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REMIT investigations, papers and penalty analysis

Last week Montel published this article which reported that the Bundesnetzagentur(German National Regulatory Authority) has opened  an investigation into potential REMIT infringements by 11 firms, relating to activity in June 2019. This follows warnings given recently to 2 firms for improper activity in the German balancing market (see here). Nordpool has published their latest market … Continue reading

Insider trading accusation in commodities – balancing investigation closed in Germany

Following accusations of insider trading by US Senators relating to the Corona virus  a few weeks ago (see here), it has been reported that an investigation has opened into trading in oil futures based on inside information. This article on Bloomberg reports that the CFTC and FCA have opened probes into transactions in oil futures … Continue reading

Improper record keeping and monitoring penalty

A broker has been fined just over 83,000 GBP  (after applying an early settlement discount) by ICE Futures Europe for failure to keep proper records of activity and improper monitoring. The disciplinary notice can be found here. The fine relates to the lack of organisation behind monitoring  for breaches of the exchange rules, as well … Continue reading

Record fine levied under REMIT – ICE spoofing

On Wednesday Ofgem, the National Regulatory Authority of Great Britain, announced that InterGen has been fined 37.2 million GBP for  breaches of REMIT Article 5. The announcement can be found here and further information here. The breach relates to activity in the winter of 2016 and involves sending misleading notifications to the ESO. It also … Continue reading

5th version of REMIT Guidance published

ACER has this afternoon published the  5th Edition of the REMIT Guidance which can be found here. Many of the changes relate to the definition of “Inside Information”, which has been a point of discussion at many market participants due to the many “edge cases” that exist. ACER acknowledged in the accompanying email that the … Continue reading

Covid 19 updates – delays and notices

It comes as no surprise that there have been many announcements relating to the impact of Covid 19 since our last update here. These include: Temporary changes and a “softening” of the UK Senior Managers and Certifications Regime(SM&CR), as announced by the FCA here and discussed on the FT Advisory site here. An extension to … Continue reading

ESMA report on MiFID II commodity derivatives regime – possible changes

ESMA has released this report summarising the responses received from the recent consultation focused on the MiFID II position limits regime (see here). The report also addresses some other topics including the Ancillary activity test.  It includes: Comments on the effectiveness of the current position limits regime, with a great deal of feedback that it … Continue reading