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LEI use – speech by ESMA

Yesterday Verena Ross, ESMA Executive Director gave this speech on the use of Legal Entity Identifiers(LEI), in particular with reference to MiFID II. This follows the announcement last week that LEIs must be used for all reporting from 3rd July, the 6 month anniversary of the start of MiFID II, following an initial extension (see here). … Continue reading

European Commission provides answer on Ancillary Activity test

The European Commission DG FISMA has provided this written answer to ESMA on the outstanding question of whether the market size test portion of the Ancillary Activity test must be calculated on a group basis, following a request for an answer earlier this year (see here). The letter states that the  “test needs to be calculated … Continue reading

MiFID II update – LEIs and more

ESMA has announced that the requirement for Investment Firms to report transactions only using Legal Entity Identifiers (LEI) will commence on the 3rd July, following a 6 month grace period announced shortly before the start of MiFID II (see here). In effect, this requires all relevant counterparties to have LEIs no matter where they are … Continue reading

JP Morgan manipulation fine and other anti abuse news

JP Morgan has settled with the CFTC for $65m for the attempted manipulation of the ISDAFIX benchmark. The press release can be found here and the order here. The fine relates to activity from 2007 to 2012, during which time there were attempts to influence the benchmark by both trading activity (trading in the pricing window … Continue reading

EMIR changes agreed and news about penalties

The European Parliament has agreed in a plenary session to the proposed changes  to EMIR as part of the REFIT process, passed by the ECON committee a few weeks ago (see here). The agreed document will be used to represent the stance of the Parliament in the “Trialogue” process in the coming weeks. The press … Continue reading

Possible ACER change in authority, ESMA speech, and a course

The European Council yesterday agreed its position to update and increase the role of the Agency for the Coordination of Energy Regulators (ACER), who are, amongst other things, responsible for many parts of REMIT, including data collection and cross market monitoring, as well as other areas such as network codes. The press release from the … Continue reading

Brexit update: FIA survey and threats to equivalence

The headline level story around Brexit in the UK is around the vote in the UK Parliament next week on the 15 amendments to the “Brexit Bill” proposed by the House of Lords (see here on Sky News). There have also been some developments on the financial side since our last post (see here). Yesterday, … Continue reading

5 months later, how is MiFID II going?

Yesterday was the 5 month anniversary of the start of MiFID II.  In many ways, things have settled down since then, although there have been some developments over the past weeks (see here for a list of these already covered). While all has been relatively quiet in the world of energy and commodities, there is … Continue reading