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ESMA publishes market sizes opinion for Ancillary Activity test

ESMA has today published an opinion on some of the market sizes which can be used for the Ancillary Activity test, which must be undertaken by energy and commodity market participants who wish to use the Ancillary Activity exemption from MiFID II under Article 2(1)j. The document can be found here and the press release … Continue reading

MiFID II goings on

With just over 6 months to go until the start of MiFID II, there is much to do for many. Whilst many energy and commodity traders who intend to use the Ancillary Activity exemption have only some of MiFID II to worry about, Investment Firms have a great deal more to do. The financial buy … Continue reading

ACER publishes updated REMIT Q+A with answers on Inside Information disclosure

ACER has published an updated version of the REMIT Questions and Answers document, which can be found here. There are three new answers, relating to inside information disclosure, which start on page 82. They cover the disclosure of inside information under REMIT Article 4, and also related insider trading issues as per Article 3. Inside … Continue reading

ACER issues guidance on wash trades

ACER yesterday issued this guidance note which provides a detailed examination of scenarios that are considered to be “wash trades” and therefore illegal under REMIT. The document looks at different scenarios which are considered wash trades, spanning one or more parties, thus also covering “pre-arranged trading” and “circular trading”. It provides guidance as to when … Continue reading

Information on MiFID II commodity derivatives rules

Yesterday saw  a reminder from the FCA for any firm requiring MiFID authorisation on 3rd January 2018 to submit applications by 3rd July (see here). There have also been a few other pieces of information released over the last few days. Norton Rose Fulbright have release a recording of a webinar on commodity derivatives, which … Continue reading

Reminder from the FCA to submit MiFID applications

The UK’s Financial Conduct Authority have today issued this reminder that applications to either become an Investment Firm, or an appropriate Variation of Permissions, should be submitted by 3rd July 2017 in order to ensure that the appropriate approvals are in place by 3rd January 2018. Those in energy and commodities may be required to … Continue reading

More on EMIR

See here for an article on the Reuters web site which talks of the difficulties for some of preparing for the start of the new EMIR RTS, on 1st November. It features an interview with Collin Coleman of NEX who discusses the changes, and also the fact that for some Non Financial Counterparties, there will be … Continue reading

Information on the new EMIR RTS

The new EMIR Regulatory Technical Standard (RTS) will start to apply from 1st November 2017 (see here).  See here for a link to a video on The OTC Space with Elena Gaetini of RegTek discussing the new RTS. REGIS-TR will hold a webinar about the new RTS on 21st June. The link to register can … Continue reading

Article on the paradox of scarcity pricing

See here for an article on the EurActiv web site on scarcity pricing. The article examines the paradox which sees that on the one hand, one of the “selling points” which make investment in intermittent renewables attractive is that returns can be achieved during a scarcity pricing period. On the other hand, price spikes in … Continue reading

No MiFID II delay – position reporting ITS in journal

Despite calls for a phased start to MiFID II over the last few weeks (see here), ESMA has reiterated that there are to be no further delays to the start, on 3rd January 2018.  The stance was revealed in a keynote speech made by Steven Maijoor, Chair of ESMA,  made at the IDX conference in … Continue reading