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ACER publishes open letter on the disclosure of inside information

ACER has today published this open letter Inside Information disclosure and the use of Inside Information Platforms.  The letter was promised in a previous quarterly newsletter (see here). Different types of entity are required to disclosure inside information under REMIT Article 4. At present, most do this on a web site, in many cases using a … Continue reading

Updated EMIR Q+A – with updated reporting answers

ESMA has today published an updated Questions and Answers document on EMIR, which can be found here. The updated answers include several on the reporting of derivatives trades, which will be of note to those in energy and commodities. These include: TR 12 c (page 82) – On reporting maturity dates that are not working … Continue reading

Crypto spoofing and other anti abuse news

The fight against market abuse continues with reports that the CFTC and US Justice Department is investigating alleged market manipulation in crypto currencies. The case is reported here on Bloomberg amongst other places. A suit by a group of investors seeking damages from Total Gas & Power North America, Inc., Total S.A., and Total Gas … Continue reading

ESMA issues position limits opinion document – agrees with FCA

ESMA has issued this opinion document  on the ICE Low Sulphur Gasoil 1st Line contract, following opinion documents issued previously (see here). The document agrees with the limits proposed by the FCA (see here), in setting the spot month limit at 25% of deliverable supply and the other months at 27%. ESMA has also agreed to … Continue reading

ECON committee agrees EMIR changes

The European Parliament’s Committee on Economic and Monetary Affairs (ECON) last week voted to agree to the proposed changes to EMIR as part of the REFIT programme (see here). The press release can be found here. The changes agreed include: Transactions between internal entities, where either entity is a Non Financial Counterparty (NFC) are no longer … Continue reading

Brexit update – Financial discussions and energy “hard Brexit” document

Despite many discussions since our last update (see here), uncertainty around how the world will look after Brexit continues. Energy markets The European Commission’s Directorate General of Energy has recently  issued this document outlining the consequences of a “hard Brexit” in terms of the energy market. It stresses several issues that would occur, for example … Continue reading

Crypto and blockchain update – regulatory developments and many blockchain initiatives

There have been many developments in the crypto currency and blockchain world since our last post on the topic (see here). Crypto currency developments The European Central Bank (ECB) has stated that banks engaging in crypto activity should segregate it from other parts of the bank, according to this article on the Reuters web site.  … Continue reading

Insider traders confiscation orders and other anti abuse news

The FCA has reported here that confiscation orders have been made against two individuals who have already been convicted of insider trading in a complex scheme, discovered as part of “Operation Tabernula” in 2016 (see here). This is part of the FCA focus on anti market abuse activity which has been seen recently. In the … Continue reading

Removed and updated position limits by the FCA and BaFin

The UK’s FCA has updated their master list of position limits, which can be found here. The primary change is the removal of a contract on an OTF for physical power delivered in Switzerland, which may have some general  implications around the scope of limits. The FCA updates the spreadsheet from time to time, with … Continue reading

Push back on “gold plated” Bank of England rules on algorithmic trading

Several industry associations and banks have pushed back against proposals by the Bank of England to roll out an enhanced version of the rules governing algorithmic trading in financial instruments, as reported here on the Bloomberg web site. The Bank of England released this consultation paper in February, which proposes rules that go over and … Continue reading