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MiFID II – One day in

We are now one day into the “era of MiFID II”. The “new world” has been covered by much of the mainstream press, for example here on the London Evening Standard web site. This article on the Reuters web site reports on comments made by Steven Maijoor, chair of ESMA, that MiFID II is off to a “Smooth start”. Europex issued this press release, which provides their view on the application of MiFID II to the energy and commodities sectors. This article by Steve Grob on the Fidessa fragmentation Index site questions the value of MiFID II in general. ClarusFT are providing a second day of live commentary here.

Much of the news yesterday was focused around the “reprieve” given to ICE, the LME and Eurex by the FCA and Bafin from the “open access” rules until 2020. The FCA announcement can be found here and the Bafin one here. This article on The Trade News web site provides further insight into the deferral.

Several sites have been updated. For example, ESMA has set up their registers page to cover the new lists such as trading venues under MiFID II (see here), although these are not fully populated. The FCA MiFID II page here has also been updated.

As the next weeks go by, we can expect more announcements and clarifications. Eventually MiFID II will be added to the growing “bank” of existing regulations that must be kept track of. As we posted earlier this week here, while the avalanche of new regulations may now reduce there are more regulations in the pipeline.This article on Finextra looks at the work that remains, and this article on the What Investment web site highlights regulations such as SFTR, the Senior Managers Regime and GDPR. Although the bearing of some of these is not as heavy for many in energy and commodities, they all need to be monitored, as some sort of impact often occurs even if not initially expected.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.


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