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EEX’s REMIT offering

EEX have announced their offering for REMIT reporting, details of which can be found here. EEX operates several venues that are classified as Organised Market Places (OMP) under REMIT, which obligates them to “offer a data reporting agreement”, reporting data that arises out of trades on their exchanges to ACER. EEX have offered a few … Continue reading

ACER public consultation on the publication of Inside Information

ACER today have launched a public consultation on the format and content of the data required to be published with regards to inside information as required by REMIT Article 4. The consultation document can be found here. Responses are required by noon on 26th June. At present, companies are obliged to publish inside information as … Continue reading

Abide Financial to act as RRM for ICAP

Abide Financial have announced that they will act as the Registered Reporting Mechanism(RRM) under REMIT for ICAP customers. The press release is here. According to the press release, the arrangement allows ICAP to fulfil their obligation under the REMIT Implementing Act as an Organised Market Place (OMP), which requires them to “offer a data reporting … Continue reading

EMIR consultation launched by the European Commission

The European Commission yesterday launched a review of EMIR, as mandated by Article 85. The press release can be found here, and the consultation document here. The review asks general questions about market participants’ views on the various sections of EMIR, i.e. Trade Reporting, Mandatory Clearing, Risk Management etc. This is found in the second part of … Continue reading

Fines galore in the financial markets

Yesterday the UK’s Financial Conduct Authority (FCA) announced that Barclays had been given a record fine for FX Benchmark manipulation, of £284,432,000. The comprehensive press release, together with an informative presentation, can be found here. The CFTC have also fined Barclays and others for manipulation of interest rate related instruments. That press release can be found … Continue reading

Yet more MiFID II pushback

See here for a report on the Reuters website about comments made by Shell at a recent conference, warning of the impact of the upcoming MiFID II rules, and how they may change the commodity and energy trading industry. The comments are similar to many others, expressing the view that the loss of exemptions which the … Continue reading

MiFID II’s impact on freight trading

See here for an article on Splash 24/7 on Hanne Johansson of Nasdaq Global Commodities on the potential for MiFID II to drive freight trading out of the EU, possibly to places such as Singapore. Freight trading is particularly vulnerable to loss of exemptions under MiFID II, due to several factors. Firstly, freight is considered … Continue reading

The approval process for TR inspections and its wider implications

See here for a case report by Allen and Overy on the JD Supra web site (and reproduced from http://www.practicallaw.com) about a UK high court judgement involving ESMA vs. DTCC. As background, the case itself was non contentious and was brought by ESMA in order to be authorised to carry out an inspection of the DTCC Trade … Continue reading

Griffin/EFETNet connection announced

Griffin Markets last week announced a connection to EFETNet’s RRM which will be provided free of charge for reports of data that arises out of trading on Griffin. The announcement can be found here. EFETNet offer their eRR regulatory reporting offering along side their confirmations matching platform and other solutions. When used in this way EFETNet … Continue reading

Delay in submission of final MiFID II and MAR Regulatory Technical Standards

It has been agreed by the European Commission and ESMA that the final submission of the Regulatory Technical Standards (RTS) for MiFID II and the Market Abuse Regulation(MAR) be delayed by just under 3 months to 30th September 2015. The reason is that ESMA would like to conduct a legal review with the Commission to ensure … Continue reading