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Dodd Frank, Mifid

US position limits reproposed

While we digest the latest editions of MiFID II RTS 20, on the Ancillary Activity test, and RTS 21, on Position limits (more posts later this week on this topic), the CFTC has been pushing for the US version of the rules for final approval.

The CFTC have issued this press release outlining the changes to the previously proposed version, as outlined in this fact sheet. Originally the US version of the rules was to apply to 28 core contracts (in contrast to the EU version of the rules, which apply to all on venue commodity derivatives contracts). This is now reduced to 25. The hedge recognition rules have also been modified, as well as the requirements for DCMs (Designated Contract Markets) and SEFs (Swaps Execution Facilities).

 

 

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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