there has not been a huge amount of activity. On the EMIR side there have been a few developments: The OTC Derivatives Regulators’ Group sent this letter to the FSB, highlighting the fact that EMIR Trade Reporting cannot be … Continue reading

Restarting tomorrow

After a short summer break, we will be restarting this news service tomorrow, 27th August.  

New EMIR summary

Clifford Chance have published a useful EMIR summary which encapsulates the latest trade reporting requirements, the clearing timetable as well as a summary on the rules and timetable around the margin that will be required on uncleared trades. It can be found here.

The next EMIR reporting deadline approaches

Tomorrow (12th) is the first day on which daily valuation and collateral updates must be sent to Trade Repositories as part of the EMIR trade reporting rules.This requirement does not apply to non financial counterparties that are under the clearing threshold (NFC-). Many in the energy and commodities markets are NFC-s so we have not seen … Continue reading

Bloomberg Brief on EMIR

See here for the latest Bloomberg Brief on EMIR, released just before next weeks Valuation and Collateral Reporting deadline.

UK Government proposes criminal sanctions regime to enforce parts of REMIT

Today the UK government announced a consultation for a criminal sanctions regime (i.e. with jail sentences) to enforce the insider trading and market manipulation rules around REMIT. The consultation documents can be found here on the DECC web site. The rules will supplement the laws already in place since last year that support bringing civil sanctions (i.e. … Continue reading

Post on meeting the 12th August valuation and collateral reporting deadline

The next EMIR deadline is now less than a week away: From 12th August, Financial Counterparties(FC) and Non Financial Counterparties over the threshold(NFC+) will need to report valuation and collateral information to a Trade Repository(TR) on a daily basis. This post on finextra by Emily Cates of Rule Financial provides a few tips and insights.

Responses to MiFID II consultations published

ESMA have published the responses to the MiFID II consultation, which can be found here.