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FCA extends “temporary transitional power” – but not for everything

Now that Brexit is back in discussion  and a “no deal Brexit” more possible (see here), preparation activity is beginning to increase. Last week, the UK’s Financial Conduct Authority (FCA), announced an extension to the temporary relief previously granted, that would apply in the event of a no deal Brexit, to certain aspects of financial … Continue reading

ACER issues open letter on REMIT data quality

ACER published a 3rd “Open letter on REMIT data quality” on Friday, which can be found here. The previous such letter was published just over a year ago (see here). The document addresses specific issues that occur when Market Participants and others fulfil their REMIT reporting requirements. Some points to note in the letter include: … Continue reading

Brexit planning could soon restart

With a new leadership in the UK promising that the country will leave the EU on the 31st October, with or without a deal” (see here on Sky News for example), planning that slowed down when the UK failed to leave on the 12th April (see here)  may soon restart. ISDA recently updated their “Brexit … Continue reading

Anti abuse cases worldwide

Vitol is in danger of being fined $6M in the US  for alleged manipulation in California’s power market. The regulator FERC has issued this “Order to Show cause”. An article on the topic can be found here on Reuters.  Also in the US, a firm has been fined $350,000 for engaging in wash sales on … Continue reading

Updated REMIT guidance and consultation on Inside Information – move to use platforms

ACER released an updated REMIT Guidance document last night, together with some other updated documents. The changes relate to the disclosure of Inside Information under REMIT Article 4, and also the use of the exemption with respect to insider trading. ACER has also opened a consultation on  inside Information. The guidance document (section 7) states … Continue reading

ESMA call for evidence on position limits – responses published

ESMA has published the responses received to their “call for evidence” on the MiFID II position limits regime. They can be found here. The call for evidence, which can be found here, asked for input into the effectiveness of the regime that started with MiFID II on 3 January 2018. Several industry associations (FIA, ISDA … Continue reading

Reporting fine in Ireland

Wells Fargo Bank International has been fined €5,880,000 by the Central Bank of Ireland(CBI) for reporting failures and also for failures around the governance of reporting. The reporting relates to capital calculations and filings under CRD IV and connected legislation. The fine was reduced for early settlement according to the usual CBI fining formula. More … Continue reading

Fine for position limit violation in the US

The CFTC has fined Elephas Investment Management Ltd. a Hong Kong based hedge fund, for violating wheat futures speculative position limits on CBOT. The fine was set at $160,000.  The CFTC press release can be found here and the order here. The Order found that on November 29, 2017, “Elephas held a net long position … Continue reading

FIA position paper on ETD reporting under EMIR

The Futures Industry Association has issued this paper on the topic of reporting Exchange Traded Derivatives (ETD) under EMIR. The paper proposes some changes to simplify position reporting of ETDs. Unlike other reporting regimes around the world, EMIR requires that ETDs be reported by market participants. Many of those who report prefer to do so … Continue reading