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SFTR

SFTR Discussion Paper issued by ESMA

ESMA have issued a discussion paper on SFTR, the Security Financing Transaction Reporting rules. The paper can be found here.

SFTR requires that all securities financing transactions be reported to a Trade Repository. This includes commodities lending and commodities financing. It is likely that commodity and energy market participants will be caught by these rules in some way. The degree of coverage will become clearer as the definitions, especially those in the regulations Article 3(7), 3(8) and 3(9), are firmed up. These are discussed to some degree in the paper on page 51.

The draft rules are scheduled to be sent for approval in January 2017.

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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