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Latest REMIT Q+A published – 11th edition

ACER have published an updated version of their Questions and Answers document on REMIT, the 11th version, which can be found here. The new answers are as follows: Registration/Backloading By when does a market participant need to register if they are reporting backloaded contracts? (II.4.41) – Registration must be completed before backloading occurs or is due, … Continue reading

New RRMs

In the few weeks since reporting started under REMIT, two RRMs have received approval: SEMO – The Single Energy Market Operator running the Irish market. MIBGAS – The Iberian Gas Market Operator. The full list of RRMs can be found here.

Articles on spoofing

The REMIT rules prohibit actual and attempted market manipulation in the gas and power market, as do the MAR rules in other markets. One such manipulation method is “spoofing”, where orders are placed on a market with no intention to execute them, but instead simply to move the price. This article on the FT web … Continue reading

MiFID II updates and comments – FCA conference and others

It now a week since the FCA MiFID II conference was held in London. The slides from the meeting have not yet been shared, but the key note speech by David Lawton of the FCA was published, and the text can be found here. The “conference pack” included a timeline from the FCA which advised … Continue reading

London Metal Exchange paper on the impact of regulatory change

The London Metal Exchange (LME) have recently issued this paper which examines the impact of several regulations on the metals trading market. MiFID/MiFIR The paper first notes that the loss of exemption under MiFID will lead to some market participants having to comply with all of MiFID, CRD IV and CRR. This could lead to … Continue reading

Article on MiFID and REMIT

See here for a post on the Broadpeak blog that covers both some basic thoughts on MiFID transaction reporting and also some observations on how REMIT reporting is going, two weeks after the deadline.

ESMA translation of guidance on definition of a derivative

ESMA today issued this press release announcing the availability of translated versions of guidance on the application of MiFID Annex 1 Sections C6 and C7, which form the basis of defining whether physical forward commodity trades are considered to be “derivatives” and therefore in MiFID and EMIR. Today’s announcement simply  announces translations of the previously released guidance … Continue reading

MiFID II comments

The final draft of the MiFID II/MiFIR Regulatory Technical Standard(RTS) was published on September 28th. Key sections for the commodity and energy trading sector include the section on the ancillary exemption and position limits. In the last few days some new comments have been published: This article on the Reuters website reports comments made by Trafigura … Continue reading

End of REMIT reporting week 2 – looking at the next tasks

It has been a quiet week in terms of news on how the second week of REMIT reporting is going, with little published. That does not mean that many are not working hard to successfully send data to ACER and reconcile it. Broadpeak Partners have published this post about REMIT reporting, which reminds us that … Continue reading

REMIT Reporting week 2

We are now in the second week of REMIT reporting, which kicked off last Wednesday. Friday saw the release of this statement from ACER (reproduced on the MondoVisione site). The statement talks about a large volume of data, and the fact that there have been a few technical difficulties, especially around the issue of generation of … Continue reading