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Mifid

This tag is associated with 328 posts

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

MiFID II is six months old

Six months ago today, MiFID II started to apply, on the 3rd January 2018. The “go live” day was met with much anticipation in the energy and commodities world (see here), with several sets of rules applying, such as position limits and the ancillary activity test. The wider financial services world had a great deal to … 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

European Commission provides answer on Ancillary Activity test

The European Commission DG FISMA has provided this written answer to ESMA on the outstanding question of whether the market size test portion of the Ancillary Activity test must be calculated on a group basis, following a request for an answer earlier this year (see here). The letter states that the  “test needs to be calculated … 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

Possible ACER change in authority, ESMA speech, and a course

The European Council yesterday agreed its position to update and increase the role of the Agency for the Coordination of Energy Regulators (ACER), who are, amongst other things, responsible for many parts of REMIT, including data collection and cross market monitoring, as well as other areas such as network codes. The press release from the … 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

ESMA issues position limits opinion document – agrees with FCA

ESMA has issued this opinion document  on the ICE Low Sulphur Gasoil 1st Line contract, following opinion documents issued previously (see here). The document agrees with the limits proposed by the FCA (see here), in setting the spot month limit at 25% of deliverable supply and the other months at 27%. ESMA has also agreed to … Continue reading

Removed and updated position limits by the FCA and BaFin

The UK’s FCA has updated their master list of position limits, which can be found here. The primary change is the removal of a contract on an OTF for physical power delivered in Switzerland, which may have some general  implications around the scope of limits. The FCA updates the spreadsheet from time to time, with … 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