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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 1073 posts for Energy Trading Regulation

REMIT fine in Denmark and failed case in the US

On Friday the Danish Utility Regulator announced that Danmark Energi has been fined 750,000 Danish Krone as well as a charge of 354,000 Danish Krone for disgorgement, for a breach of REMIT Article 5, the prohibition against market manipulation. The fine is levied for several instances of “Capacity hoarding”, that is the claiming of capacity … Continue reading

Brexit update: Ofgem REMIT letter and more documents

The general news around Brexit has been very active in the last few days (for example, see here on the BBC web site). There have also been developments relevant to the energy and commodity trading world since our last post here. Energy market On Tuesday, Ofgem issued this open letter covering contingency arrangements in the … Continue reading

Manipulation fines under REMIT in Spain

The Comisión Nacional de los Mercados y la Competencia (CNMC), the Spanish National Regulatory Authority (NRA) has fined Galp Gas Natural S.A.and Multienergía Verde, S.L.U 80,000 EUR and 120,000 EUR respectively for market manipulation under REMIT. This follows a larger market manipulation fine under REMIT of 5 million Euros announced in October (see here). In … Continue reading

Enforcement case summaries published

Various regulators have recently published summaries of recent enforcement case statistics and other metrics: In Europe, ESMA has issued this report on “administrative and criminal sanctions and other administrative measures under MAR”. The report covers 2016 and 2017, the first years when MAR has been applied. As such, there are a relatively small number of … Continue reading

IOSCO finds satisfactory progress in rules implementation

On Monday, the International Organisation of Securities Commissions (IOSCO) published this report, providing the results of the latest survey run across different global jurisdictions on the implementation of the ” Principles for the Regulation and Supervision of Commodity Derivatives Markets”, a document published here in September 2011. This third version of the survey published shows … Continue reading

Capacity market suspended in GB

Last Thursday, the European Court of Justice (ECJ) ruled in favour of Tempus Energy, against the European Commission, annulling the Commission’s State aid approval for the UK Capacity Market. As a result the Capacity Market in Great Britain has been suspended. The notice from the UK Department of Business, Energy & Industrial Strategy (BEIS) can … Continue reading

Brexit – Withdrawal Agreement and Commission hard Brexit plan

It has been a busy few days on the Brexit front, with a great deal of activity since our last post here. Withdrawal Agreement The political side of the Brexit discussions has been very busy, with news of a Withdrawal Agreement from both the UK Cabinet and the EU (see for example here on the … Continue reading

Blockchain update – regulator comments and more initiatives

There have been several developments in the area of blockchain and Distributed Ledger Technology (DLT) use, including regulatory aspects, since our last post on the topic here.  For example this article on the Global Custodian  web site reports that DTCC have managed to handle increased volumes using blockchain, initially for settlement. At the same time, … Continue reading

Clearing and trading obligation issues – and a Brexit related announcement from ESMA

Last week ESMA issued this statement relating to the upcoming expiry of the temporary carve out provided to certain entities, including those designed as “NFC+” under EMIR, from the clearing obligation under EMIR and resulting trading obligation under MiFID II. Companies in the energy and commodities sector are largely “Non Financial Counterparties” and some are … Continue reading

New FCA Marketwatch and other anti abuse news

There have been several anti abuse updates since our last post on the topic here: The UK’s Financial Conduct Authority (FCA) has published this new “Market Watch” newsletter, which provides some new examples of behaviours that would be considered market manipulation and therefore a breach of MAR. The behaviours are “flying” and “printing”, the practice … Continue reading