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Final draft Benchmark Regulation technical standards published

ESMA have published their final report which contains the draft RTS and ITS for the Benchmark Regulation. The rules govern the administration of and contribution to different categories of benchmark. The benchmarks themselves are categorised into different levels, which attract different levels of regulation. Administrators and contributors have different rules which are driven by the … Continue reading

Anti abuse and surveillance articles

Several pieces of news and article have been published recently on the topic of surveillance and anti abuse, with a focus on the US: This article on the Bloomberg from Securities Law Daily web site by Richard Hill reports on the proposed restructuring by the CFTC of their monitoring unit to the Division of Enforcement. … Continue reading

Brexit to be triggered today

Today will see the formal notification by the UK government under Article 50 of the Lisbon Treaty that the UK intends to leave the Union (for example, see here on the BBC web site). Officially the process takes 2 years, which would place the “Brexit” date at the 29th March 2019. The energy and commodities market … Continue reading

More on ISINs

See here for an article on the DerivSource web site  by Lynn Strongin Dodds which looks at some of the issues that are arising in the space of ISIN codes, International Securities Identification Numbers. The use of ISINs for identifying OTC derivatives under MiFID II, and EMIR from 1st November, is set to greatly increase. … Continue reading

Article on regulatory change and architecture

See here for an article by Ian Sutherland on The OTC Space about implementing regulatory change and technology. While the article is focused on banking , the energy and commodity sector is in the process of grappling with similar issues. These are the ones of whether to approach regulatory change on a strategic or tactical … Continue reading

Information on the new EMIR RTS

REGIS-TR has issued two documents which help to explain the new Regulatory Technical Standard and Implementing Technical Standard for reporting under EMIR(see here), which starts to apply from 1st November 2017: Presentation (here) – which outlines many  of the changes. FAQ (here) – which addresses some specific questions raised by the RTS and ITS, as … Continue reading

Article on UTIs

IOSCO, BIS and OICV  recently issued a report (see here) on the harmonisation of Unique Transaction Identifiers across different jurisdictions. This post by Irene Mermigidis of REGIS-TR examines this issue, and begins to suggest that they be generated by TRs. The article is the first in a two part series.

Articles on alleged manipulation, non manipulation and breaches of position limits

See here for an article on the India based “Money life” web site about alleged manipulations in currency and commodity markets using spoofing and other typical manipulation techniques. The allegations include questions about the venues’ surveillance of activity. No manipulation is alleged in this article on the Bloomberg web site about the purchase of large … Continue reading

Broadpeak Partners and Unavista announce MiFID II partnership – and a webinar

Broadpeak Partners, who offer the “K3” product, have announced a partnership with Unavista (part of the London Stock Exchange group) to deliver MiFID II and MiFIR functionality. The press release can be found here. Unavista offer solutions to cover several of the MiFID II and MiFIR requirements (see here), and also plan to offer position … Continue reading

Industry associations suggest Q+A on position reporting

Several trade associations, including FIA, EFET, GFMA and ISDA have proposed a questions and answer document to ESMA on position reporting under MiFID II. The document can be found here. If adopted by ESMA, the proposals will help to answer some of the many outstanding points on position reporting, which is outlined in ITS 4. ESMA … Continue reading