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Final risk mitigation standards published by IOSCO

IOSCO have published their final document on  the risk mitigation standards to be applied to non-cleared OTC derivatives, which can be found here. The document addresses the risk mitigation measures, in addition to margin, that are desired to reduce risk, and most of which were addressed in the EU as part of EMIR, i.e.: – Dispute … Continue reading

Nordpool Spot announces full REMIT RRM

Nordpool Spot have announced that they will provide a full RRM service under REMIT. The announcement can be found here. Under REMIT, Organised Market Places are obliged to “offer a data reporting agreement” to report data that arises out of activity on the venue. This announcement sees Nordpool Spot going further than this, by providing … Continue reading

Conclusion of UK Government Consultation on Criminal Sanctions for REMIT breaches

Last week the UK government published the conclusions of its consultation (here) on the introduction of criminal sanctions for breaches of REMIT. The draft consultation has now been laid before parliament and will probably enter into force in April 2015, for both the GB and Northern Ireland markets. Some points to note: The criminal sanctions … Continue reading

“Should energy companies be regulated like banks?” – Interesting Article

See here for an interesting article on EnergyBiz by Michael Hinton of Allegro. In it he examines the potential impact of MiFID II on the energy and commodities  business, highlighting the fact that many could be caught under the wider net of MiFID, requiring the acquisition of a MiFID licence. If that happens, there is a … Continue reading

Rules on margin for uncleared trades may be delayed

See here for an article on the Reuters website about a speech by Steven Maijoor (Chair of ESMA), where he indicated that regulators are considering delaying the rules on margin for uncleared trades, which are currently scheduled to begin coming into force at the end of the year. The rules mandate margin on derivatives trades that … Continue reading

Trayport and EFETNet to connect for REMIT – More RRM news

We have heard from our sources that Trayport and EFETNet are planning to offer connectivity between their platforms for REMIT, alongside their standalone offerings. At present, Trayport offer their Complete service for Regulatory Reporting, and EFETNet offer eRR, each of which is a commercial reporting offering. It is understood that the link up will allow those … Continue reading

Farmers start to become aware of MiFID II

Last week saw the publication of this article in Farmer’s Weekly, which warns of the issues which may hit those who trade their products on a forward basis. The concern is around the upcoming reduction in exemptions from MiFID, which are being introduced in MiFID II. The reduction will cause many more companies to be … Continue reading

EfetNet to be RRM

EfetNet have announced that they have applied to be an RRM under REMIT, via their eRR service. The full announcement can be found here. We can expect several more announcements over the coming weeks.

Article on exemption reductions in MiFID II

See here for a good summary by Wragge,  Lawrence, Graham & Co on the reduced exemptions available in MiFID II for commodities trading, according to the current consultation. Anyone trading any sort of commodities in Europe needs to become very familiar with these revised exemptions. It is worth assessing your status as soon as possible, so that … Continue reading

The REMIT Portal is up – official documents and no action relief on “data on request”

Today ACER have taken their REMIT portal live. It can be found here. The portal puts many of the documents related to the reporting of data under REMIT into one place. It also contains the first official version of several REMIT documents, including the Trade Reporting User Manual (TRUM), Manual of Procedures, and requirements (non … Continue reading