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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 1023 posts for Energy Trading Regulation

EMIR changes agreed and news about penalties

The European Parliament has agreed in a plenary session to the proposed changes  to EMIR as part of the REFIT process, passed by the ECON committee a few weeks ago (see here). The agreed document will be used to represent the stance of the Parliament in the “Trialogue” process in the coming weeks. The press … Continue reading

Possible ACER change in authority, ESMA speech, and a course

The European Council yesterday agreed its position to update and increase the role of the Agency for the Coordination of Energy Regulators (ACER), who are, amongst other things, responsible for many parts of REMIT, including data collection and cross market monitoring, as well as other areas such as network codes. The press release from the … Continue reading

Brexit update: FIA survey and threats to equivalence

The headline level story around Brexit in the UK is around the vote in the UK Parliament next week on the 15 amendments to the “Brexit Bill” proposed by the House of Lords (see here on Sky News). There have also been some developments on the financial side since our last post (see here). Yesterday, … Continue reading

5 months later, how is MiFID II going?

Yesterday was the 5 month anniversary of the start of MiFID II.  In many ways, things have settled down since then, although there have been some developments over the past weeks (see here for a list of these already covered). While all has been relatively quiet in the world of energy and commodities, there is … Continue reading

ACER publishes open letter on the disclosure of inside information

ACER has today published this open letter Inside Information disclosure and the use of Inside Information Platforms.  The letter was promised in a previous quarterly newsletter (see here). Different types of entity are required to disclosure inside information under REMIT Article 4. At present, most do this on a web site, in many cases using a … Continue reading

Updated EMIR Q+A – with updated reporting answers

ESMA has today published an updated Questions and Answers document on EMIR, which can be found here. The updated answers include several on the reporting of derivatives trades, which will be of note to those in energy and commodities. These include: TR 12 c (page 82) – On reporting maturity dates that are not working … Continue reading

Crypto spoofing and other anti abuse news

The fight against market abuse continues with reports that the CFTC and US Justice Department is investigating alleged market manipulation in crypto currencies. The case is reported here on Bloomberg amongst other places. A suit by a group of investors seeking damages from Total Gas & Power North America, Inc., Total S.A., and Total Gas … Continue reading

ESMA issues position limits opinion document – agrees with FCA

ESMA has issued this opinion document  on the ICE Low Sulphur Gasoil 1st Line contract, following opinion documents issued previously (see here). The document agrees with the limits proposed by the FCA (see here), in setting the spot month limit at 25% of deliverable supply and the other months at 27%. ESMA has also agreed to … Continue reading

ECON committee agrees EMIR changes

The European Parliament’s Committee on Economic and Monetary Affairs (ECON) last week voted to agree to the proposed changes to EMIR as part of the REFIT programme (see here). The press release can be found here. The changes agreed include: Transactions between internal entities, where either entity is a Non Financial Counterparty (NFC) are no longer … Continue reading

Brexit update – Financial discussions and energy “hard Brexit” document

Despite many discussions since our last update (see here), uncertainty around how the world will look after Brexit continues. Energy markets The European Commission’s Directorate General of Energy has recently  issued this document outlining the consequences of a “hard Brexit” in terms of the energy market. It stresses several issues that would occur, for example … Continue reading