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IOSCO finds satisfactory progress in rules implementation

On Monday, the International Organisation of Securities Commissions (IOSCO) published this report, providing the results of the latest survey run across different global jurisdictions on the implementation of the ” Principles for the Regulation and Supervision of Commodity Derivatives Markets”, a document published here in September 2011. This third version of the survey published shows … Continue reading

Capacity market suspended in GB

Last Thursday, the European Court of Justice (ECJ) ruled in favour of Tempus Energy, against the European Commission, annulling the Commission’s State aid approval for the UK Capacity Market. As a result the Capacity Market in Great Britain has been suspended. The notice from the UK Department of Business, Energy & Industrial Strategy (BEIS) can … Continue reading

Brexit – Withdrawal Agreement and Commission hard Brexit plan

It has been a busy few days on the Brexit front, with a great deal of activity since our last post here. Withdrawal Agreement The political side of the Brexit discussions has been very busy, with news of a Withdrawal Agreement from both the UK Cabinet and the EU (see for example here on the … Continue reading

Blockchain update – regulator comments and more initiatives

There have been several developments in the area of blockchain and Distributed Ledger Technology (DLT) use, including regulatory aspects, since our last post on the topic here.  For example this article on the Global Custodian  web site reports that DTCC have managed to handle increased volumes using blockchain, initially for settlement. At the same time, … Continue reading

Clearing and trading obligation issues – and a Brexit related announcement from ESMA

Last week ESMA issued this statement relating to the upcoming expiry of the temporary carve out provided to certain entities, including those designed as “NFC+” under EMIR, from the clearing obligation under EMIR and resulting trading obligation under MiFID II. Companies in the energy and commodities sector are largely “Non Financial Counterparties” and some are … Continue reading

New FCA Marketwatch and other anti abuse news

There have been several anti abuse updates since our last post on the topic here: The UK’s Financial Conduct Authority (FCA) has published this new “Market Watch” newsletter, which provides some new examples of behaviours that would be considered market manipulation and therefore a breach of MAR. The behaviours are “flying” and “printing”, the practice … Continue reading