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BaFin publishes indicative position limits

BaFin has published “indicative” position limits for certain contracts on EEX, which can be found both here on the BaFin web site and also here on the EEX web site. The announcement indicates that the positions announced are non binding, and that final limits will be published on 3rd January, when MiFID II starts to … Continue reading

FCA updates position limits list

The UK’s Financial Conduct Authority has updated the list of position limits under MiFID II which will apply to commodity derivatives contracts traded on venues under their jurisdiction. The list can be downloaded from here. The new version adds 12 more limits. Those interested in more specifically identifying the changes are welcome to contact us … Continue reading

New EMIR Trade Repository

ESMA has approved NEX Abide Financial’s application to run an EMIR Trade Repository. The notice from ESMA can be found here. This takes the number of approved TRs to 8, and follows the changing of formats introduced on 1st November (see here). Earlier this year the European Commission issued a legislative proposal specifying intended changes … Continue reading

FCA publishes MiFID II guide

The UK’s Financial Conduct Authority has published this guide to the implementation of MiFID II, and MiFIR, in the UK. It examines the various parts of the rules, the documents behind them, and the resulting changes to the FCA handbook. There are comments on the guide on this page of the Securities Lending Times.

EMIR Q+A Updated

ESMA has updated the questions and answers document related to EMIR, which can be found here. The new version of the document makes some updates to the sections on trade reporting, mostly to bring them in line with the new reporting formats that have been in use since 1st November (see here). ESMA has recently … Continue reading

FCA warns of increased MAR oversight

The start of MiFID II on 3rd January increases the scope of the Market Abuse Regulation, which itself started on 3rd July 2016 (see here). Financial instruments executed on Organised Trading Facilities (OTF) as well as emissions allowances will be in scope. As a result the requirements of an Emissions Allowance Market Participant (EAMP) increase … Continue reading

Regulation summaries – REMIT Quarterly and FCA Regulation Roundup

Both ACER and the UK’s FCA have recently issued newsletters: ACER has issued the latest  REMIT “quarterly” document, which can be found here. It summarises the various announcements relating to REMIT over the past few months, as well as the contents of the recent public forum held in Ljubljana. It also shows the rate of … Continue reading

FCA updates, adds to and removes position limits

The UK’s Financial Conduct Authority has updated the MiFID II position limits previously announced. The updated page can be found here and the spreadsheet here. Last month, ESMA and the National Competent Authorities(NCA)  agreed that NCAs may publish limits directly, without waiting for an ESMA opinion (see here). The new version of the limits include some … Continue reading

Updated MiFID II Q+As issued by ESMA

ESMA has issued several updated Questions and Answers documents on MiFID II: Commodity Derivatives (here) Data Reporting (here) Investor Protection (here) The commodity derivatives answers cover the topics of position limits, the ancillary activity test and position reporting. Each of these sections will have an impact on those with commodity derivatives position to a greater … Continue reading

ISDA and ECB publish comments on the EMIR review

Both ISDA and the ECB have recently published comments on the legislative proposal issued by the European Commission earlier this year (see here) which aims to change the level 1 text of EMIR.  The proposal includes issues relating to Non Financial Counterparties, in particular: “Compulsory” delegated reporting when certain Non Financial Counterparties (NFC) trade bilaterally … Continue reading