archives

Mifid

This category contains 362 posts

ESMA issues updated opinion on market sizes

ESMA has issued an updated document on the market sizes to be used for the Ancillary Activity test, which must be undertaken by energy and commodity market participants who wish to use the Ancillary Activity exemption from MiFID II under Article 2(1)j. The document can be found here. The updated document, which is non binding,  adds … Continue reading

MiFID II issues

While the impact of MiFID II on the energy and commodities sector has been relatively quiet recently (see here), there has been a great deal of discussion in the wider financial sector. The issue of “research unbundling”, that is the requirement that research be charged for rather than provided as a “bundled service”, has had … Continue reading

New position limits opinions from ESMA

ESMA yesterday issued further opinion documents on position limits already set by National Competent Authorities(NCAs) under MiFID II. This follows the publication of opinions in March (see here). Each opinion has confirmed the limit at the level originality set. The documents explain the rationale for each limit, how the deliverable supply has been calculated and how … Continue reading

Another large transaction reporting fine – £34.3M

The UK’s Financial Conduct Authority (FCA) has fined Goldman Sachs £34,344,700 for transaction reporting failures under MiFID I between 5 November 2007 and 31 March 2015. The issues cover 229.2 million transactions divided into: Missing reports Incorrect reports Reports that were out of scope (which is prohibited under MiFID) The penalty notice can be found … Continue reading

ESMA publishes more MiFID II position limits opinions

ESMA has this week published seven further opinion documents relating to position limits under MiFID II, of which six relate to gas and one to power. This follows the publication of opinions in January (see here). The limits themselves have already been announced by the relevant National Competent Authority (in this case AFM, AMF and … Continue reading

UBS fined £27.6m for transaction reporting failures

The UK’s Financial Conduct Authority has fined UBS AG 27.6 million pounds sterling for transaction reporting infringements under MiFID I. The penalty notice can be found here. The fine relates to issues with  135.8 million transaction reports between November 2007 and May 2017. These can be divided into: Missing reports Incorrect reports Reports that were … Continue reading

MiFID II updates, CFTC position limits

While there is not much news relating to MiFID II specifically for those in energy and commodities, the wider financial services world has seen a great deal of discussion and activity since the first anniversary of the rules took place (see here). Any Investment Firm (which includes some energy and commodity market participants) needs to … Continue reading

Brexit update – plenty more guidance in the face of uncertainty

The political side of Brexit has seen plenty of news over the last two weeks, and this is set to continue, with another vote in the UK Parliament tomorrow (see here on the BBC web site for example). Since our last post here, there have also been some regulatory developments on the financial,energy and commodity … Continue reading

MiFID II position limits opinions – and anniversary comments

ESMA has published “opinion” documents on six position limits set under MiFID II. The limits themselves have already been announced by the relevant National Competent Authority. Each opinion has confirmed the limit at the level originality set. The documents explain the rationale for each limit, how the deliverable supply has been calculated and how spot … Continue reading

Report on Nordic power market default

A report has been published by Finanstilsynet, the Norwegian National Competent Authority, on the issues that contributed to a large default that took place last September 2018 on the Nordic power market (see here). The report identifies issues with the exchange operator who, according to this report on Reuters, relied too heavily on resources in … Continue reading