Anti abuse news – Investigations, spikes and fines
The past weeks have seen a great deal of news around possible market manipulations, price spikes and other potentially abusive activity. Here we summarise a few of interest: The recent…
European Parliament adopts MIFID II changes
The European Parliament yesterday adopted a series of changes to MIFID II as part of the "quick fix" package aimed at reducing the burden of the rules in some respects(see…
Brexit – FCA threatens to deviate from MIFID II over Share Trading Obligation
Earlier this week, the UK's Financial Conduct Authority issued this notice which states that UK firms will be permitted to continue trading shares on EU trading venues and systematic internalisers.…
ESMA announcements: EMIR validation rules and Brexit
ESMA has announced that the EMIR validation rule changes originally planned for February will now be applied on 8 March 2021 instead of 1 February. The announcement can be found…
CFTC position limits finalised
The CFTC has approved a final rule, regarding position limits for derivatives, completing the Commission’s major rulemakings related to implementation of the Dodd-Frank Act of 2010. The press release can…
Brexit news: Updated statement from ESMA and CCP recognition
Yesterday ESMA issued this updated statement on the impact of Brexit on MIFID II once the transitional period ends on 31st December 2020. The statement has a focus on commodities…
Position limit fine in US – Commissioner feels fine is insufficient
The CFTC has fined a meat processing company based in Mexico $35,000 for a violation of the position limits rules. The press release can be found here and the order…
New ESMA opinions on MiFID II position limits
Last week ESMA issued opinions on a variety of MiFID II position limits. The list can be found here. The limits are on EEX and ICE Endex contracts covering freight, gas…
Changes proposed to MiFID II affecting those in energy and commodities
On Friday DG FISMA of the European Commission proposed a series of changes to financial legislation with the objective of helping the markets in the light of Covid-19. The press…
Brexit update: EMIR, MiFID, REMIT and more
Last week, FISMA of the European Commission updated two documents relating to Brexit, targeted at firms in the EU: "Markets in Financial Instruments" (here) – Includes a reminder that at…