archives

Uncategorized

This category contains 216 posts

Blockchain update – regulator comments and more initiatives

There have been several developments in the area of blockchain and Distributed Ledger Technology (DLT) use, including regulatory aspects, since our last post on the topic here.  For example this article on the Global Custodian  web site reports that DTCC have managed to handle increased volumes using blockchain, initially for settlement. At the same time, … Continue reading

5 months to Brexit – EMIR announcements, the US joins the fight, UK ETS replacement

In 5 months’ time, the UK will no longer be part of the European Union. With no deal agreed at this stage, many are now preparing for a “hard Brexit” scenario. There have been a few developments since our last post on the topic here. EMIR The UK Government has now published a draft Statutory … Continue reading

Vitol receives €5m REMIT fine

Vitol SA has received a fine of €5m levied by the Commission de régulation de l’énergie (CRE), the French National Regulatory Authority for a breach of REMIT. The fine is levied for “sending misleading price signals” by placing “phantom orders” in the PEG Sud  market on multiple occasions. The press release in English can be found here and … Continue reading

New MiFID II position limits opinions issued by ESMA and other related updates

ESMA has issued “opinion” documents on three MiFID II position limits, which relate to limits already published by National Competent Authorities. They are: ICE Natural Gas Futures – here EEX Swiss Power Baseload Contracts – here EEX Phelix DE/AT Baseload Power Contracts – here The spreadsheet published by ESMA showing all opinions so far together … Continue reading

Large default in Nordic power market

Nasdaq has announced a default on the Nordic Commodities market in this notice, which has been followed by this statement identifying the defaulting party as Einar Aas, a private trader. There will be a contribution call for 100 million Euros in total to the default fund that will be made from clearing members. The losses have … Continue reading

Blockchain update: Self regulation of cryptos and some scepticism – article collection

Since our last post on blockchain and crypto currency regulation (see here) there have been increased reports of some scepticism in terms of the use of blockchain across different applications. Many see this as a natural progression as the technology moves along the adoption cycle, from the “hype” phase to one where real life production … Continue reading

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