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ESMA Consultation on C6 and C7

ESMA today launched a consultation on the application of MiFID Annex I sections C6 and C7. This is a very important question for the energy and commodities industry, as the interpretation of these clauses (and the rest of section C) determines whether trades are in MiFID (and therefore EMIR). A trade being “in” has many … Continue reading

The Trade Reporting mess

See this post on RegTech FS for a summary of a few recent reports on how well trade reporting is going under EMIR and the other regulation that arose from the G20 requirements. Also see the recent FSB report on the topic. Among the reports, we see the issues that many in the energy and … Continue reading

FSB feasibility study on global trade repository

The Financial Stability Board (FSB) have published this report on approaches to creating a form of global trade repository, that would feed from the many that have been set up worldwide to cover different implementations of the G20 transparency requirements (including EMIR TRs). They have considered 3 options, the first of which involves creating a large … Continue reading

Report on the transposition of REMIT into law across the member states

The CEER yesterday published this report on how well the various member states are doing in putting REMIT into law. Each country was to put REMIT into law by June last year. However many did not, and as can be seen from the report some still haven’t although the number is decreasing. It also notes … Continue reading

BIS Report on Developments in Collateral Services

The Bank of International Settlements (“BIS”, who are also responsible for the “Basle” rules), have just issued this paper entitled “Developments in collateral management services”. Of particular interest to those in the energy and commodities industry will be the parts that look at the increased use of services by the buy side. While at present only … Continue reading

Article on Portfolio Compression

See here for the next installment of the set of articles on Portfolio Compression by Diana Higgins, on The OTC Space.

Cross border issues on forthcoming uncleared derivatives rules

See this interesting article on the Reuters web site, which talks about potential issues between Asian and European regulators, on the handing of third country trades under the forthcoming rules on handling uncleared OTC derivatives. As can be seen in the EBA consultation document, the proposals include a rule which states that any trade between … Continue reading

IOSCO Report on commodity derivatives market supervision

IOSCO (International Organisation of Securities Commissions) have just issued this report that updates its 2012 on how global commodities derivatives markets supervision regimes conform to their principals. In short, the report indicates that many markets are either broadly compliant, or moving in that direction. In Europe, MiFID II is likely to close many of the gaps.

EMR: Report on credit and collateral issues in the GB energy market

See here for a report by Cornwall Energy written for DECC on the credit and collateral issues in the Great Britain energy market and how they are impacted by the GB Electricity Market Reform.

FCA Implementation Review for Energy Companies

The Financial Conduct Authority last week published this implementation review of how energy and oil companies are doing with their EMIR Implementations. Much of the focus is on threshold calculation although other parts of EMIR such as Trade Reporting and confirms are also included. Items of note that are mentioned include: A proportion of trades … Continue reading