The UK’s Financial Conduct Authority yesterday set a new position limit on a contract for Swiss baseload power. It will apply from 31st March 2018. The updated list of FCA limits can be found here. There have been further changes to the sheet,, which not only adds the new limit but introduces other changes too. A “changes” version can be obtained from ETR Advisory by emailing info@etr-advisory.com.

New continues to arrive in terms of the MiFID II rollout following our last post here. This article on Bloomberg Quint looks at the deadlines to come, implementing the remaining parts of MiFID II. In addition, there are reports that the requirement to report personal data required as part of MiFID II transaction reporting under RTS 22 is not being fully enforced, as reported here on the Bloomberg Quint web site. The partial implementation of MiFID II has been widely reported elsewhere. For example this article on City AM suggests that a “MiFID 2.1” is appropriate.

The FCA has dismissed calls from Gina Miller, founder of SCM Private, to fine those who have not yet complied. As reported here on the Financial News web site, it is felt by the FCA that  a pragmatic approach is appropriate when rolling out rules of this magnitude, and that a heavy handed approach at this stage would not lead to  optimal compliance with the rules. In the meantime, many states have still to transpose MiFID II, as reported here on the Financial News web site.

Given the partial status, initial implementation difficulties and the sheer magnitude of the rules for some, it is likely that there will be updates for months to come.