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EMIR, Mifid

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 in English. This has been in force since August 7th.

The coming into force of MiFID II on 3rd January 2017 will again alter this definition, which can have a significant impact on whether market participants fall above or below the EMIR clearing threshold, as well as forming the basis for calculation of MiFID exemptions.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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