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TR portability guidelines issued by ESMA

ESMA has issued “portability guidelines” for EMIR Trade Repositories(TR), to be followed when data is to be transferred from one TR to another. This could occur if a market participant requests it, or if a TR ceases operation. The press release can be found here and the document here. At present the guidelines for doing … Continue reading

Brexit positions

The last few days has seen a few publications on the subject of Brexit. The UK’s Department of Exiting the EU has published several position papers over the past few days. These include this paper on enforcement and dispute resolution which proposes how the UK and EU can work in partnership on cross border issues. … Continue reading

FCA cancels authorisations

The UK’s Financial Conduct Authority (FCA) has issued its latest “Regulation Round Up” (see here). The document discusses enforcements against authorised firms who have not complied with all of the requirements. It mentions that over 200 authorisations have been cancelled this year. This issue is also refereed to in this article on the FT web … Continue reading

Manipulation cases and surveillance system settings

See here for an article on the Trillium web site, which reports on a fine imposed on JP Morgan Securities in the US  for the use of  improper configuration settings on their surveillance systems. The ruling can be found here. The story is also mentioned here on the Broadpeak blog, which also mentions the issue of … Continue reading

FCA Q+A on MiFID II Commodity Derivatives

The UK’s Financial Conduct Authority has issued a Questions and Answers document covering the parts of MiFID II relating to commodity derivatives. It can be found here. It covers several topics including the Ancillary Activity test, Position Limits and Position Reporting. Last week, the first position limits were announced by ESMA, having been set by … Continue reading

First MiFID II position limits set

ESMA has agreed the first position limits under MiFID II for some agricultural commodity derivatives contracts on the MATIF exchange. The way in which position limits work has been outlined in Regulatory Technical Standard 21. Three sets of limits have been set, each with a corresponding opinion document: Rapeseed  – see here Corn – see … Continue reading

ESMA updates MiFID II specifications

ESMA has updated the technical documentation relating to transaction reporting, order record keeping and clock synchronisation, correcting and updating several issues in the original document. The updates span a few typos, reference (for example updating references to regulatory technical standards with the regulation number, now that the RTS’s have been published in the Official Journal) … Continue reading

Spoofing conviction upheld on appeal

The US appeals court has upheld the conviction of Michael Coscia who was found guilty of market manipulation, receiving a custodial sentence last year (see here). An article on the appeal outcome can be found here on the Reuters web site. The conviction was for engaging in “spoofing” and “layering” in the commodity derivatives markets in … Continue reading

Updated FCA page on MiFID II Commodity Derivatives

The UK’s Financial Conduct Authority (FCA) has updated its page on the aspects of MiFID II applying to commodity derivatives. The page can be found here and focuses on position limits, position reporting and the ancillary activity test. The page now outlines: Contract information which trading venues are required to submit with respect to position … Continue reading

Senior Managers Regime to be extended

The UK’s Financial Conduct Authority has announced a plan to extend the existing Senior Managers and Certification Regime to more firms, and also to extend the rules within the regulation. The rules will now apply to most firms who are under financial regulation. The rules themselves will be extended in three categories: Conduct rules – … Continue reading