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5 months to Brexit – EMIR announcements, the US joins the fight, UK ETS replacement

In 5 months’ time, the UK will no longer be part of the European Union. With no deal agreed at this stage, many are now preparing for a “hard Brexit” scenario. There have been a few developments since our last post on the topic here. EMIR The UK Government has now published a draft Statutory … Continue reading

MiFID II update: Position limits changes and wider news – MiFID III

There has been some activity on the MiFID II side of things since our last post (see here), a small proportion of which relates to energy and commodities: Recently the UK’s Financial Conduct Authority(FCA) updated their master limits spreadsheet. The new version can be found here. Some significant changes have been made to the aggregations … Continue reading

New ACER documents reveal more fines and other information – More investigations in China

ACER yesterday issued the follow documents and updates: An updated Questions and Answer document on REMIT (here) An updated list of “accepted EICs”  for use as the delivery point in reports(here) The latest edition of the “REMIT Quarterly” (here) The quarterly reveals several new pieces of information: In particular, it reveals that several smaller fines … Continue reading

Monitoring fine in the UK and manipulation cases in the US

Activity in the anti abuse sphere continues, in addition to the large REMIT fine levied in France last week (see here). In the UK, the FCA published this Decision Notice, which reveals a fine of  £409,300 levied on a firm (Linear Investments Limited) for failure to have adequate “risk management systems in relation to the detection … Continue reading

Brexit update – Security of supply, MiFID II and more

There has been a great deal of political activity since our last post on Brexit (see here), with the next important summit taking place tomorrow (see here on the Reuters web site). At the same time, there have been several documents and statements released that are relevant for those in energy and commodity trading: Technical … Continue reading

Blockchain and crypto update

There have been several developments of note in the crypto currency and regulatory world since our last post on the topic (see here). A few of note are covered in this post. Crypto currency developments There have been several rulings and comments from regulators about the status of crypto currencies. The CFTC announced here that … Continue reading

Vitol receives €5m REMIT fine

Vitol SA has received a fine of €5m levied by the Commission de régulation de l’énergie (CRE), the French National Regulatory Authority for a breach of REMIT. The fine is levied for “sending misleading price signals” by placing “phantom orders” in the PEG Sud  market on multiple occasions. The press release in English can be found here and … Continue reading

New MiFID II position limits opinions issued by ESMA and other related updates

ESMA has issued “opinion” documents on three MiFID II position limits, which relate to limits already published by National Competent Authorities. They are: ICE Natural Gas Futures – here EEX Swiss Power Baseload Contracts – here EEX Phelix DE/AT Baseload Power Contracts – here The spreadsheet published by ESMA showing all opinions so far together … Continue reading

ESMA issues updated MiFID II information for commodity derivatives

ESMA has issued two documents relating to MiFID II for those who trade commodity derivatives: Updated Q+A  (here) – This has updates on position limits, position reporting and the ancillary activity test. There are additions, changes and one deletion. Updated opinion document on market sizes (here) – This is used as part of the market … Continue reading