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New REMIT documents made available

ACER has recently updated the REMIT portal with new versions of several documents, including: ACER REMIT Information System Data Validation Document – Describes in detail the validation rules that apply to different fields in the TRUM. ARIS Data Validation Rules Configuration Document – Specifies which of the rules are active. EIC validation rules and list … Continue reading

Brexit update – positions forming but details still missing

With the political debate both within the UK and outside raging, there have been a few developments of note to  the energy and commodities markets since our last post here. Most recently, Jeremy Corbyn, leader of the opposition Labour party , made a speech yesterday (see here) stating the party’s Brexit position. Within the speech, … Continue reading

MiFID II – How is it going? – Position limits, algos and more

As week 9 of MiFID II starts, many are getting used to the rules being in force. However there are many questions still unanswered: It has been reported that the FCA has received many enquiries, both in the run up to and since the start of MiFID II, as reported here on the Investment Week … Continue reading

The FCA’s Regtech Call for Input

The UK’s Financial Conduct Authority yesterday issued a “call for input” on “Using technology to achieve smarter regulatory reporting”, which can be found here. The paper describes a “Techsprint” which took place in November 2017, at which various parties undertook a proof of concept on “machine executable” rules and regulatory reporting. Under such a scheme, … Continue reading

Blockchain and Crypto regulatory update: ICOs, political comments and more

There have been many announcements and stories around the regulatory side of blockchain use since our last post (see here): ICOs Finma, the financial regulator of Switzerland has issued these guidelines on the regulatory framework around Initial Coin Offerings(ICO). The guidelines categorise the tokens arising from ICOs into “Payment”, “Utility” and “Asset” tokens. In general … Continue reading

New REMIT Quarterly – more cases opened

ACER has issued the latest “REMIT Quarterly”, covering Q4 2017, which can be found here. It covers a few interesting recent aspects of REMIT:  21 new cases were opened in Q4 2017. The number of open cases is now 137. The newsletter highlights the resource shortages being experienced by ACER. It also advises that there … Continue reading

MiFID II – more developments

We are now in week 6 of MiFID II. Although the announcements have settled down, we now see a few pieces of news since our last post that point to some of the impact. The FCA report on algorithmic trading under MiFID II earlier this week  (see here) is one of the items that has … Continue reading

Algorithmic trading – FCA report and more

The UK’s Financial Conduct Authority (FCA) yesterday issued this report on “Algorithmic Trading Compliance in Wholesale markets. It reviews the requirements of MiFID II, MAR and local legislation for those companies engaging in algorithmic trading in covered instruments. The document reminds the market that any company which engages in “algorithmic trading” in financial instruments is … Continue reading

Brexit news: TRs, Internal Energy Market and more

While the political stances of both the UK and the EU are widely reported (for example here on Sky News), practical considerations for market participants becomes ever more important as the exit date approaches. There have been further developments since our last post here. ESMA has been informing  Trade Repositories, as well as others such … Continue reading

MiFID II update – 1st week of February – new limits and more (updated)

MiFID II has been in place for over a month. While the rules are “settling in”, there have been various developments since our last post (see here). On the position limits side of things, there have been a few updates, including many changed limits from the FCA, which can be found on the updated spreadsheet … Continue reading