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Mifid

This category contains 359 posts

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

Brexit update: ACER REMIT letter and more

After a seasonal break, the politics around Brexit have come back to full speed (for example see here on the BBC web site).  In the meantime, more developments are becoming apparent in terms of the rules covered on this blog: Yesterday, ACER issued this open letter, which highlights some of the issues that may occur … Continue reading

MiFID II is one year old

It is one year today since MiFID II started to apply, on 3rd January 2018. The rule-set affects those in energy and commodities in different degrees, depending on whether any entities are required to become Investment Firms due to the inability to use one of the exemptions available under MiFID II Article 2(1). For the … Continue reading

What could 2019 have in store for us?

As the working year of 2019 opens, it is worth taking a few moments to consider what will keep us busy in the regulatory world of energy and commodity trading over the coming months. As usual on this blog, we will focus on Europe, with an eye on the rest of the world. The era … Continue reading