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2018 draws to a close

As 2018 draws to a close, it is worth briefly reflecting where we stand in the world of regulation, as applied to energy and commodity trading: We opened the year with this post, very shortly before MiFID II came into application, on 3rd January. The start of MiFID II was a busy time for many … Continue reading

Brexit update – CCP access and Swiss equivalence

As the political side of the “brexit” process continues to twist and turn (see for example here on Sky News), there have been more developments affecting those in energy and commodities since our last update here. Many of these focus on preparations to be made for the increasing possibility of a “hard Brexit”. On Wednesday, … Continue reading

SFTR delegated regulation adopted by Commission

Last week, the European Commission adopted several level II texts relating to the Securities Financing Transaction Regulation (SFTR). The rules require that transactions in repurchase agreements, securities lending/borrowing, commodities lending/borrowing, buy/sell back and “reuse” of collateral are reported to authorised Trade Repositories. The rules will apply to a wide range of entities, including non financial counterparties, … Continue reading

Open Anti Market Abuse Forum to be run in London

ETR Advisory and the Market Abuse Centre will jointly organise an open “anti abuse” forum for the energy and commodities industries, to run in London on Monday 11th March 2019. This discussion forum is open to all professionals in the European energy and commodities markets to provide a public mechanism to discuss issues arising out of the implementation of … Continue reading

REMIT fine in Denmark and failed case in the US

On Friday the Danish Utility Regulator announced that Danmark Energi has been fined 750,000 Danish Krone as well as a charge of 354,000 Danish Krone for disgorgement, for a breach of REMIT Article 5, the prohibition against market manipulation. The fine is levied for several instances of “Capacity hoarding”, that is the claiming of capacity … Continue reading

Brexit update: Ofgem REMIT letter and more documents

The general news around Brexit has been very active in the last few days (for example, see here on the BBC web site). There have also been developments relevant to the energy and commodity trading world since our last post here. Energy market On Tuesday, Ofgem issued this open letter covering contingency arrangements in the … Continue reading

Manipulation fines under REMIT in Spain

The Comisión Nacional de los Mercados y la Competencia (CNMC), the Spanish National Regulatory Authority (NRA) has fined Galp Gas Natural S.A.and Multienergía Verde, S.L.U 80,000 EUR and 120,000 EUR respectively for market manipulation under REMIT. This follows a larger market manipulation fine under REMIT of 5 million Euros announced in October (see here). In … Continue reading