This tag is associated with 296 posts

2018 begins – what does it have in store?

The 2018 working year starts today for most, which provides a good opportunity to consider the months ahead. Start of year The end of 2017 has unsurprisingly busy, with several pieces of news posted since our “end of year” entry.  In addition to today being the first day on which Swiss “FC-” and “NFC+” entities … Continue reading

The year winds down, sort of

For many this will be the last working day of the year. However, the wind down is not quite as widespread as usual, given the proximity to the MiFID II deadline, less than two weeks away. With several new pieces of information coming out in the last days, both generally (see here) and related to … Continue reading

REMIT updates – extended no action relief and updated notification platform

ACER has made two REMIT related announcements over the past few days, following the release of an updated Frequently Asked Questions document on transaction reporting (see here). No action relief for contracts to be “reported on demand” ACER has issued this letter extending the period of “no action relief” on their asking for contracts which … Continue reading

Updated REMIT transaction reporting FAQ published

ACER has published an updated version of the REMIT Transaction reporting Frequently Asked Questions document, which can be found here. New and updated answers have been published on a variety of topics, including how to handle company de-mergers, LNG and field specific answers. The new answers are as follows: Questions 1.1.29 to 1.1.32 on page … Continue reading

Regulation summaries – REMIT Quarterly and FCA Regulation Roundup

Both ACER and the UK’s FCA have recently issued newsletters: ACER has issued the latest  REMIT “quarterly” document, which can be found here. It summarises the various announcements relating to REMIT over the past few months, as well as the contents of the recent public forum held in Ljubljana. It also shows the rate of … Continue reading

Manipulation cases

The global financial, commodity and energy markets have seen increased scrutiny from regulators over the last few months, particularly in terms of anti manipulation activity.  In Europe, rule sets such as MAR and REMIT are starting to bite, which is causing market participants to increase anti abuse measures. This rise in diligence is also being … Continue reading

ACER launches consultation on new REMIT reporting schemas

ACER has opened a consultation asking for input to proposed changes to the schemas used for REMIT reporting. The consultation page can be found here and the consultation document here. The consultation closes on 8th December. Extensive changes are proposed to most of the schemas, as outlined in this appendix. The changes are targeted to … Continue reading

Manipulation cases and surveillance system settings

See here for an article on the Trillium web site, which reports on a fine imposed on JP Morgan Securities in the US  for the use of  improper configuration settings on their surveillance systems. The ruling can be found here. The story is also mentioned here on the Broadpeak blog, which also mentions the issue of … Continue reading

Spoofing conviction upheld on appeal

The US appeals court has upheld the conviction of Michael Coscia who was found guilty of market manipulation, receiving a custodial sentence last year (see here). An article on the appeal outcome can be found here on the Reuters web site. The conviction was for engaging in “spoofing” and “layering” in the commodity derivatives markets in … Continue reading

Ofgem REMIT investigation into National Grid

Ofgem, the National Regulatory Authority for Great Britain, has announced the closure of an investigation held into a possible breach of REMIT Article 5 (prohibition of market manipulation) against National Grid. The announcement can be found here. The investigation focused on incorrect De-Rated Margin (DRM) calculations being published on the Elexon web site, leading to … Continue reading