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Brexit day arrives

At midnight tonight CET, 11pm GMT the UK will officially leave the European Union. While some are moving (see here on Sky News) and others are celebrating (see here on the Daily Mail web site), Brexit does require consideration in terms of the rules that impact energy and commodities. Until the end of 2020, the … Continue reading

More anti abuse activity

In addition to the REMIT fines announced last week (see here) and the week before (see here) there has been other anti abuse activity this year: In the US, this article on Lexology by Shearman &Sterling LLP describes a further action in the issues around wheat futures manipulation, which started in the middle of last … Continue reading

BP Gas Marketing Ltd fined 1M EUR for activity on French gas market

It was announced on Friday by the CRE (Commission de régulation de l’énergie, the French National Regulatory Authority) that BP Gas Marketing Ltd has been fined 1 million Euros for breaking the REMIT market manipulation  rules via activity on the Peg Sud gas market in France.  The press release can be found here. The activity … Continue reading

3rd open anti-abuse meeting and more cases worldwide

This year has already seen one REMIT fine (see here) as well as anti-abuse activity in other parts of the world. For example the Dalian Commodity Exchange in China announced here that 116 abnormal transactions were investigated in Q4 2019. In the US, the ongoing case in the alleged manipulation of where futures continues, as … Continue reading

Position limit consultation responses published

ESMA has published the responses received to the consultation recently run on the MiFID II  position limit regime (see here). The responses can be found here. Some organisations such as CEER have already published their responses (see here) as well as the FIA (see here) . The consultation suggests several changes to the regime, including … Continue reading

REMIT fine announced in Lithuania

The National Energy Regulatory Council of Lithuania (NERC), the National  has just announced that  UAB Geros dujos has been fined EUR 28,583, which corresponds to 7.5% of annual revenue, for “marking the close” in the Lithuanian gas market. The press release is here. According to this decision notice, the fine relates to activity in the first … Continue reading

ACER to tighten REMIT reporting validation rules

Last week ACER announced here that some of the validation rules relating to reporting will be tightened from 30 June onwards. The change relates to the use of Energy Identifier Codes (EIC), in particular “X” codes that identify entities. The change requires that any such code used is registered in the “CEREMP” database of market … Continue reading

Final SFTR documents published – commodities information

Earlier this week ESMA published a final series of documents relating to the Securities Financing Transaction Reporting regulation (SFTR). The scope of SFTR includes “commodities lending”, which could be taken to include certain activities undertaken by commodity and energy market participants. SFTR covers Non-Financial Counterparties (NFC), as well as Financial Counterparties (FC). Reporting starts in … Continue reading

MiFID II is two years old

It is now exactly two year since “the day of the MiFID” arrived on 3rd January 2018 and MiFID II started to apply (see here). MiFID II brought some significant changes to the financial sector in a wide variety of areas, whose impact has continued to be felt (see here, for example). MiFID II also … Continue reading

Regulation in 2020 – what can we expect?

As in previous years, as  2020 opens, we will dedicate this first post to considering what will keep us busy over the coming months in the regulatory world of energy and commodity trading, focused on Europe. Same themes as last year? Many consider us to now be in the regulatory era of “making it work” … Continue reading