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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 1058 posts for Energy Trading Regulation

Blockchain and crypto update

There have been several developments of note in the crypto currency and regulatory world since our last post on the topic (see here). A few of note are covered in this post. Crypto currency developments There have been several rulings and comments from regulators about the status of crypto currencies. The CFTC announced here that … Continue reading

Vitol receives €5m REMIT fine

Vitol SA has received a fine of €5m levied by the Commission de régulation de l’énergie (CRE), the French National Regulatory Authority for a breach of REMIT. The fine is levied for “sending misleading price signals” by placing “phantom orders” in the PEG Sud  market on multiple occasions. The press release in English can be found here and … Continue reading

New MiFID II position limits opinions issued by ESMA and other related updates

ESMA has issued “opinion” documents on three MiFID II position limits, which relate to limits already published by National Competent Authorities. They are: ICE Natural Gas Futures – here EEX Swiss Power Baseload Contracts – here EEX Phelix DE/AT Baseload Power Contracts – here The spreadsheet published by ESMA showing all opinions so far together … Continue reading

ESMA issues updated MiFID II information for commodity derivatives

ESMA has issued two documents relating to MiFID II for those who trade commodity derivatives: Updated Q+A  (here) – This has updates on position limits, position reporting and the ancillary activity test. There are additions, changes and one deletion. Updated opinion document on market sizes (here) – This is used as part of the market … Continue reading

FCA reminds that “peer” approaches to MAR compliance are invalid – and other anti abuse news

Earlier this week, the FCA issued this Market Watch document on market conduct and transaction reporting issues. There are several observations on market abuse surveillance, some of which are relevant for energy and commodities market participants: That systems must be calibrated according to the company’s requirements, and not on a “communal” basis, i.e. with commons … Continue reading

ACER’s 2019 Work Programme – Some parts of REMIT in danger

Last week, ACER published this version of their “programming document for 2019-2021”, which includes the 2019 work plan. Starting on page 37, the document talks of the resources required to effectively  run marketing monitoring under REMIT, including license fees for monitoring software, staffing costs and also the cost of an overdue IT upgrade. The document … Continue reading

Last stage of “Finfrag” delayed by a further 5 years

Finma, the Swiss National Competent Authority, on Friday announced a 5 year further delay to the start of reporting under the Financial Markets Infrastructure Act (FMIA, also known as “Finfrag”) to 1st January 2024. The announcement can be found here.  It follows a 9 month delay of the deadline announced almost a year ago from … Continue reading

Large default in Nordic power market

Nasdaq has announced a default on the Nordic Commodities market in this notice, which has been followed by this statement identifying the defaulting party as Einar Aas, a private trader. There will be a contribution call for 100 million Euros in total to the default fund that will be made from clearing members. The losses have … Continue reading

Dawn raid in physical withholding case in Romania and a case in the US

The Romanian Competition Council, in cooperation with the ANRE (the National Regulatory Authority of Romania) has carried out dawn raids as part of an investigation into a possible abuse of a dominant position of Hidroelectrica SA. The announcement can be found here. Hidroelectrica are alleged to have ” limited the quantity of traded energy on some … Continue reading

Large ING settlement for money laundering includes significant disgorgement element

The Dutch bank ING has reached a settlement with the Dutch Public Prosecution Service of €775m for failures in anti money laundering procedures and compliance, which permitted accounts to be used for criminal activity. The announcement from ING can be found here, and an article on the topic on FT.com here. The settlement is split into … Continue reading