One year from today, the UK will leave the European Union. In our last post here, we reported that the UK and European Commission had jointly issued a new version of the draft withdrawal treaty. This week has seen speeches from both the Bank of England (here) and the Financial Conduct Authority (here). In summary … Continue reading
There have been quite a few developments in the blockchain and crypto currency world since our last post on the topic (see here). Blockchain initiatives BTL has announced here that their “Interbit” chain joining platform will be test launched on 23rd April. This article on the Platts web site discusses its application in energy trading, … Continue reading
ESMA has updated the questions and answers document on commodity derivatives issues under MiFID II. The updated document can be found here. There are 3 new questions and 1 updated one: Position Limits Q10 – p19 (Updated)- Limits on “C10” derivatives – Should be set on freight derivatives and indices using open interest. Q16 – … Continue reading
It has now been several weeks since the start of MiFID II, and things are settling down for many since our last post on the topic (see here). In the wider world of Investment Firms, who must comply with a wide set of rules, there have been some issues. Those subject to the reporting requirements … Continue reading
The Danish Energy Regulatory Authority (DERA) has today announced that they have surrendered two cases of possible electricity capacity hoarding on the Elbas market to the Danish police. The announcement can be found here. This follows the publication of a guidance note by ACER earlier today on the topic (see here).
ACER has today issued a guidance note on Capacity Hoarding, which can be found here. This follows the publication of a paper last year on wash trades (see here). Summary commentary will be published here over the coming days. ETR Advisory Regulatory Support clients will receive a detailed paper.
Yesterday saw many headlines in the story of Brexit, with a “significant step” in finalising a transition agreement announced (for example see here on the Sky new web site, here for the statement from the UK Department for Exiting the EU and here for the announcement from the European Commission). A new version of the … Continue reading
This blog has covered the many streams of regulatory reporting to which market participants have become subject to over the past years. The burden is also high for trading venues, who must meet a thicket of requirements. This response by Europex, to the European Commission as part of the Commissions, “fitness check on supervisory reporting” … Continue reading
The focus on algorithmic trading with regards to anti abuse measures continues. Last week, Nasdaq published this article entitled “Best Practices in Algorithmic Trading Compliance”. It summarises the measures outlined in the FCA’s recent paper on the topic (see here). It includes surveillance, testing and training issues, which in many cases are advised regardless of … Continue reading
The UK’s Financial Conduct Authority has published this paper entitled “Transforming Culture in Financial Services”. It contains several essays from different parties on “good” culture in financial services organisations and how they relate to regulation and compliance. On a related topic, this article on the FTSE Global Markets web site looks at moving beyond “Minimal … Continue reading