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FCA reminds that “peer” approaches to MAR compliance are invalid – and other anti abuse news

Earlier this week, the FCA issued this Market Watch document on market conduct and transaction reporting issues. There are several observations on market abuse surveillance, some of which are relevant for energy and commodities market participants: That systems must be calibrated according to the company’s requirements, and not on a “communal” basis, i.e. with commons … Continue reading

ACER’s 2019 Work Programme – Some parts of REMIT in danger

Last week, ACER published this version of their “programming document for 2019-2021”, which includes the 2019 work plan. Starting on page 37, the document talks of the resources required to effectively  run marketing monitoring under REMIT, including license fees for monitoring software, staffing costs and also the cost of an overdue IT upgrade. The document … Continue reading

Last stage of “Finfrag” delayed by a further 5 years

Finma, the Swiss National Competent Authority, on Friday announced a 5 year further delay to the start of reporting under the Financial Markets Infrastructure Act (FMIA, also known as “Finfrag”) to 1st January 2024. The announcement can be found here.  It follows a 9 month delay of the deadline announced almost a year ago from … Continue reading

Large default in Nordic power market

Nasdaq has announced a default on the Nordic Commodities market in this notice, which has been followed by this statement identifying the defaulting party as Einar Aas, a private trader. There will be a contribution call for 100 million Euros in total to the default fund that will be made from clearing members. The losses have … Continue reading

Dawn raid in physical withholding case in Romania and a case in the US

The Romanian Competition Council, in cooperation with the ANRE (the National Regulatory Authority of Romania) has carried out dawn raids as part of an investigation into a possible abuse of a dominant position of Hidroelectrica SA. The announcement can be found here. Hidroelectrica are alleged to have ” limited the quantity of traded energy on some … Continue reading

Large ING settlement for money laundering includes significant disgorgement element

The Dutch bank ING has reached a settlement with the Dutch Public Prosecution Service of €775m for failures in anti money laundering procedures and compliance, which permitted accounts to be used for criminal activity. The announcement from ING can be found here, and an article on the topic on here. The settlement is split into … Continue reading

Link for ACER’s “EMIT” forum

ACER will be holding their second “Energy Market Integrity and Transparency Forum” this afternoon (6th September) and tomorrow morning (7th September) in Ljubljana. It will cover a variety of topics relating to REMIT spanning reporting, the disclosure of inside information and market manipulation. The event will be live streamed, and can be accessed from here.

MiFID II goes global

With MiFID II very much “bedding down”, its impact is being felt outside of the EU as well as inside. This article on the Tabb Forum by Gary stone of Bloomberg Trading Solutions looks at how those in other jurisdictions are being affected by MiFID II. For some this is due to the “no LEI … Continue reading

Brexit update: Activity continues but still no certainty

Despite the summer being quiet, the news headlines still continue to be full of material on Brexit, for example this news story on the Sky News web site about EU chief negotiator Michel Barnier not being in favour of the “Chequers” proposal from July (see here). There are also reports that the previously set deadline … Continue reading