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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 1151 posts for Energy Trading Regulation

“No-deal Brexit” REMIT update published by Utility Regulator

The Utility Regulator,  the National Regulatory Authority(NRA) for Northern Ireland, has published this updated note which provides guidance to affected entities as to whether and how to re-register under REMIT in the event of a No-deal Brexit. This follows information published by ESMA and the FCA earlier this week (see here). In the event of … Continue reading

Updated “hard Brexit” documents issued

ESMA and the FCA each yesterday issued updated documents relating to a potential “hard Brexit” on the 31st October: ESMA issued: A public statement summarising the situation (here). A document on the use of UK data in different regulatory calculations which includes the use of UK data in the Ancillary Activity test (here). An operational … Continue reading

MAR consultation

ESMA yesterday opened a consultation as part of the “MAR Review”which can be found here. It includes several proposed changes that cover the entirety of MAR. It also contains a proposal to expand the scope of MAR to spot FX. The document includes a section of the definition of inside information with respect to commodity … Continue reading

Updated EMIR Q+A

Yesterday ESMA issued an updated version of the EMIR Questions and Answers document, which can be found here. There are several updates, some of which relate to the consequences of “REFIT” (see here). These are: OTC 2h (page 17) – Deals with entities that start to trade derivatives and by when they must calculate the … Continue reading

Brexit update: Recent developments

While the mainstream news is primarily focused on the political side of Brexit (for example, see here on the BBC New web site), there have been a few developments that are relevant for the energy and commodity trading sector. Over the past days, the UK’s Financial Conduct Authority (FCA) has announced here that firms are … Continue reading

2nd and 3rd Open Anti-Abuse meetings for energy and commodities announced

Following the first Open Anti-Abuse meetings run in March 2019 (see here), the 2nd and 3rd events have been announced for November 2019 in Amsterdam and March 2020 in London. ETR Advisory and the Market Abuse Centre jointly organise the events for the energy and commodities industries.  They are open to all professionals in the European energy … Continue reading

Conclusions from ACER’s “EMIT” forum and a WhatsApp deletion issue

ACER’s “EMIT” forum, held last week in Ljubljana, covered a spectrum of matters related to REMIT’s implementation. The topics included: Inside information (including the currently open consultation which can be found here). Questions of market manipulation  – enforcements and investigations. Data collection. Cooperation between regulatory bodies. The issue of budget and the likely future ability … Continue reading

£2.1m fine in GB under REMIT for spoofing

Ofgem, the National Regulatory Authority for Great Britain, announced today the Engie Global Markets(EGM) has been fined £2.1 million. The press release can be found here, and a fuller announcement here. The fine relates to activity carried out in NBP (National Balancing Point) gas contracts, and took place between June and August 2016. The investigation … Continue reading

More developments on wheat futures manipulation case, and more cases

There have been further developments in the case regarding market manipulation in wheat futures in the US (see here). This article on the CNBC web site reports that one of the defendants is suing the CFTC for publishing the press release. This article on food business news reports that the chair and two commissioners of … Continue reading

US cases – Further development in recent case, and another spoofing case

Following the announcement of a $16m settlement for market manipulation in wheat futures in the US earlier this week (see here), the CFTC has withdrawn the press release. This article on the Lexology web site by  Gary DeWaalKatten of Muchin Rosenman LLP  explains that the defendants enforced an agreement not to publicise the details of … Continue reading