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Mifid

This category contains 380 posts

ESMA updates opinion on position limits with respect to third country positions

Last week ESMA updated the opinion document on determining third-country trading venues for the purpose of position limits under MiFID II. The new document can be found here. The document relates to whether positions on third country venues (i.e. outside the EU) contribute to position limits under MiFID II. This could occur if the position … Continue reading

New book available

A new book by Aviv Handler on the rules covered by this blog  is now available from the publisher, Risk Books. The book is titled “Navigating European Energy and Commodity Markets Regulation” and can be ordered from here.

ESMA report on MiFID II commodity derivatives regime – possible changes

ESMA has released this report summarising the responses received from the recent consultation focused on the MiFID II position limits regime (see here). The report also addresses some other topics including the Ancillary activity test.  It includes: Comments on the effectiveness of the current position limits regime, with a great deal of feedback that it … Continue reading

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

ESMA report – Coal and oil derivatives/C6

Earlier this week, ESMA published this report, which was submitted to the European Commission a few weeks ago. It provides a recommendation as to whether to extend the exemption for “C6 energy derivatives” from 4 January 2021. A “C6 energy derivative” in this context is a coal or oil derivative that must be physically settled … Continue reading

MiFID II consultation – commodity derivatives topics

Yesterday the European Commission opened a consultation on certain aspects of MiFID II and MiFIR. The document can be found here. The consultation includes aspects relevant to energy and commodity market participants, including relating to the position limits regime, about which a consultation run by ESMA has recently closed (see here). This article on the … Continue reading

MiFID II position limits opinions published by ESMA

On Friday ESMA published a set of opinions on MiFID II position limits that have been submitted to them by National Competent Authorities (NCA). The process under MiFID is for NCAs to establish the limit levels, and then to submit them for an opinion to ESMA. In this instance, one previously submitted limit, on OMIP … 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

CFTC proposes position limits rules

Last Thursday the CFTC unveiled the latest and possibly final proposal for mandatory position limits on certain commodity derivative contracts. This is the latest version of the rules which formed part of the Dodd Frank Act but which so far have not been implemented (see here). The new version proposes several changes to the previously … Continue reading

Position limit consultation responses published

ESMA has published the responses received to the consultation recently run on the MiFID II  position limit regime (see here). The responses can be found here. Some organisations such as CEER have already published their responses (see here) as well as the FIA (see here) . The consultation suggests several changes to the regime, including … Continue reading