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Two webinars on position limits and reporting

This Wednesday sees two webinars on the topic of position limits and position reporting, as defined in Regulatory Technical Standard 21 of MiFID II, and passed recently by the European Parliament: – Nasdaq- OMX – Update and discussion on real time position limits  – here – Unavista – Position Reporting – here Both webinars are … Continue reading

FCA statement on variation margin deadline

Following the statement yesterday from the ESAs on the upcoming variation margin deadline on 1st March, and the letter of no action relief from the CFTC a few weeks ago, the UK’s Financial Conduct Authority has issued this notice. The statement is along the lines of the ESAs’ statement, which guides National Competent Authorities to … Continue reading

ESAs issue letter related to upcoming uncleared margin deadline

The European Supervisory Authorities (ESAs, which comprises ESMA, the EBA and EIOPA) have issued this letter on the topic of the upcoming uncleared margin rule deadline (see here).  The letter  reminds the market that unlike other jurisdictions, the EU does not have the concept of “No action relief”, as in the US. The CFTC issued a … Continue reading

HM Treasury publishes response to consultation on MiFID II transposition

HM Treasury has published the response to the consultation that they ran in 2015 regarding the transposition of MiFID II into UK law. The results of the consultation can be found here and the proposed regulations can be found here, with all documents accessible from here. The response covers several topics including position limits and … Continue reading

The next deadline for the Uncleared Margin rules approaches

On 1st March 2017, the rules relating to mandated variation margin on uncleared OTC derivatives start in various jurisdictions across the globe. In the EU, the rules affect those classified as “FC” and “NFC+” under EMIR. Many energy companies are “NFC-“, and are therefore not affected, although they may well be covered by other jurisdictions. … Continue reading

ACER starts data quality initiative on REMIT data

ACER have today issued this open letter, informing the market of an initiative to improve data quality reported under REMIT. Reporting of data under REMIT started on 7th October 2015 with data originating from transactions executed on an Organised Market Place (OMP). This was followed by the reporting of other data from 7th April 2016 … Continue reading

Resolution objecting to current Position Limits rule defeated

The resolution to object to Regulatory Technical Standard (RTS) 21 (see here), which specifies how Position Limits are to be calculated, has today been defeated in the European Parliament. The result can be found in this document on page 14 (where the “-” means defeated). Sven Giegold, who was part of the group of Green Party … Continue reading

ESMA tries to shut down MiFID II SI loophole

Yesterday ESMA issued this letter to the European Commission accompanied by this press release, urging that the Commission cooperate in the closing down of a “loophole” that some are alleged in being used to circumvent obligations under MiFID II. It is alleged that certain brokers are running networks of systematic internalisers (SIs) rather than setting … Continue reading

More on position limits objections

See here for a post on the web site which examines the objections to RTS 21 which will be discussed this week in the European Parliament. This follows a similar post yesterday. The post refers to this public petition which has reached over 75,000 signatures, asking for the rules to be tightened.

Objections to Position Limits rules to be discussed in European Parliament this week

This  week the European Parliament will discuss Regulatory Technical Standard 21, which specifies how Position Limits are to be calculated under MiFID II. The objections which have previously been reported are now outlined on the web site of Green MEP Sven Giegold here. The post includes this link to this resolution for rejection. The resolution objects … Continue reading