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Season’s Greetings

At the end of an interesting 2014, it is time to wish all readers a very happy holiday period. We would like to thank everyone for their attention over the year and we are looking forward to an interesting and busy 2015! Wishing all warmest Season’s Greetings and a Happy New Year!

MiFID II Cost Benefit Analysis published by ESMA

ESMA have published this paper which gives a cost benefit analysis of MiFID II. The paper looks at the various aspects on MiFID II and how the different stakeholders will be impacted. Section 7 (page 382) looks at how MiFID II could hit those in the commodities markets, covering the reduced exemptions and position limits/reporting. It … Continue reading

FCA Supervisory Priorities for EMIR in 2015

The UK’s Financial Conduct Authority have updated their page which outlines the supervisory priorities for EMIR, now covering 2015. The page can be found here. Of particular note: A focus on ensuring that trade reporting is running correctly. In particular LEIs must be used. Threshold calculation for non financial counterparties will be scrutinised. Compliance with … Continue reading

Latest ESMA MiFID II Technical Advice issued and Consultation opened

ESMA have just announced the final Technical Advice and have also opened another Public Consultation on MiFID II. The technical advice comprises ESMA views on the various issues addressed within the rules, such as the issue of the definition of whether physical forwards are considered “derivatives”. (See page 399) The consultation is part of the process of … Continue reading

REMIT Implementing Act published in the Official Journal – First reporting date is 7th October 2015

The REMIT Implementing Act has just been published in the Official Journal of the EU. It can be found here. This sets the first reporting date at 7th October 2015, and the second one at 7th April 2016. So, after all this waiting there is finally a date. The countdown has begun….

REMIT Implementing Acts adopted by the European Commission

It has just been announced by ACER that the European Commission has adopted the REMIT Implementing Acts. The press release can be seen here. The next step is for the Implementing Act to be published in the Official journal of the European Union. The Act takes effect 20 days after that and reporting will start … Continue reading

Notes from ACER Public Meeting in Ljubljana – 10th December 2014

See here for notes taken by ETR Advisory at last week’s public meeting on REMIT Data Reporting. Readers are encouraged to email questions (and corrections) to the author at the address in the document.

Documents are up for tomorrow’s REMIT meeting at ACER

ACER have put up the documents that will be used at the public meeting about REMIT tomorrow in Ljubljana. They can be found here. We will be publishing our notes shortly after the event.

The potential regulation of commodity benchmarks

See this interesting story on Bloomberg about regulation that may soon apply to the calculation of benchmarks in the commodities area. The article looks at how this may, or may not, work, given the intricacies of the commodities markets.

Notes from Ofgem workshop – 1st December 2014

See here for our notes taken at the workshop run by Ofgem on 1st December in London. Please email us with any corrections or comments.