This category contains 330 posts

IOSCO document on reporting data elements

IOSCO and the Bank of International Settlements have issued this document entitled “Harmonisation of critical OTC derivatives data elements (other than UTI and UPI)”. It looks at the data elements used to report derivatives under rule sets such as EMIR or the Dodd Frank Act, and proposes a standard format for the data elements typically … Continue reading

MiFID II update – LEI and ISIN issues, and updated lists

The effect of MiFID II is now being felt in some quarters in the wider financial world since our last post here. This article on Finextra reports on this webinar run by the A Team Group entitled  “MiFID II Trading Technology Requirements: What Worked and What Hasn’t?”. The report initially focuses on streams that firms … Continue reading

ESMA asks Commission for guidance on Ancillary Activity test

Following on from the announcement earlier this week of new position limit opinions (see here), ESMA has written this letter to the European Commission asking for guidance on the applicability of the Ancillary Activity test. The Ancillary Activity exemption found under MiFID II Article 2(1)j allows those who trade commodity derivatives on own account to … Continue reading

New position limits opinions from ESMA

ESMA yesterday issued 3 new position limits opinion documents for 3 contract on the ICE Futures Europe exchange. These are: UK Feed Wheat – see here. Singapore Jet Kerosene – see here. Argus Euro-bob Oxy FOB Rotterdam Barges – see here. The “master” spread sheet of contracts with opinion documents has been updated and can … Continue reading

Updated FCA position limits and other MiFID II news

The UK’s Financial Conduct Authority has updated their master spreadsheet of position limits. The new version can be found here. There are 4 new limits and 2 have been changed to “TBA”. (Please contact ETR Advisory for a “differences” version of the sheet). On a different MiFID II topic, see here for a report on the Practical Insight … Continue reading

MiFID II is 3 months old – how is it going?

It has now been 3 months since MiFID II came into effect, on 3rd January 2018. The impact to many Investment Firms has been significant: For example, the “research unbundling” part of the rules has led to changes in the research industry. This story by Mark Cobley on the Financial News web site reports on … Continue reading

ESMA issues updated MiFID II commodity derivative Q+A

ESMA has updated the questions and answers document on commodity derivatives issues under MiFID II. The updated document can be found here.  There are 3 new questions and 1 updated one: Position Limits Q10 – p19 (Updated)- Limits on “C10” derivatives – Should be set on freight derivatives and indices using open interest. Q16 – … Continue reading

MiFID II – Some issues in the wider world

It has now been several weeks since the start of MiFID II, and things are settling down for many since our last post on the topic (see here). In the wider world of Investment Firms, who must comply with a wide set of rules, there have been some issues. Those subject to the reporting requirements … Continue reading

Streamlining regulatory reporting – document from Europex

This blog has covered the many streams of regulatory reporting to which market participants have become subject to over the past years. The burden is also high for trading venues, who must meet a thicket of requirements. This response by Europex, to the European Commission as part of the Commissions, “fitness check on supervisory reporting” … Continue reading

Algorithmic trading, anti abuse measures and an interesting view on insider trading

The focus on algorithmic trading with regards to anti abuse measures continues. Last week, Nasdaq published this article entitled “Best Practices in Algorithmic Trading Compliance”. It summarises the measures outlined in the FCA’s recent paper on the topic (see here). It includes surveillance, testing and training issues, which in many cases are advised regardless of … Continue reading