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One year to go: Brexit is coming

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

Blockchain and crypto update – initiatives progress but some stall

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 issues updated MiFID II commodity derivative Q+A

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

MiFID II – Some issues in the wider world

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

Two capacity hoarding cases revealed in Denmark

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 Guidance Note on Capacity Hoarding

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.  

The Brexit story continues

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

Streamlining regulatory reporting – document from Europex

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

Algorithmic trading, anti abuse measures and an interesting view on insider trading

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

Compliance culture – FCA paper and more

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