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New REMIT Quarterly – Including case study reminding of wide scope of REMIT

ACER published the latest “REMIT Quarterly” document on Friday, which can be found here. The document includes references to the recently published guidance on capacity hoarding (see here), data quality, and also highlights that the number of new cases under investigation has increased, as has the number of open cases. However, the Quarterly opens with … Continue reading

Trader acquitted of spoofing precious metals in US

Andre Flotron, an ex UBS trader who was accused of spoofing on the Comex market in precious metals futures, was yesterday acquitted of the charge, as reported here on the Bloomberg web site and also here on the New York Times web site.  Flotron was accused of spoofing in gold and silver futures at various … Continue reading

EMIR Review to be discussed in ECON tomorrow

The ECON committee of the European Parliament meets tomorrow, and will discuss the changes proposed as part of the EMIR review as part of the agenda, which can be found here.  The proposed changes in the EMIR Review include at a high level: Trades between internal counterparties not to be reportable where a non financial … Continue reading

IOSCO document on reporting data elements

IOSCO and the Bank of International Settlements have issued this document entitled “Harmonisation of critical OTC derivatives data elements (other than UTI and UPI)”. It looks at the data elements used to report derivatives under rule sets such as EMIR or the Dodd Frank Act, and proposes a standard format for the data elements typically … Continue reading

MiFID II update – LEI and ISIN issues, and updated lists

The effect of MiFID II is now being felt in some quarters in the wider financial world since our last post here. This article on Finextra reports on this webinar run by the A Team Group entitled  “MiFID II Trading Technology Requirements: What Worked and What Hasn’t?”. The report initially focuses on streams that firms … Continue reading

Brexit update – ISDA FAQs, ESA warnings and more

There have been a few developments on both the financial  side of regulation in Brexit thinking since our last update (see here). On the financial side, ISDA has issued this FAQ on Brexit. It is a “short” version, with a longer version only being available to members. It covers, contractual, access, and regulatory issues considering … Continue reading

CRE announces 6 REMIT investigations

The Commission de régulation de l’énergie (CRE), France’s National Regulatory Authority (NRA, i.e. energy regulator), has issued a press release (here) and communique (here) providing  market participants and PPATs (Professional Persons Arranging Transactions) with reminders of their obligations under REMIT, and information the market that there are currently 6 open investigations, of which 3 are in … Continue reading

Is the “era of regulation” over in Europe?

See here for our guest post on the CTRM Center on the future of energy and commodity trading regulation in Europe

ESMA asks Commission for guidance on Ancillary Activity test

Following on from the announcement earlier this week of new position limit opinions (see here), ESMA has written this letter to the European Commission asking for guidance on the applicability of the Ancillary Activity test. The Ancillary Activity exemption found under MiFID II Article 2(1)j allows those who trade commodity derivatives on own account to … Continue reading

New position limits opinions from ESMA

ESMA yesterday issued 3 new position limits opinion documents for 3 contract on the ICE Futures Europe exchange. These are: UK Feed Wheat – see here. Singapore Jet Kerosene – see here. Argus Euro-bob Oxy FOB Rotterdam Barges – see here. The “master” spread sheet of contracts with opinion documents has been updated and can … Continue reading