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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 1141 posts for Energy Trading Regulation

$16m fine in the US, other US fines, and a fine alternative in Northern Ireland

Kraft Heinz Co and Mondelez International Inc have been fined $16 million in the US by the CFTC for market manipulation. The press release can be found here and the order here. The companies are accused to have built up significant positions in wheat futures, with no intention of taking delivery thus sending a false … Continue reading

Inside information – FCA Market Watch

The UK’s Financial Conduct Authority (FCA) has issued their latest “Market Watch” newsletter (number 60). It can be found here. The focus is on the control of access to inside information, following the recent convictions in the case against a UBS compliance officer and a day trader (see here). The newsletter looks at some of … Continue reading

SFTR consultation responses

ESMA recently closed a consultation on the Securities Financing Transaction Reporting regulation (SFTR). The scope of SFTR includes “commodities lending”, which could be taken to include certain activities undertaken by commodity and energy market participants. SFTR covers Non-Financial Counterparties (NFC), as well as Financial Counterparties (FC). Earlier this year the start dates of reporting were … Continue reading

REMIT Quarterly – data format changes on hold and other news

ACER has issued the latest “REMIT Quarterly” newsletter, which can be found here. Points of note include: New reporting formats – this is suspended for 2019 until ACER receive more budget. XBID – An article on page 2 about  how ACER are surveying activity following the XBID implementation. Use of and sharing of data – … Continue reading

FCA extends “temporary transitional power” – but not for everything

Now that Brexit is back in discussion  and a “no deal Brexit” more possible (see here), preparation activity is beginning to increase. Last week, the UK’s Financial Conduct Authority (FCA), announced an extension to the temporary relief previously granted, that would apply in the event of a no deal Brexit, to certain aspects of financial … Continue reading

ACER issues open letter on REMIT data quality

ACER published a 3rd “Open letter on REMIT data quality” on Friday, which can be found here. The previous such letter was published just over a year ago (see here). The document addresses specific issues that occur when Market Participants and others fulfil their REMIT reporting requirements. Some points to note in the letter include: … Continue reading

Brexit planning could soon restart

With a new leadership in the UK promising that the country will leave the EU on the 31st October, with or without a deal” (see here on Sky News for example), planning that slowed down when the UK failed to leave on the 12th April (see here)  may soon restart. ISDA recently updated their “Brexit … Continue reading

Anti abuse cases worldwide

Vitol is in danger of being fined $6M in the US  for alleged manipulation in California’s power market. The regulator FERC has issued this “Order to Show cause”. An article on the topic can be found here on Reuters.  Also in the US, a firm has been fined $350,000 for engaging in wash sales on … Continue reading

Updated REMIT guidance and consultation on Inside Information – move to use platforms

ACER released an updated REMIT Guidance document last night, together with some other updated documents. The changes relate to the disclosure of Inside Information under REMIT Article 4, and also the use of the exemption with respect to insider trading. ACER has also opened a consultation on  inside Information. The guidance document (section 7) states … Continue reading

ESMA call for evidence on position limits – responses published

ESMA has published the responses received to their “call for evidence” on the MiFID II position limits regime. They can be found here. The call for evidence, which can be found here, asked for input into the effectiveness of the regime that started with MiFID II on 3 January 2018. Several industry associations (FIA, ISDA … Continue reading