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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 1158 posts for Energy Trading Regulation

Anti abuse activity continues in the US

Anti abuse penalties continue to increase in the US following recent fines (see here). These include a settlement of $67.4 m between the CFTC and Tower Research Capital LLC for spoofing. The  CFTC press release can be found here and the order here. This article on the FT web site summarises the case. In commodities, … Continue reading

ESMA opens consultation on MiFID II position limits

ESMA has opened a consultation on the MiFID II position limits and position management regimes, following a “call for evidence” earlier this year (see here).  The consultation document can be found here. The document reveals that the call for evidence returned some doubts as to the effectiveness of the regime in countering market abuse and … Continue reading

One week to the 2nd open anti-abuse forum

The 2nd open anti-abuse forum for the energy and commodities will take place in Amsterdam on the 11th November 2019, in one week’s time. There are still a few places remaining for those who wish to attend. The forum is brought to the market on a non-profit basis by the Market Abuse Centre and ETR … Continue reading

Investigations in Germany, anti abuse fine in the US, REMIT Quarterly

The Bundesnetzagentur, the National Regulatory Authority of Germany, has announced that it is investigating six companies for possible irregularities in the balancing market. The announcement can be found here. The investigation relates to imbalances in the power market in July 2019. US Fines FERC has ordered Vitol to pay over $3.7 m for alleged power … Continue reading

GB Capacity Market Reinstated

Last week the European Commission ruled that the GB Capacity Market should be restored, following its suspension in November 2018 (see here). The press release from the Commission can be found here. The UK Government’s Department of Business, Energy and Industrial Strategy (BEIS) has confirmed that: Previously suspended payments will be restored and paid by … Continue reading

Brexit update: “No-deal” information

The latest news on Brexit is that a new deal has been negotiated (see here on the Sky News web site). However, with a “no-deal” exit still possible on 31st October, it is still necessary to be as prepared as possible for such an outcome. The FCA has promised in this statement that in the … Continue reading

Tullet Prebon fined £15.4m. Updated REMIT guidance

The UK’s Financial Conduct Authority (FCA) announced last week that Tullet Prebon Europe Limit (TPEL) has been fined £15.4 million for “failing to conduct its business with due skill, care and diligence, failing to have adequate risk management systems and for failing to be open and cooperative with the FCA”. The notice can be found … Continue reading

“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