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Dodd Frank, EMIR, MAR, REMIT

Fines in the banking world

The CFTC in the US have fined Société Générale SA $450,000 for failing to report trades to an SDR (Swaps Data Repository). The notice can be found here. The bank had implemented a software update in July 2014 which led to the problem. It was not fully fixed for some time afterwards.

In Europe, EMIR reporting has now been running for nearly three years. While there have been no fines for misreporting, regulators are beginning to issue notices outings various points that need to be improved. For example, the Central Bank of Ireland issued this letter in September, reminding market participants of several aspects of EMIR, such as the requirement to check messages that come back from the TR.

See here for a report on The Trade News web site, outlining fines imposed by the European Commission to three banks for alleged rigging of LIBOR. The energy and commodities markets are also seeing increased anti abuse scrutiny, both via REMIT, with several investigations, as well as MAR, which has applied from 3rd July 2016.

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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