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REMIT documents: Open letter, transaction reporting FAQ and others

ACER has released several new documents over the past few days, including an updated transaction reporting FAQ document which was released today and can be found here. Yesterday, ACER released this second open letter on data quality. The letter gives many examples of items typically reported incorrectly. In addition, it indicates that those who do … Continue reading

EMIR: New Q+A and movement in REFIT

Updated EMIR Questions and Answers document ESMA yesterday released this updated version of the questions and answer document relating to EMIR. The key answer of interest is TR 40 on page 96, which provides updated answers on how to handle a change of LEI (Legal Entity Identifier) on an entity. The scenarios on page 107 … 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

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

MiFID II update – LEIs and more

ESMA has announced that the requirement for Investment Firms to report transactions only using Legal Entity Identifiers (LEI) will commence on the 3rd July, following a 6 month grace period announced shortly before the start of MiFID II (see here). In effect, this requires all relevant counterparties to have LEIs no matter where they are … Continue reading

EMIR changes agreed and news about penalties

The European Parliament has agreed in a plenary session to the proposed changes  to EMIR as part of the REFIT process, passed by the ECON committee a few weeks ago (see here). The agreed document will be used to represent the stance of the Parliament in the “Trialogue” process in the coming weeks. The press … Continue reading

5 months later, how is MiFID II going?

Yesterday was the 5 month anniversary of the start of MiFID II.  In many ways, things have settled down since then, although there have been some developments over the past weeks (see here for a list of these already covered). While all has been relatively quiet in the world of energy and commodities, there is … Continue reading

Push back on “gold plated” Bank of England rules on algorithmic trading

Several industry associations and banks have pushed back against proposals by the Bank of England to roll out an enhanced version of the rules governing algorithmic trading in financial instruments, as reported here on the Bloomberg web site. The Bank of England released this consultation paper in February, which proposes rules that go over and … Continue reading

Trader acquitted of spoofing precious metals in US

Andre Flotron, an ex UBS trader who was accused of spoofing on the Comex market in precious metals futures, was yesterday acquitted of the charge, as reported here on the Bloomberg web site and also here on the New York Times web site.  Flotron was accused of spoofing in gold and silver futures at various … Continue reading

Brexit update – ISDA FAQs, ESA warnings and more

There have been a few developments on both the financial  side of regulation in Brexit thinking since our last update (see here). On the financial side, ISDA has issued this FAQ on Brexit. It is a “short” version, with a longer version only being available to members. It covers, contractual, access, and regulatory issues considering … Continue reading