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

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

REGIS-TR to open trade repository in the UK

Letter to EC on Temporary Equivalence and Recognition for UK CCPs

The International Swaps and Derivatives Association (ISDA), Futures Industry Association (FIA), Association for Financial Markets in Europe (AFME) and International Capital Markets Association (ICMA) welcome the statement regarding temporary equivalence for the purpose of recognition for UK central counterparties (CCPs) in the European Commission’s (EC) communication regarding Brexit Contingency Planning published on November 13, and the statement by the European Securities and Markets Authority on November 23.

Forbearance request to ESMA for the reporting historical derivatives transactions: EMIR Refit

The EMIR Refit is to amend Article 9 of EMIR to remove the obligation of counterparties to report historical derivative transactions that were entered into before 16 August 2012 and remained outstanding on that date, or that were entered into on or after 16 August 2012 but were no longer outstanding when the reporting obligation under EMIR commenced. The current deadline for reporting historical derivative transactions is 12 February 2019.

Winter is coming…

excellent post on UMR from DRS - a must read for any firm who might be in Phase 4 or 5. Bill

Rising to the repapering challenges of IM Phases 4 and 5   Introduction The deadline for compliance with Phase 4 and Phase 5 of the IM requirements is miles away, isn’t it?  Isn’t it…? The truth is that, whether you like it or not, the clock is already ticking.  Whether anyone has told you or […]

Brexit adds to the burden

Brexit adds to the burden

Aka – Not another bloody Brexit article

Aka – A look at the Consultation Paper on changes to the FCA handbook

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

ESMA Proposes a Regulatory Change to Support the Brexit Preparations of Counterparties to Uncleared OTC Derivatives

The European Securities and Markets Authority (ESMA) has published a final report with draft regulatory technical standards (RTS) proposing to amend the three Commission Delegated Regulations on the clearing obligation under the European Market Infrastructure Regulation (EMIR).