This category contains 375 posts

REMIT updates: Changes to reporting and new guidance on inside information

ACER yesterday issued updates to several key documents relating to REMIT. These are: Trade Reporting User Manual (TRUM) version 4.0 (here) – Amalgamates many of the answers found in the Transaction Reporting FAQ document and also adds other changes. New Annex VII of the TRUM  (here) – covering the reporting of life-cycle events. Updated Transaction … Continue reading

Market abuse catchup – REMIT fine, inside information guidelines and more

There has been a great deal of anti abuse activity taking place since this blog “took a break” a few weeks ago.  Some of the news includes the following: ACER recently published a quarterly newsletter (see here) which includes a description of a fine levied under REMIT in the Czech Republic for failing to report … 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.

Report on GB REMIT fine

Following the record fine of 37.3 million GBP levied on a market participant in Great Britain by Ofgem recently (see here), Ainsty Risk has published this report analysing the incident. It looks at the state of the market, the physical reality, the actual offences and the implications. It can be found here.

REMIT investigations, papers and penalty analysis

Last week Montel published this article which reported that the Bundesnetzagentur(German National Regulatory Authority) has opened  an investigation into potential REMIT infringements by 11 firms, relating to activity in June 2019. This follows warnings given recently to 2 firms for improper activity in the German balancing market (see here). Nordpool has published their latest market … Continue reading

Insider trading accusation in commodities – balancing investigation closed in Germany

Following accusations of insider trading by US Senators relating to the Corona virus  a few weeks ago (see here), it has been reported that an investigation has opened into trading in oil futures based on inside information. This article on Bloomberg reports that the CFTC and FCA have opened probes into transactions in oil futures … Continue reading

Improper record keeping and monitoring penalty

A broker has been fined just over 83,000 GBP  (after applying an early settlement discount) by ICE Futures Europe for failure to keep proper records of activity and improper monitoring. The disciplinary notice can be found here. The fine relates to the lack of organisation behind monitoring  for breaches of the exchange rules, as well … Continue reading

5th version of REMIT Guidance published

ACER has this afternoon published the  5th Edition of the REMIT Guidance which can be found here. Many of the changes relate to the definition of “Inside Information”, which has been a point of discussion at many market participants due to the many “edge cases” that exist. ACER acknowledged in the accompanying email that the … Continue reading

Market abuse updates – Corona related and otherwise

There have been several reports around the selling of stocks by Senator Richard Burr, the chairman of the Senate Intelligence Committee as well as  Senator Sen. Kelly Loeffler and others. The allegations are around the selling of the stocks before information was made public about the extent of the spread of the Corona virus, but … Continue reading

Anti abuse forum deadline near – FCA STOR statistics

There is only one week to go until the open anti-abuse forum is to be held in London, on 9th March 2020. Registration is available here and will close within the next two days. On Friday, the FCA published annual statistics on the number of Suspicious Transaction or Order Reports (STOR) submitted to them in … Continue reading