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European Parliament Statement on MiFID II delay

The European Parliament has this morning issued this statement signalling their agreement to a one year delay to the start of MiFID on condition that the implementing legislation is completed without delay. This follows reports yesterday of such agreement following weeks of speculation about a delay.

MiFID II delay moves closer

It has been reported in several places that MEPs in the European Parliament have agreed not to block a MiFID delay. This article on FT Adviser indicates MEPs agreement, and suggests that the entire implementation will be delayed for a year. This article on The Trade News also suggests a full delay. This article in … Continue reading

FMIA “Finfrag” rules finalised

The Swiss Federal Council yesterday agreed to bring the Financial Market Infrastructure Act (FMIA, also known as “Finfrag”)  into force as of 1st January 2016. The announcement together with links to the acts (including an English translation) can be found here. The rules encompass much of what is found in EMIR as well as fragments of … Continue reading

MiFID II Europex statement and other articles

The last few days has seen a continuation of activity and publications around the proposed delay to the implementation of MiFID II. This article on the Reuters website reports an EU official as seeing the need for a delay. Today Europex issued this press release, also calling for the delay. In addition to giving the … Continue reading

Updated REMIT reporting documents

ACER have recently updated two documents related to REMIT Reporting: FAQs on Transaction Reporting (here): There are many new answers to a variety of questions relating to transaction reporting. Reporting examples: Annex II of the TRUM(here): New annotations and comments have been added to the document. As the first “backloading” deadline approaches, on the 7th … Continue reading

ESMA notes on MiFID II delay

ESMA have recently published this note, dated 2 October, which gives their thoughts on why parts, or all, of MiFID II should be delayed, and suggests legal mechanisms by which a delay may be released. Those in the commodities and energy sector will note that position limits and reporting is one of the 4 items that … Continue reading

No extension to EMIR bank guarantee carve out for energy derivatives

ESMA announced yesterday that they will not extend the carve out which allows non collateralised bank guarantees to be used to cover cleared energy derivatives. The announcement can be found here. Allowing a smaller set of collateral types, for example cash, may make it harder for some to participate in certain markets. For example, the … Continue reading

“Rocket” magazine available for download

Rocket magazine, published on The OTC Space web site, is now available for download from here. The magazine has many derivatives related articles to read. Those in Energy and Commodities will find useful information on topics such as clearing, collateral management and compression.

Voices of caution on MiFID delay

Last week’s proposed delay of MiFID II has generated a great deal of reaction, which is continuing. The delay has not yet been agreed by the European Parliament, and even if it does, it may well be only a partial delay, holding back certain elements by up to a year, for example position limits. This … Continue reading

New EMIR reporting format proposed by ESMA – and a new TR is announced

ESMA have today published their proposed changes to the Technical Standards around trade reporting under EMIR, which can be found here. It will be submitted to the European Commission who have three months to approve it, after which the European Parliament and Council have a period during which they can object. The new TS includes … Continue reading