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Benchmark

ESMA discussion paper and hearing on benchmark regulation

ESMA have issued this discussion paper regarding the upcoming benchmark regulation, which will amongst other things affect commodity benchmarks, primarily administrators of such benchmarks but in some cases also contributors. The rules propose that contributors that are “unsupervised” entities, i.e. Non Financial Counterparties, will be subject to a lower level of regulation. However, MiFID II may well create more supervised entities in energy and commodity trading due to the potential loss of exemption under the ancillary activity tests, when the details of those are finalised.

There will also be an open hearing on the topic on the 29th February along with certain aspects of MAR.

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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