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REMIT

This tag is associated with 372 posts

REMIT fine announced in Lithuania

The National Energy Regulatory Council of Lithuania (NERC), the National  has just announced that  UAB Geros dujos has been fined EUR 28,583, which corresponds to 7.5% of annual revenue, for “marking the close” in the Lithuanian gas market. The press release is here. According to this decision notice, the fine relates to activity in the first … Continue reading

ACER to tighten REMIT reporting validation rules

Last week ACER announced here that some of the validation rules relating to reporting will be tightened from 30 June onwards. The change relates to the use of Energy Identifier Codes (EIC), in particular “X” codes that identify entities. The change requires that any such code used is registered in the “CEREMP” database of market … Continue reading

CEER defends REMIT carve out – Extension of CCP equivalence

Yesterday saw some announcements just before the seasonal break: The Council of European Energy Regulators (CEER)  published its response to the recent consultation on the MiFID II position limits regime (see here). The response objects to the proposal to remove the “REMIT carve out” found in MiFID II Annex I Section C, that removes gas … Continue reading

ACER stops processing RRM applications

ACER has announced here that the processing of applications to become a Registered Reporting Mechanism (RRM) under REMIT has been suspended due to a lack of suitable resources. RRMs are usually the destination to which market participants send data when reporting under REMIT. The announcement notes that there are already over 120 authorised RRMs as … Continue reading

More US anti abuse activity – precious metals – more spoofing

Following the charging of several individuals earlier this year (see here) an additional trader, formerly of JP Morgan Chase and Co, has been charged with market manipulation in precious metals futures on Comex and Nymex over a period ranging from 2008 to 2016. The notice from the Department of Justice can be found here. The … Continue reading

Anti abuse activity continues in the US

Anti abuse penalties continue to increase in the US following recent fines (see here). These include a settlement of $67.4 m between the CFTC and Tower Research Capital LLC for spoofing. The  CFTC press release can be found here and the order here. This article on the FT web site summarises the case. In commodities, … Continue reading

One week to the 2nd open anti-abuse forum

The 2nd open anti-abuse forum for the energy and commodities will take place in Amsterdam on the 11th November 2019, in one week’s time. There are still a few places remaining for those who wish to attend. The forum is brought to the market on a non-profit basis by the Market Abuse Centre and ETR … Continue reading

Investigations in Germany, anti abuse fine in the US, REMIT Quarterly

The Bundesnetzagentur, the National Regulatory Authority of Germany, has announced that it is investigating six companies for possible irregularities in the balancing market. The announcement can be found here. The investigation relates to imbalances in the power market in July 2019. US Fines FERC has ordered Vitol to pay over $3.7 m for alleged power … Continue reading

Tullet Prebon fined £15.4m. Updated REMIT guidance

The UK’s Financial Conduct Authority (FCA) announced last week that Tullet Prebon Europe Limit (TPEL) has been fined £15.4 million for “failing to conduct its business with due skill, care and diligence, failing to have adequate risk management systems and for failing to be open and cooperative with the FCA”. The notice can be found … Continue reading

“No-deal Brexit” REMIT update published by Utility Regulator

The Utility Regulator,  the National Regulatory Authority(NRA) for Northern Ireland, has published this updated note which provides guidance to affected entities as to whether and how to re-register under REMIT in the event of a No-deal Brexit. This follows information published by ESMA and the FCA earlier this week (see here). In the event of … Continue reading