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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.
avivhandler has written 1113 posts for Energy Trading Regulation

No Accepted Market Practices under REMIT – CEER

The Council of European Energy Regulators (CEER) has issued this note on “Accepted Market Practices” (AMP) under REMIT. Behaviours described as an AMP by a National Regulatory Authority would not constitute a breach of REMIT Article 5, provided it is correctly  registered  as an AMP. A similar concept exists under MAR. The note states that: … Continue reading

Appeal against “improper monitoring” fine fails

Last week, the UK’s Upper Tribunal rejected an appeal lodged by Linear Investments against a fine of £409,300 levied against them by the UK’s FCA  last October (see here). The fine was levied under legislation that pre-dates the Market Abuse Regulation(MAR) relating to the requirement on financial firms to appropriately monitor activity for market abuse, … Continue reading

SFTR dates known – and a radio broadcast

The Securities Financing Transaction Reporting (SFTR) implementing regulation has now been published in the Official Journal of the European Union. This sets the start of reporting dates. The first date is 11th April 2020 for Investment Firms. The date for NFCs is 11th January 2021. The final set of documents can be found here. Previous … Continue reading

Updated MAR Q+A – News on EAMP requirements

Last week ESMA published this updated version of the Questions and Answers document on the Market Abuse Regulation. It contains some additional information on the rules that apply to “Emissions Allowance Market Participants” (EAMPs). An EAMP has additional requirements under MAR, including the obligation to publish certain types of “inside information” relating to the emissions. … Continue reading

EMIR REFIT – Threshold changes to apply on publication

The EMIR REFIT process has almost completed its journey so that it can be published in the Official Journal of the European Union (see here) The REFIT process aims to reform EMIR, and includes several changes that have an impact on those in energy and commodities, in particular those who are Non Financial Counterparties (NFC)  … Continue reading

REMIT dawn raid

ACM, the National Regulatory Authority of the Netherlands, has  announced that they have carried out a dawn raid on a company within the country, as part of an investigation into a REMIT breach related to insider trading. The press release is here. This is the latest is a series of abuse related events under REMIT, … Continue reading

Another large transaction reporting fine – £34.3M

The UK’s Financial Conduct Authority (FCA) has fined Goldman Sachs £34,344,700 for transaction reporting failures under MiFID I between 5 November 2007 and 31 March 2015. The issues cover 229.2 million transactions divided into: Missing reports Incorrect reports Reports that were out of scope (which is prohibited under MiFID) The penalty notice can be found … Continue reading

No Brexit today – but several updates

Today was to be the day on which Brexit finally occurred. However, the switch is delayed to the 12th April, 22nd May, or perhaps some other date. The politics around the process continue to evolve (for example see here on the BBC News web site). In the meantime there has been some relevant activity to … Continue reading

ACER paper on layering and spoofing and other market abuse news

Last Friday, ACER issued this report on the application of the REMIT market manipulation prohibition (Article 5) in relation to layering and spoofing. This is the third such “example market abuse” paper issued by ACER, with one on capacity hoarding  issued in 2018 (see here) and one on wash trades in 2017 (see here). The … Continue reading

ESMA publishes more MiFID II position limits opinions

ESMA has this week published seven further opinion documents relating to position limits under MiFID II, of which six relate to gas and one to power. This follows the publication of opinions in January (see here). The limits themselves have already been announced by the relevant National Competent Authority (in this case AFM, AMF and … Continue reading