This category contains 276 posts

Regulation summaries – REMIT Quarterly and FCA Regulation Roundup

Both ACER and the UK’s FCA have recently issued newsletters: ACER has issued the latest  REMIT “quarterly” document, which can be found here. It summarises the various announcements relating to REMIT over the past few months, as well as the contents of the recent public forum held in Ljubljana. It also shows the rate of … Continue reading

Manipulation cases

The global financial, commodity and energy markets have seen increased scrutiny from regulators over the last few months, particularly in terms of anti manipulation activity.  In Europe, rule sets such as MAR and REMIT are starting to bite, which is causing market participants to increase anti abuse measures. This rise in diligence is also being … Continue reading

ACER launches consultation on new REMIT reporting schemas

ACER has opened a consultation asking for input to proposed changes to the schemas used for REMIT reporting. The consultation page can be found here and the consultation document here. The consultation closes on 8th December. Extensive changes are proposed to most of the schemas, as outlined in this appendix. The changes are targeted to … Continue reading

Manipulation cases and surveillance system settings

See here for an article on the Trillium web site, which reports on a fine imposed on JP Morgan Securities in the US  for the use of  improper configuration settings on their surveillance systems. The ruling can be found here. The story is also mentioned here on the Broadpeak blog, which also mentions the issue of … Continue reading

Spoofing conviction upheld on appeal

The US appeals court has upheld the conviction of Michael Coscia who was found guilty of market manipulation, receiving a custodial sentence last year (see here). An article on the appeal outcome can be found here on the Reuters web site. The conviction was for engaging in “spoofing” and “layering” in the commodity derivatives markets in … Continue reading

Ofgem REMIT investigation into National Grid

Ofgem, the National Regulatory Authority for Great Britain, has announced the closure of an investigation held into a possible breach of REMIT Article 5 (prohibition of market manipulation) against National Grid. The announcement can be found here. The investigation focused on incorrect De-Rated Margin (DRM) calculations being published on the Elexon web site, leading to … Continue reading

ACER issues new newsletters and validation documents

ACER has issued some new documents relating to REMIT: A new quarterly newsletter (see here), which includes a case study of a cross border investigation. It also indicates that the number of open investigations continues to increase. The “validations” document relating to data reporting has been made public and can be found here. The document … Continue reading

ACER releases annual activity report – looking at the REMIT sections

ACER has released their annual activity report which can be found here. The report covers all ACER activity, which relates not only to REMIT and market monitoring, but also ACER’s wider activity relating to the completion Internal Energy Market, the roll out of network codes, the clean energy package and the coordination of the roll … Continue reading

Updated REMIT transaction reporting FAQ issued by ACER

ACER has issued an updated Frequently Asked Questions document on transaction reporting, which can be found here. The new answers span several topics, mainly looking at how to report very specific scenarios, based on questions received. There are a few questions on backloading and scope of reporting as well. ACER has also issued the second … Continue reading

Anti abuse activity by the FCA, FERC and others

The FCA has released their annual report which can be found here. Included within it are sections on the application of anti abuse measures such as MAR. Examples include a section on market abuse on page 58 and others. The accompanying enforcement report (see here) also contains relevant cases and statistics. This article on the … Continue reading