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Mifid

This tag is associated with 340 posts

Report on Nordic power market default

A report has been published by Finanstilsynet, the Norwegian National Competent Authority, on the issues that contributed to a large default that took place last September 2018 on the Nordic power market (see here). The report identifies issues with the exchange operator who, according to this report on Reuters, relied too heavily on resources in … Continue reading

Brexit update: ACER REMIT letter and more

After a seasonal break, the politics around Brexit have come back to full speed (for example see here on the BBC web site).  In the meantime, more developments are becoming apparent in terms of the rules covered on this blog: Yesterday, ACER issued this open letter, which highlights some of the issues that may occur … Continue reading

MiFID II is one year old

It is one year today since MiFID II started to apply, on 3rd January 2018. The rule-set affects those in energy and commodities in different degrees, depending on whether any entities are required to become Investment Firms due to the inability to use one of the exemptions available under MiFID II Article 2(1). For the … Continue reading

What could 2019 have in store for us?

As the working year of 2019 opens, it is worth taking a few moments to consider what will keep us busy in the regulatory world of energy and commodity trading over the coming months. As usual on this blog, we will focus on Europe, with an eye on the rest of the world. The era … Continue reading

2018 draws to a close

As 2018 draws to a close, it is worth briefly reflecting where we stand in the world of regulation, as applied to energy and commodity trading: We opened the year with this post, very shortly before MiFID II came into application, on 3rd January. The start of MiFID II was a busy time for many … Continue reading

IOSCO finds satisfactory progress in rules implementation

On Monday, the International Organisation of Securities Commissions (IOSCO) published this report, providing the results of the latest survey run across different global jurisdictions on the implementation of the ” Principles for the Regulation and Supervision of Commodity Derivatives Markets”, a document published here in September 2011. This third version of the survey published shows … Continue reading

Clearing and trading obligation issues – and a Brexit related announcement from ESMA

Last week ESMA issued this statement relating to the upcoming expiry of the temporary carve out provided to certain entities, including those designed as “NFC+” under EMIR, from the clearing obligation under EMIR and resulting trading obligation under MiFID II. Companies in the energy and commodities sector are largely “Non Financial Counterparties” and some are … Continue reading

MiFID II update: Position limits changes and wider news – MiFID III

There has been some activity on the MiFID II side of things since our last post (see here), a small proportion of which relates to energy and commodities: Recently the UK’s Financial Conduct Authority(FCA) updated their master limits spreadsheet. The new version can be found here. Some significant changes have been made to the aggregations … 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

ESMA issues updated MiFID II information for commodity derivatives

ESMA has issued two documents relating to MiFID II for those who trade commodity derivatives: Updated Q+A  (here) – This has updates on position limits, position reporting and the ancillary activity test. There are additions, changes and one deletion. Updated opinion document on market sizes (here) – This is used as part of the market … Continue reading