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EMIR liquidity impact of bank guarantee phase out on Nordic power market

See here for an article on the Reuters website on the impact that the upcoming EMIR rule on bank guarantees will have on the Nordic power market. Nasdaq Commodities own announcement can be found here. EMIR will not permit bank guarantees to be used as collateral to meet margin requirements. The rules will be applicable from … Continue reading

Trayport data collection survey

Trayport have issued this press release, providing the results of a survey that has been conducted amongst their prototype users, regarding plans and priorities for the first phase of REMIT, which goes live on 7th October this year. There are a few interesting results: Firstly, according to the survey results, the main issue that concerns market participants is the … Continue reading

New EMIR Q+A document issued – new level 2 validation rules published – to come into force in October

ESMA have issued the latest version of their Questions and Answers document on EMIR, which can be found here. They include details of new “level 2 validations” which are to come into force in October 2015. There are a few new answers: TR Question 12b – Modifying the maturity date – it is stated in … Continue reading

Nordpool Spot RRM FAQs posted

Nordpool Spot (NPS)have recently posted their Frequently Asked Questions about their REMIT RRM on their web site, which can be found here. NPS intend to provide a “full” Registered Reporting Mechanism under REMIT, supporting the reporting of any type of trade, whether originating from their own platform, another Organised Market Place (OMP) or OTC trades. The … Continue reading

Merrill Lynch fined 13 million GBP for trade reporting errors – has panic time arrived?

The UK’s Financial Conduct Authority(FCA) have just announced a fine of 13.2 million UK pounds given to Merrill Lynch International for incorrectly reporting 35,034,810 trades and failing to report another 121,387 under MiFID. The press release can be found here. The fine has been discounted from 18.9 million pounds following an “early settlement” discount. Last … Continue reading

More MiFID II push back – this time from the oil sector

BP have now joined the many parties pushing back against by the currently proposed exemption reduction in MiFID II, as outlined in this article on the Reuters web site. The comments were made at the FT Commodities Summit this week. This time the comments are focused on the oil sector, targeted at the impact that … Continue reading

EFETNet completes next step of RRM registration process

EFETNet have announced that they have completed another step in becoming an authorised Registered Reporting Mechanism (RRM) under REMIT, in this press release. An “ACER Code” has been allocated to EFETNet which will be required as part of the process. Over 200 entities have applied to become RRMs, as was advised in the first issue of … Continue reading

Energy regulators object to MiFID II proposals

Continuing the recent spate of objections to the currently drafted MiFID II proposals, the CEER (Council of European Energy Regulators)  have just issued this statement which outlines their own objections to the reduction in exemptions. The statement focuses on the “REMIT carve out” contained in the MiFID II proposals. In particular, they focus on the narrowing … Continue reading

Joint statement on MiFID II commodity derivatives exemptions

Following on from several individual statements, a group of industry bodices have now issued a joint statement (here on the EEX site) providing suggested amendments to the new exemption calculations. The statement is issued by Europex, EFET, Eurelectric, BDEW , EnergyUK and Eurogas. In addition to recommendations on changing the actual thresholds (to 25% for capital employed, … Continue reading

Commodity derivatives top MiFID II consultation responses

See here for a “Bloomberg Brief” article which highlights the fact the topic commodity derivatives drew the highest number of responses to the most recent consultation on MiFID II. See have seen a great deal of push back on the proposals, especially on the impact that the loss of exemptions may have on the commodity and … Continue reading