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EMIR, Mifid

Looking at the FSB report on financial reform

Last week, the Financial Stability Board issued their second annual report on the progress of global  financial reform, looking in particular at the fulfilment of the commitments made at the 2009 G20 summit in Pittsburgh and the declaration made there. The report can be found here.

While the report highlights that significant progress has been made since 2009, there are areas where concern is expressed. For example the report expresses concerns about the following points:

  • Trade data quality –  In many jurisdictions, including the EU in EMIR trade repositories, there are still issues with the quality of data. In fact, it is expected that a significant change in reporting formats will be implemented in 2017 (in Q3 according to this page on the Unavista site).
  • Uncleared margin  – The delay in implementing margining and clearing rules in certain jurisdictions has caused issues across the globe.

These issues and others will impact those on commodities and energy trading, in some cases immediately such as with the new reporting formats, and in some cases eventually as the uncleared margin rules start to hit smaller players and non financial counterparties.

 

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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