The European Securities and Markets Authority (ESMA) released the latest installment of the saga on whether physical power and gas forwards are derivatives. If they are, then most over-the-counter trades in power and gas would come within the scope of the European Market Infrastructure Regulation – EMIR. That would mean energy companies would have to […]
Energy Connections
Threat to EMIR three-year phasing in of clearing obligation
ESMA has published responses to its consultation on the clearing obligation for credit default swaps under the European Market Infrastructure Regulation or EMIR. For energy companies similar complaints have been written about the current proposal as with interest rate swaps. Under EMIR, energy companies that have a net notional value of their outstanding position above €3bn […]
Scotland and the UK energy markets
The future of Scotland is up for grabs on Thursday as voters decide if it should remain part of the UK or go solo. The ramifications for a yes vote are huge, as the debate in the media has shown. Currency has been one of the big points of debate, with the yes side arguing […]
Knowing what is in your REMIT
As mentioned in this blog recently and in this ICIS story today, the implementing acts for REMIT are likely to come in November. It is possible they might come sooner. In the article linked to above, some market participants complain about the six-month timeframe companies will have to digest the implementing acts before they have to […]
Waiting for the final act of REMIT
One of the most important documents for energy companies this year will be the implementing acts for REMIT. Six months after they are published, companies will have to start reporting trades, as well as orders to trade. The European Commission was supposed to publish the acts by Q3, but missed this deadline. At a meeting […]
ESMA to host hearing on market abuse regulation
The European Securities and Markets Authority (ESMA) will host an open hearing at its office in Paris on 8 October on its consultations on the draft technical standards and implementing measures for the market abuse regulation. The hearings are not the most exciting of affairs dominated by EU legalese, but are worth attending for anyone keeping on […]
Deutsche Bank fined for misreporting trades
Consultant Avid Handler blogged about Deutsche Bank being fined £4.7m by the UK’s Financial Conduct Authority and what it might mean for the energy industry, which now reports some trades under EMIR. The bank was fined for misreporting, erroneously, equity CFD trades under MiFID for several years. So do energy companies need to worry about […]
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