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One working day to go until the ESMA Level 1 Validations go into effect – how will it go?

Monday sees the rolling out of the ESMA “level 1 validations”. This is a new set of constraints on the fields that must be sent to Trade Repositories under EMIR. The rules on which trades can be blank, which ones can’t (and sometimes instead have to contain an “NA”), and also some other rules, such … Continue reading

REMIT technical meeting documents

Yesterday (26th November) saw a technical meeting (agenda here) about the proposed schemas and data to be sent to ACER as part of REMIT data reporting. The meeting was held in Ljubljana and also web streamed to those interested. The meeting was primarily targeted at venues and those who wish to become RRMs (registered reporting mechanisms). However … Continue reading

Big fines for market manipulation – Should we panic now?

Last week saw the FCA fining 5 banks £1.1bn for the manipulation of indices covering the FX market. Once again, regulators are showing that they will not tolerate market abuse, and are making well known the fact that they mean business in their efforts to clean up the market. The energy and commodities industry is … Continue reading

G20 Brisbane Meeting Communique

The G20 meeting in Brisbane has led to this communique being issued. In it we see that the G20’s view is that many reforms that were required to address issues in the banking system have been “resolved”. However they note that there is still some way to go on the derivatives side, especially in terms … Continue reading

ACER consultation on list of Organised Market Places

ACER have launched a consultation on the list of Organised Market Places(OMPs) that will be included in the first phase of REMIT reporting currently set to go live next September/October. The latest version of the Implementing Act tasks ACER to produce such a list. ACER are also obliged to draw up a list of “standard” contracts. … Continue reading

ESMA’s latest consultation on trade reporting under EMIR – a first look

Yesterday ESMA launched a public consultation reviewing trade reporting under EMIR. The document can be found here. The consultation follows many issues and confusion around EMIR reporting, which has been only partially resolved by the various “questions and answers” documents that have been released over the last year. The document mainly proposes changes to some of … Continue reading

Article on the impact of MiFID II on the Commodities Market

See this  article in the Global Banking and Finance Review, by James Brown of Allegro, about the possible impact that MiFID II could have on the commodities market. The message of the article is that it is worth investigating the potential impact now, since the resulting activity could be considerable.

Portfolio Compression – Final article in the series about how compression can reduce credit risk

See here for the final article in the three part series by Diana Higgins on the benefits of Portfolio Compression from a credit perspective. The article appears on The OTC Space. Portfolio Compression is one of the risk management measures put forth in EMIR.

Looking at the latest version of the REMIT Implementing Act

As announced here, the latest version of the REMIT Implementing Act has finally been published to the DG Energy web site. It is still marked as “Draft”. The main change is  that the time between publication and the reporting of “standard trades” is now 9 months, and to “non standard 15 months (Article 12). This … Continue reading

Latest version of REMIT Implementing Act posted

The latest version of the Implementing Act of REMIT data reporting has finally been posted on the commitology web site and can be found here. Analysis to follow.