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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 1194 posts for Energy Trading Regulation

6 years of EMIR reporting

It is 6 years today since EMIR reporting started, on the 12th February 2014. The initial post from that day can be found here. Interestingly, for those in the energy industry, the start date also coincided with the eWorld fair. Since then there have been several changes to the reporting formats, initially through “validation” updates … Continue reading

MiFID II position limits opinions published by ESMA

On Friday ESMA published a set of opinions on MiFID II position limits that have been submitted to them by National Competent Authorities (NCA). The process under MiFID is for NCAs to establish the limit levels, and then to submit them for an opinion to ESMA. In this instance, one previously submitted limit, on OMIP … Continue reading

Commodity derivatives pre trade transparency rules under MiFIR, Brexit

Yesterday, ESMA published this statement, providing an update on the matter of financial trading venues’ compliance with the MiFIR pre-trade transparency rules. This follows a briefing published in June that advised that venues where commodity derivative instruments were traded did not qualify for a waiver from the rules and so would be required to comply … Continue reading

CFTC proposes position limits rules

Last Thursday the CFTC unveiled the latest and possibly final proposal for mandatory position limits on certain commodity derivative contracts. This is the latest version of the rules which formed part of the Dodd Frank Act but which so far have not been implemented (see here). The new version proposes several changes to the previously … Continue reading

eWorld – Essen 11th to 13th February

The “e-world” exhibition takes place next week in Essen, Germany (see here). This sees a gathering of a large cross section of Europe’s energy industry. Anyone wishing to meet on the 11th or 12th February for a general discussion on the regulation of the wholesale energy market is welcome to email info@etr-advisory.com or to fill in … Continue reading

Brexit day arrives

At midnight tonight CET, 11pm GMT the UK will officially leave the European Union. While some are moving (see here on Sky News) and others are celebrating (see here on the Daily Mail web site), Brexit does require consideration in terms of the rules that impact energy and commodities. Until the end of 2020, the … Continue reading

More anti abuse activity

In addition to the REMIT fines announced last week (see here) and the week before (see here) there has been other anti abuse activity this year: In the US, this article on Lexology by Shearman &Sterling LLP describes a further action in the issues around wheat futures manipulation, which started in the middle of last … Continue reading

BP Gas Marketing Ltd fined 1M EUR for activity on French gas market

It was announced on Friday by the CRE (Commission de régulation de l’énergie, the French National Regulatory Authority) that BP Gas Marketing Ltd has been fined 1 million Euros for breaking the REMIT market manipulation  rules via activity on the Peg Sud gas market in France.  The press release can be found here. The activity … Continue reading

3rd open anti-abuse meeting and more cases worldwide

This year has already seen one REMIT fine (see here) as well as anti-abuse activity in other parts of the world. For example the Dalian Commodity Exchange in China announced here that 116 abnormal transactions were investigated in Q4 2019. In the US, the ongoing case in the alleged manipulation of where futures continues, as … Continue reading

Position limit consultation responses published

ESMA has published the responses received to the consultation recently run on the MiFID II  position limit regime (see here). The responses can be found here. Some organisations such as CEER have already published their responses (see here) as well as the FIA (see here) . The consultation suggests several changes to the regime, including … Continue reading