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Possible changes in EMIR outlined in Commission report

Last week the European Commission published this report, which provides views of the implementation of EMIR since it came into force in August 2012, and started to apply in the following 18 month. It is written following ESMA’s EMIR review, which was published in the summer of 2015. The report address a few issues which were … Continue reading

Anti abuse rules implemented in Bulgaria

The Market Abuse Regulation (MAR), which impacts the energy and commodity trading sector, started on 3rd July 2016. Since then, it has been necessary for any “PPAET” (Professional Person Arranging and Executing Transactions) to implement “effective monitoring”, that is, procedures, policies, technology training, and suspicious transaction and order reporting. A large proportion of market participants … Continue reading

Rush to get position limits approved in the US

While we await the next version of RTSs 20 (Ancillary Activity) and 21 (Position Limits) in Europe, there is an effort by the CFTC to get the US version of the rules approved before the upcoming administration change. This article on the Bloomberg web site explains the current situation and efforts. The US version of … Continue reading

Did the requirement to disclose inside information in a new format get delayed?

Last week ACER published this document, the latest edition of the Frequently Asked Questions on Fundamental Data and Inside Information disclosure. There are new answers on reporting of LNG and gas in store fundamental data, as required of market participants. There are also answers on the disclosure of inside information(as per REMIT Article 4), which, … Continue reading

Ofgem investigate possible spoofing in GB market

Ofgem, Great Britain’s National Regulatory Authority (NRA),  has opened an investigation into possible “spoofing” in the GB power market according to articles on the Bloomberg website (here), and Utility Week (here). The investigation has been named “Project Damson”. The activity is alleged to have manipulated the price of spark spread contracts. The probe adds to … Continue reading

New version of fundamental data and inside information FAQ

Following the publication of a new questions and answers document, ACER have now issued a new version of the Frequently Asked Questions on fundamental data and inside information, which can be found here. The document contains some important answers relating to the fundamental data that must be reported by market participants, i.e. gas in store, … Continue reading

ESMA propose delay to start of EMIR mandatory clearing

ESMA have issued this press release and this final report, suggesting that the start of the clearing obligation for “smaller” financial counterparties under EMIR be delayed. Instruments requiring mandatory clearing via a CCP under EMIR are those where: They are specified as one of the instruments to be cleared under a delegated act Neither of … Continue reading

Delegated reporting, and EMIR feedback from a regulator

Many market participants use “delegated reporting” to meet their obligations under EMIR and REMIT. This involves another party, such as the counterparty, reporting on their behalf. This blog post by Gordon Allot of Broadpeak Partners gives several reasons why such reporting may not be on offer in future, which will require market participants to change their … Continue reading

Systematic Internaliser rules delayed

The start of the rules around Systematic Internalisers for non-equities under MiFID II has been delayed, following the release of this press release and this updated questions and answers document from ESMA. A systematic internaliser is defined under MiFID II as: an investment firm which, on an organised, frequent systematic and substantial basis, deals on own … Continue reading

Articles on reporting

There have been several announcements over the past weeks in the area of reporting regulatory data , with changes under EMIR, details on MiFID II transaction reporting, and REMIT documents. This article by John Kernan of REGIS-TR published on the LinkedIn site examines the challenges of reporting under different rule sets and considers whether convergence … Continue reading