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Updated MAR Q+A

ESMA has released an updated version of the MAR Questions and Answers document, which can be found here. Question 4.1 page 9 looks at the issue of a blanket order cancellation without discretion can constitute insider trading. There has also been a communication around the submission of reference data under MAR, which will use the … Continue reading

FCA to start MiFID II testing

The UK’s Financial Conduct Authority is to start testing for its Market Data Processing system from July. The system is used to collect MiFID II data from Authorised Reporting Mechanisms (ARM) and others. This article on Markets Media by Shanny Basar looks at the announcement and discusses reporting with representatives of various ARMs.

LEI registration

The Legal Entity Identifier(LEI) initiative was created as part of the G20 requirements to reduce systemic risk, so that legal entities will have a common and traceable identifier on reports, allowing regulators to track exposures. This page on the GLEIF website explains the process further. MiFID II requires that all transaction reports, in all asset classes, … Continue reading

The difficulties on complying on time with MiFID II

With just over 7 months to go until MiFID II starts, there is still a great deal to do, especially for investment firms, although also for other energy and commodity market participants who will be subject to some of the rules, such as those on position limits. This article on the Bloomberg web site reports … Continue reading

ESMA opinion on “Traded on a Trading Venue”

ESMA has published this opinion document on the criteria to determine whether an OTC trade is considered to be “Traded on a Trading Venue” (TOTV). The determination is required to establish whether an OTC trade is reportable under MIFIR transaction reporting and trade reporting. Transaction reporting applies to all investment firms, with trade reporting applying … Continue reading

ISIN code news

MiFID II will require a far wider use of ISIN codes, which are to be applied in many cases to OTC derivatives and has been previously posted (see here). This article on the Financial Technologies Forum outlines the contents of this paper from ANNA, proposing a scheme for generating such codes. At the same time, … Continue reading

Message updated: New versions of MoP and REMIT FAQ on fundamental data and inside information – still no date for collection of inside information using web feeds

ACER have today updated the Frequently Asked Questions document on fundamental data and inside information, with several new and updated answers on the reporting of LNG movements, gas in store and also the disclosure of inside information. The updated document can be found here. [Added]The Manual of Procedures on data reporting has also need updated, … Continue reading

Brexit and the Internal Energy Market

The UK’s departure from the European Union, scheduled for March 2019, creates several areas of uncertainty in terms of the regulation of both the financial and energy markets. This article on the Euractiv web site summarises a report by Chatham House (see here) which argues that in the short term, if an agreement is not … Continue reading

Call for transitional period for MiFID II commodity derivatives rules

See here for a posting by Nathaniel Lalone of Katten Muchin Rosenman LLP on the Lexology web site referring to a call by the FIA for a delay to the start of the commodity derivatives regime under MiFID II. The post refers to an article on the Risk.Net web site which can be found here (pay wall). … Continue reading

Data quality in trade repositories

With changes coming in the formats of EMIR reporting in November, and a wider change coming next year, it is worth considering the quality of the data in trade repositories and swaps data repositories. This article by Jenny Nilsson on The OTC Space web site looks at some of the issues that have held back data … Continue reading