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EMIR, Mifid, REMIT, Uncategorized

2015 draws to a close – with a consultation from ESMA

As 2015 draws to a close, ESMA have released this consultation paper  on  details of transaction reporting ,reference data, order record keeping,  clock synchronisation under MiFID II. These issues may affect some of those in energy and commodity trading, especially those who lose their MiFID exemption under the new rules.

We come to the end of another busy year in regulation of the sector, especially for those in gas and power. October saw the first deadline of REMIT reporting, and the rest of the year has seen busy preparations for the second in April 2016. We also saw some sanctions, some of which were large, under REMIT.

EMIR has seen some “tweaks” to the reporting process, and the announcement  of major changes next year, as well as the start of mandatory clearing for some trades.

And there has of course been a great deal of discussion around MiFID II, both in terms of the very likely delay by a year until January 2018, and also the discussion around the final rules regarding exemption loss.

As such therefore while the end of year wind down  is now very much kicking in, there appears to be a great deal of work to prepare for next year.

Wishing all of our readers warmest Seasonal Greetings and  Happy New Year!

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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