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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