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Mifid

MiFID II commodities and energy update and post

The energy and commodity markets have for several months been awaiting the finalised version of Regulatory Technical Standards(RTS) 20 and 21, which provide rules for the calculations around the Ancillary Activity test and Position Limits. This post on the ICIS Regulation Portal provides some news of when the European Commission will release the next version, which will then be subject to the scrutiny of the Parliament and Council.

In an interview with Markus Ferber MEP, it is revealed that the current delay is due to negotiations taking place between the Commission, Parliament and Council over the contents, so that the scrutiny period is passed successfully. This approach will ensure that the documents are not rejected, which would cause an even longer delay.

This post on Baringa’s web site by Shane Henley examines some issues arising out of the late finalisation of the RTS’s, especially given the time taken for an entity to gain authorisation as a regulated entity.

The market eagerly awaits these final versions.

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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