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Mifid

MiFID II Delegated Acts published

The European Commission have  published the remaining Delegated Act under MiFID II which can be found here. Articles 5 to 8 from page 32 contain definitions of derivatives under Annex I Section C of MiFID II relating to commodity derivatives including physical forwards. These are of particular interest to those in the energy and commodity trading sector, because of the consequences of a physical trade being considered a derivative. This has an impact on the calculation of the EMIR clearing threshold, the ancillary activity and and others.

The final version of RTS 20 and 21, regarding the Ancillary Activity test and Position Limits, are still awaited from ESMA.

 

 

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on energy and commodity regulation. He has more than 20 years of experience in energy and commodity trading, credit, risk and financial technology. He has delivered a series of trading, credit and risk solutions to a wide variety of oil majors, power and gas companies and investment banks. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy 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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