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The new EMIR RTS goes into effect

The new EMIR Regulatory Technical Standard will officially go into effect tomorrow, on the 1st November 2017. However, many Trade Repositories have implemented the new formats slightly earlier (see here). The new RTS sees some significant changes to the reporting formats, including the addition of may new fields, and also changes in validations (see here) … Continue reading

EEX and Powernext announce OTF

EEX and Powernext have announced that their current “non MTF” (Multilateral Trading Facility) venues will run with “Organised Trading Facility” status from the start of MiFID II, on 3rd January 2018. The full press release in German and English can be found here. Under MiFID II, physical forwards in gas and power executed on an … Continue reading

FCA sets position limits

Yesterday the UK’s Financial Conduct Authority (FCA) published a list of position limits under MiFID II on their position limits page, which can be found here. The list comprises many limits, in excess of those on which ESMA published opinions earlier this week (see here). The list includes many “bespoke” limits, as well as contracts … Continue reading

ESMA publishes more position limits and master list

ESMA yesterday published nine opinions on position limits proposed by the UK’s Financial Conduct Authority (FCA). These set the initial limits on those contracts which relate to metals and agricultural contracts traded on certain UK venues.  At the same time, ESMA issued this master list of contracts on which bespoke limits are due to be … Continue reading

Merrill Lynch fined £34.5m for failing to report ETDs under EMIR

It has been announced today that Merrill Lynch International has been fined £34,524,000 by the UK’s Financial Conduct Authority (FCA) for failing to report Exchange Traded Derivative (ETD) transactions under EMIR from 12 February 2014 to 6 February 2016. The fine relates to 68.5 million transactions and has been discounted due to early settlement. This is the … Continue reading

Finfrag delay for smaller Swiss entities

Finma, the Swiss financial regulator, has announced that the start of reporting for the smallest non financial entities caught by the Financial Markets Infrastructure Act (also known as “Finfrag”) will be delayed by nine months, to the 1st January 2019. The announcement can be found here. The first group of counterparties, larger financial counterparties (FC+) … Continue reading

FCA opens hedge exemption applications and publishes more position limit information

The UK’s Financial Conduct Authority (FCA) has opened the “Connect” system which allows Non Financial Entities to apply for hedge exemptions from the MiFID II position limits regime, for contracts under the FCA’s jurisdiction (that is, contracts found on venues in the UK). Links can be found on the commodity derivatives page here. The FCA … Continue reading

MiFID II start and transposition

With less than three months to go until the start of MiFID II, on 3rd January 2018, there are many stories of struggles to be ready. Never the less, yesterday EU commissioner Valdis Dombrovkis confirmed at the ESMA conference that there will be no further delays to the start date, as reported here on the City … Continue reading

Progress on EU-US recognition

The European Commission and the CFTC moved closer to mutual recognition of rules, following a meeting held last week. The movement has been on two fronts: Trading platform recognition, which when finalised will simplifying cross jurisdiction trading. The aim is to have recognition  in place in time for MiFID II. An equivalence decision on the … Continue reading

Europex comments on the EMIR review

Europex has issued this set of comments on the legislative proposal issued by the European Commission earlier this year (see here) as part of the EMIR review. The proposal contains several key changes to EMIR, several of which will have a significant impact on “non financial” energy and commodity companies when they take effect. These … Continue reading