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Traders indicted in metals futures spoofing case

Two traders formerly of Deutsche Bank have been indicted by a court in the US for “spoofing” in metals futures, according to this article on the Reuters web site. The case relates to orders placed on the CME Comex exchange in gold, silver, platinum and palladium futures. The complaint document from the CFTC can be … Continue reading

More documents from ACER – and transaction reporting FAQ contents

Following the publication of several documents by ACER last week(see here), the latest version of the “REMIT Quarterly has been published, which can be found here. The newsletter focuses on data collection and the efforts around it so far. It also reminds of the forum to be held in Ljubljana at the beginning of September. … Continue reading

REMIT documents: Open letter, transaction reporting FAQ and others

ACER has released several new documents over the past few days, including an updated transaction reporting FAQ document which was released today and can be found here. Yesterday, ACER released this second open letter on data quality. The letter gives many examples of items typically reported incorrectly. In addition, it indicates that those who do … Continue reading

Brexit – The story continues

The activity around Brexit continues, with several important events taking place since our last post here. In particular, last week, the UK Government released their white paper on the proposed position with which to negotiate the withdrawal with the EU, which can be found here. This follows the previously published draft Withdrawal Agreement (see here).¬† … Continue reading

Large manipulation fine in agricultural trading and more

The spate of anti abuse activity has continued since our last post (see here). The CFTC has settled with Lansing Trade Group LLC for $3.4 million, in a physical-financial manipulation case in agricultural trading. The CFTC press release can be found here and the order here.¬† This is another example of the use of physical … Continue reading

EMIR: New Q+A and movement in REFIT

Updated EMIR Questions and Answers document ESMA yesterday released this updated version of the questions and answer document relating to EMIR. The key answer of interest is TR 40 on page 96, which provides updated answers on how to handle a change of LEI (Legal Entity Identifier) on an entity. The scenarios on page 107 … Continue reading

Regulatory consequences – MiFID II and others

Some consequences of MiFID II and other regulatory activity, such as Brexit is beginning to be felt in several quarters: This article on the Reuters web site reports that the CEO of TP ICAP has left due to a profit warning. Much of the reduction is blamed on costs due to MiFID II, Brexit and … Continue reading

Blockchain and Crypto update: Reality begins to bite

There have been several developments in the Blockchain and crypto currency world since our last update (see here). This article by DLA Piper on the Lexology web site reports that the FCA is soon likely to begin enforcements against companies that are carrying out activity in either crypto currencies or ICOs that should be regulated. … Continue reading

MiFID II is six months old

Six months ago today, MiFID II started to apply, on the 3rd January 2018. The “go live” day was met with much anticipation¬†in the energy and commodities world (see here), with several sets of rules applying, such as position limits and the ancillary activity test. The wider financial services world had a great deal to … Continue reading

Brexit update – Much activity but no certainty

The political activity around Brexit continues, with the coming week seeing a “Brexit cabinet meeting” in the UK (see here on the BBC web site) following a meeting between the parties last week (see here on the BBC web site). In addition, there have been some more specific developments of interest since our last post … Continue reading