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What has been said on RTS 20 and 21?

It has now been two weeks since RTS 20 of MiFID II, which specifies the Ancillary Activity test,   and the latest version of RTS 21, on Position Limits were adopted by the European Commission. There have been many reactions to the documents, although as noted on this blog several open questions remain.

This report on the mondovisione web site reports on comments from Kay Swinburne MEP, asking that the market now focus on implementing the rules, rather than further lobbying.

This video from Norton Rose Fulbright looks at the contents of the documents. This post on the Broadpeak Partners website looks at further developments on the US side in comparison with the EU. This post on the Fidessa web site considers how regulators will adjust limits in times of volatility.

Many of the above issues will  be discussed during a training course  being from by ETR Advisory together with Entrima  on 18th January 2017 in Amsterdam. Details can be found here.


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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