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More push back on position limits

See here for an article on the Complinet web site written by Reuters which highlights further push back by certain MEPs on the revised Regulatory Technical Standard (RTS) 21 on position limits. The article highlights a series on concerns by certain MEPs that the number of contracts affected by the rules is excessive. In particular there … Continue reading

Updated technical standards table published by ESMA

ESMA have updated their table which shows the status of Technical Standards across different EU financial legislation. It can be found here. There is clearly a large September workload for both the European Commission and Parliament in order to finalise rules to allow sufficient time for implementation of MiFID II. The energy and commodities sector also awaits the … Continue reading

Uncleared margin rules to start in some jurisdictions in September

The new rules on the application of variation and initial market on uncleared OTC derivatives will be starting in September in certain jurisdictions, including the US and Japan. However many jurisdictions are delaying the start of the rules, including in Europe. The start of the rules is reported in this article on the Bloomberg website. … Continue reading

MAR, messengers and more

MAR, which started on 3rd July this year, requires most market participants to run “effective monitoring” within their organisations, comprising process, technology, training and suspicious transaction reporting. Amongst the items to be monitored are instant messaging conversations, which have been used in several cases by regulators to prove intended abuse. There is a large change taking … Continue reading

Regulatory panel finalised at CTRM Conference

The regulatory panel at the CTRM Conference in London on 27th October has been finalised. The announcement can be found here, and conference details here. The panel will focus on using the experiences of implementing rules such as EMIR, REMIT and MAR to better meet the requirements of future rules. There will also be other … Continue reading

Rocket edition 7 available

The 7th electronic edition of “Rocket” magazine is available for download from The OTC Space web site here.Rocket focuses on clearing, operations and back office issues, primarily for financial services. Many of the issues also apply to those in the energy and commodities sector, and there is also an article on the reporting infrastructure of … Continue reading

Investigations and fines

The start of MAR on July 3rd and passing of the final REMIT data collection deadline of 6th July (backloading) has sharpened the focus on anti abuse measures at many market participants. In addition, an investigation has been extended by the AEEG, the Italian National Regulatory Authority, into a possible breach of REMIT. This article on the … Continue reading

More on EEX and Powernext’s “Non MTFs”

EEX and Powernext launched several “Non MTF” trading platforms on 1st July. Unlike trades executed on Regulated Markets (exchanges), physical forwards executed on these platforms are not necessarily “financial instruments” as defined by MiFID Annex I Section C6. As a result, such trades will not contribute to the clearing threshold under EMIR. The run up … Continue reading

MAR Webinar

Energy Risk will be hosting a webinar entitled “Market Abuse Regulation: Compliance for Energy Firms” on 24th August. Details of the FIS Global sponsored webinar can be found here. The  webinar will feature a brief overview of the MAR rules, as applied to wholesale energy market participants., and then include comments from a variety of speakers, from technology … Continue reading

More on the EMIR changes and a look at repository data

Last November ESMA published a new Regulatory Technical Standard outlining significant changes in the EMIR reporting formats. EMIR reporting has been in place since February 2014 and has seen two sets of “validations” added since. The validations change the rules about what goes into the fields, but do not change the fields themselves as to … Continue reading