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 place in the industry when it comes to instant messaging, in that Yahoo Messenger will no longer be used. Instead other platforms such as Thomson Reuters Eikon Messenger and ICE Instant Messaging are taking its place, as reported here on the ICIS web site. The CTRM Center also has this article on the topic.
See here for a short video by Siobhan Hall of Platts on the introduction of MAR and how it will apply to the commodity and energy trading sector. The video also has some interesting timelines on the possible finalisation of the Ancillary Activity test under MiFID II.