EMIR update – REFIT published and new Q+A
EMIR "REFIT", which introduces some significant changes to the way in which EMIR is complied with, has finally been published in the Official Journal of the European Union. The document…
ESMA issues updated opinion on market sizes
ESMA has issued an updated document on the market sizes to be used for the Ancillary Activity test, which must be undertaken by energy and commodity market participants who wish to…
Two REMIT fines in Spain
Two fines have been levied by the CMNC, the National Regulatory Authority of Spain, both for "physical withholding": A fine of 5.8M Euros against Endessa Generación, S.A. (see here). A…
Anti abuse news – and a panel
Recent market manipulation cases (for example see here) have continued the trend of an increased focus on anti abuse activity on the part of regulators. Earlier this year, the UK's…
GB capacity market – appeal delayed
There have been developments in the story around the suspension of the GB capacity market since our last post here. This story on the Utility Week web site reports that…
MiFID II issues
While the impact of MiFID II on the energy and commodities sector has been relatively quiet recently (see here), there has been a great deal of discussion in the wider…
Mis-marking case in the US
The CFTC has charged a former natural gas trader for fraudulently mis-marking physical and futures natural gas trades, as announced in this press release. David Smothermon is alleged to have…
FCA issues “Dear CEO” letter to wholesale brokers
The UK's Financial Conduct Authority(FCA) has issued this open letter to the CEOs of wholesale brokers, across several asset classes. The letter identifies some issues observed by the FCA at…
New position limits opinions from ESMA
ESMA yesterday issued further opinion documents on position limits already set by National Competent Authorities(NCAs) under MiFID II. This follows the publication of opinions in March (see here). Each opinion has…