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Mifid

MiFID II – the story continues

MiFID II has been in place for over a week now, and news continues to arrive.

ESMA has published a list of position management controls for commodity derivative venues, which can be found here. These specify, for each venue, how position limits are managed and enforced. Lists such as the central venues list (see here) and the central position limits (see here) continue to be updated, although there are still items missing.  Some contracts on ICE Futures Europe will move to ICE Futures US, announced here. This article on FT.com discusses this move in relation to MiFID II position limits.

The list of contracts that are subject to the “trading obligation” has also been published, and can be found here. On the equity side of things, The publication of volumes relating to the double volume cap has been delayed by ESMA (see here).

In general, MiFID II most have regarded the start of MiFID II as a “success with some issues”. This article by Euractiv looks at different strands of the regulation and how they have fared over the past week.  In the meantime, the challenge of using ISIN codes for OTC derivatives continues, as examined in this article by Amir Khwaja of Clarus FT.

It is likely that news will continue over the coming weeks and months, as discussed in this article on The Financier web site. We will aim to bring more updates as they occur.

 

 

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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