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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 1177 posts for Energy Trading Regulation

Reporting issues in financial regulation and a new master agreement

There have been several revelations recently that many who are obliged to report under MiFID II have been experienced issues with reporting. This article on The Trade News web site reports that a high proportion of market participants receive no feedback from regulators on submissions. The article refers to a study carried out by vendor … Continue reading

ESMA MAR documents – more regulatory activity expected

ESMA released a series of documents relating to MAR towards the end of last week: STOR peer review report (here) – The report reveals that the number of STORs submitted has increased significantly since the start of MAR and since. However, most of the increase relates to equity-based STORs. Page 39 reveals that “there are … Continue reading

ESMA report on EMIR penalties and supervisory measures

Yesterday, ESMA  published this report on penalties and supervisory measures relating to EMIR covering 2018. It is the second such report. It covers: The clearing obligation The reporting obligation NFC requirements Risk mitigation techniques The report notes that there were no actual penalties this year, but several warnings and investigations. The report also notes, amongst … Continue reading

SMCR starts today for many

From today, the Senior Managers and Certification Regime (SM&CR) will start for many firms in the UK. The SM&CR applies to those regulated by the FCA, and includes those in energy and commodities who have the appropriate Investment Firm status and were subject to the “Approved Persons Regime”. SM&CR already applies to banks and large … Continue reading

Anti bribery and corruption fines and investigations in commodities

The past weeks have seen a large anti bribery and corruption fine in commodities as well as the announcement of a new investigation. Gunvor Group were fined almost 94 million Swiss Francs by for bribery and corruption failures relating to activity in Congo Republic and Ivory Coast. The fine was  levied in Switzerland and is … Continue reading

Fines in the financial markets

A 2 million Euro fine has been issued under MAR to ABN Amro for late disclosure of inside information. The notice can be found here. In the UK, the PRA (Prudential Regulation Authority) has fined Citigroup £44 million for failings in reporting. These failings relate to internal controls and governance arrangements underpinning compliance with regulatory … Continue reading

ACER stops processing RRM applications

ACER has announced here that the processing of applications to become a Registered Reporting Mechanism (RRM) under REMIT has been suspended due to a lack of suitable resources. RRMs are usually the destination to which market participants send data when reporting under REMIT. The announcement notes that there are already over 120 authorised RRMs as … Continue reading

More US anti abuse activity – precious metals – more spoofing

Following the charging of several individuals earlier this year (see here) an additional trader, formerly of JP Morgan Chase and Co, has been charged with market manipulation in precious metals futures on Comex and Nymex over a period ranging from 2008 to 2016. The notice from the Department of Justice can be found here. The … Continue reading

Brexit: CCP equivalence to be extended

The European Commission has confirmed in a speech that the temporary equivalence of UK Central Clearing Counterparties (CCP) will be extended further than the end of March 2020, as previously granted. This story on The Trade News reports on the speech in which confirmation was made. The extension means that in the event of a … Continue reading

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