The Commission de régulation de l’énergie (CRE), France’s National Regulatory Authority (NRA, i.e. energy regulator), has issued a press release (here) and communique (here) providing market participants and PPATs (Professional Persons Arranging Transactions) with reminders of their obligations under REMIT, and information the market that there are currently 6 open investigations, of which 3 are in … Continue reading
The Danish Energy Regulatory Authority (DERA) has today announced that they have surrendered two cases of possible electricity capacity hoarding on the Elbas market to the Danish police. The announcement can be found here. This follows the publication of a guidance note by ACER earlier today on the topic (see here).
ACER has today issued a guidance note on Capacity Hoarding, which can be found here. This follows the publication of a paper last year on wash trades (see here). Summary commentary will be published here over the coming days. ETR Advisory Regulatory Support clients will receive a detailed paper.
This blog has covered the many streams of regulatory reporting to which market participants have become subject to over the past years. The burden is also high for trading venues, who must meet a thicket of requirements. This response by Europex, to the European Commission as part of the Commissions, “fitness check on supervisory reporting” … Continue reading
The focus on algorithmic trading with regards to anti abuse measures continues. Last week, Nasdaq published this article entitled “Best Practices in Algorithmic Trading Compliance”. It summarises the measures outlined in the FCA’s recent paper on the topic (see here). It includes surveillance, testing and training issues, which in many cases are advised regardless of … Continue reading
ACER has recently updated the REMIT portal with new versions of several documents, including: ACER REMIT Information System Data Validation Document – Describes in detail the validation rules that apply to different fields in the TRUM. ARIS Data Validation Rules Configuration Document – Specifies which of the rules are active. EIC validation rules and list … Continue reading
ACER has issued the latest “REMIT Quarterly”, covering Q4 2017, which can be found here. It covers a few interesting recent aspects of REMIT: 21 new cases were opened in Q4 2017. The number of open cases is now 137. The newsletter highlights the resource shortages being experienced by ACER. It also advises that there … Continue reading
The UK’s Financial Conduct Authority (FCA) yesterday issued this report on “Algorithmic Trading Compliance in Wholesale markets. It reviews the requirements of MiFID II, MAR and local legislation for those companies engaging in algorithmic trading in covered instruments. The document reminds the market that any company which engages in “algorithmic trading” in financial instruments is … Continue reading
There has been more activity this week on the anti abuse side of things, following Monday’s post here on recent fines. Ofgem, the National Regulatory Authority for the GB energy market, is to be given more powers by the UK government to enforce REMIT in terms of access to documents and the power to take … Continue reading
There has been an increased focus on anti abuse activity in the energy and commodities markets over the past year, due to a combination of the start of MAR in July 2016, the start of REMIT data collection and also increased investigations by both financial and energy regulators. This year has already seen a fine … Continue reading