A new book by Aviv Handler on the rules covered by this blog is now available from the publisher, Risk Books. The book is titled “Navigating European Energy and Commodity Markets Regulation” and can be ordered from here.
This blog is restarting today after a few weeks’ absence due to personal circumstances. Over the coming days “catch up” posts will be published, as well as a special announcement tomorrow. In the meantime, last week ESMA published an updated Questions and Answers document on EMIR which can be found here. This version adds TR … Continue reading
Following the record fine of 37.3 million GBP levied on a market participant in Great Britain by Ofgem recently (see here), Ainsty Risk has published this report analysing the incident. It looks at the state of the market, the physical reality, the actual offences and the implications. It can be found here.
EMIR REFIT made some significant changes to several parts of EMIR last June, including changes to the calculation of the EMIR clearing threshold and the availability of an exemption from reporting of trades between non financial internal entities (see here). This coming 18 June 2020, the next part of REFIT that applies to Non-Financial Counterparties … Continue reading
Corona related announcements continue: The Monetary Authority of Singapore (MAS) has announced a series of delays and changes due to the Corona virus. The announcement can be found here. These include item 13 which delays the start of the final phase of derivatives reporting from 1 October 2020 to 1 October 2021. Many commodities firms … Continue reading
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
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
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
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
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