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Brexit

This category contains 63 posts

FCA’s Call for Input on accessing and using wholesale data

Last week the UK’s Financial Conduct Authority(FCA) released this Call for Input(CFI) on “Accessing and using wholesale data”. The CFI covers: Trading data Benchmarks Market data vendor services The CFI examines many issues including the pricing and availability of trade and order data across different venue types, which could for example be used as part … 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

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

CEER defends REMIT carve out – Extension of CCP equivalence

Yesterday saw some announcements just before the seasonal break: The Council of European Energy Regulators (CEER)  published its response to the recent consultation on the MiFID II position limits regime (see here). The response objects to the proposal to remove the “REMIT carve out” found in MiFID II Annex I Section C, that removes gas … 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

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

“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

Brexit update: Recent developments

While the mainstream news is primarily focused on the political side of Brexit (for example, see here on the BBC New web site), there have been a few developments that are relevant for the energy and commodity trading sector. Over the past days, the UK’s Financial Conduct Authority (FCA) has announced here that firms are … 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