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Brexit, Mifid

Commodity derivatives pre trade transparency rules under MiFIR, Brexit

Yesterday, ESMA published this statement, providing an update on the matter of financial trading venues’ compliance with the MiFIR pre-trade transparency rules. This follows a briefing published in June that advised that venues where commodity derivative instruments were traded did not qualify for a waiver from the rules and so would be required to comply (see here). It required that the affected venues comply by December 2019.

Yesterday’s statement names two UK based venues as not yet being in compliance and gives ESMA’s understanding of the plans for compliance. It encourages the UK’s FCA to take measures to ensure that the venues comply. However, according to this article on the City AM web site, the FCA have stated that they do not share the view that the venues are not taking appropriate measures to comply and that they “want to ensure that implementation happens in such a way so as not to disrupt trading”.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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