This category contains 348 posts

IOSCO finds satisfactory progress in rules implementation

On Monday, the International Organisation of Securities Commissions (IOSCO) published this report, providing the results of the latest survey run across different global jurisdictions on the implementation of the ” Principles for the Regulation and Supervision of Commodity Derivatives Markets”, a document published here in September 2011. This third version of the survey published shows … Continue reading

Clearing and trading obligation issues – and a Brexit related announcement from ESMA

Last week ESMA issued this statement relating to the upcoming expiry of the temporary carve out provided to certain entities, including those designed as “NFC+” under EMIR, from the clearing obligation under EMIR and resulting trading obligation under MiFID II. Companies in the energy and commodities sector are largely “Non Financial Counterparties” and some are … Continue reading

MiFID II update: Position limits changes and wider news – MiFID III

There has been some activity on the MiFID II side of things since our last post (see here), a small proportion of which relates to energy and commodities: Recently the UK’s Financial Conduct Authority(FCA) updated their master limits spreadsheet. The new version can be found here. Some significant changes have been made to the aggregations … Continue reading

New MiFID II position limits opinions issued by ESMA and other related updates

ESMA has issued “opinion” documents on three MiFID II position limits, which relate to limits already published by National Competent Authorities. They are: ICE Natural Gas Futures – here EEX Swiss Power Baseload Contracts – here EEX Phelix DE/AT Baseload Power Contracts – here The spreadsheet published by ESMA showing all opinions so far together … Continue reading

ESMA issues updated MiFID II information for commodity derivatives

ESMA has issued two documents relating to MiFID II for those who trade commodity derivatives: Updated Q+A  (here) – This has updates on position limits, position reporting and the ancillary activity test. There are additions, changes and one deletion. Updated opinion document on market sizes (here) – This is used as part of the market … Continue reading

MiFID II goes global

With MiFID II very much “bedding down”, its impact is being felt outside of the EU as well as inside. This article on the Tabb Forum by Gary stone of Bloomberg Trading Solutions looks at how those in other jurisdictions are being affected by MiFID II. For some this is due to the “no LEI … Continue reading

MiFID II update: Reporting investigations and more

While there has been little news on the MiFID II side of things recently for those in energy and commodities, there has been movement in the wider financial world since our last post here. This article on the Bloomberg web site reports that Goldman Sachs is facing an FCA probe over incorrect MiFID II reporting. … Continue reading

Regulatory consequences – MiFID II and others

Some consequences of MiFID II and other regulatory activity, such as Brexit is beginning to be felt in several quarters: This article on the Reuters web site reports that the CEO of TP ICAP has left due to a profit warning. Much of the reduction is blamed on costs due to MiFID II, Brexit and … Continue reading

MiFID II is six months old

Six months ago today, MiFID II started to apply, on the 3rd January 2018. The “go live” day was met with much anticipation in the energy and commodities world (see here), with several sets of rules applying, such as position limits and the ancillary activity test. The wider financial services world had a great deal to … Continue reading

LEI use – speech by ESMA

Yesterday Verena Ross, ESMA Executive Director gave this speech on the use of Legal Entity Identifiers(LEI), in particular with reference to MiFID II. This follows the announcement last week that LEIs must be used for all reporting from 3rd July, the 6 month anniversary of the start of MiFID II, following an initial extension (see here). … Continue reading