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Brexit, MAR, REMIT

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 have been levied for breaches of REMIT disclosed on page 3. These comprise several small fines levied in Spain on market participants that have failed to register in the ” CEREMP” database (also see here), and a fine levied in Hungary against an Organised Market Place (OMP) for failure to report orders and trades under REMIT Article 8 (also see here). Two weeks ago, a large fine was levied in France for market abuse (see here).

The newsletter also reports on the recent “EMIT” forum held in Ljubljana. The newsletter reports on the discussion, including a desire for ACER to remain involved in data collection for the UK after Brexit. Various statistics are also given, including  another rise in outstanding investigations, although the “new case” rate has reduced.

The updated Q+A mainly comprises a document restructuring, with a few updates to previous questions.

Investigations on the Dalian Commodity Exchange
The Dalian Commodity Exchange in China has issued this press release, revealing that 112 “abnormal transactions” were investigated in Q3. These include “phantom orders”, position limit breaches and other suspicious activity.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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