A contact has pointed out an interesting line in the guidelines published on physical power and gas forwards for dealing with current EU financial regulation. The European Markets and Securities Authority (ESMA) has tried to clear up what is a derivative and what is a physical forward under the first version of the Markets in […]
Energy Connections
Potential Danish REMIT breach referred to public prosecutor
Some interesting information emerged on Thursday, when the Danish regulator said it has asked the Danish Prosecution Service to start a criminal investigation into whether a company has manipulated the wholesale gas market. If the case leads to a prosecution it could be quite significant. I do not know of any convictions for REMIT breaches that […]
FCA fines Merrill Lynch International £13m for failing to report trades
The UK’s Financial Conduct Authority has fined Merrill Lynch International for incorrectly reporting 35,034,810 transactions, and failing to report another 121,387 from November 2007 to November 2014. The US bank was required to report the trades under the Markets if Financial Instruments Directive – MiFID. The fine gives some interesting insight into the world many energy […]
Thirty investigations for potential REMIT breaches open at end of 2014
ACER has launched a quarterly report on REMIT, and one interesting nugget is that 30 cases of potential breaches of the regulation were being investigated at the end of 2014. The agency said 14 investigations were closed during 2014. Potential REMIT breaches are investigated by national authorities rather than the agency, although ACER can coordinate […]
UK Treasury paper on MiFID II
The UK Treasury has opened a consultation, which sets how, among other things, the Financial Conduct Authority will decide which commodity derivatives it will set position limits for. You can find the paper here.
FCA sets out MiFID implementation timetable
The UK’s Financial Conduct Authority (FCA) will publish its proposed handbook changes to implement MiFID II in December 2015, according to a timetable it recently published. The FCA plays an important role among financial regulators in Europe on the development of the EU financial regulation. And given many brokers and traders are registered in London, […]
MiFID consultation responses out
ESMA has published the responses to its MiFID consultation. I am at a conference so will go through them later.
Energy industry’s MiFID angst likely to fall on deaf ears
A consultation on MiFID ended last night, and commodity traders will be interested to see what, if any, changes might come out of the proposal technical standards. Energy traders are worried the tests to gain an exemption from MiFID are too low as proposed (read more here). A representative from industry group EFET said almost […]
ESMA publishes MiFID hearing video
The European Securities and Markets Authority (ESMA) has published the video of its MiFID hearing that took place in Paris on Thursday 19 February. I was at the meeting and will write a post later on my thoughts, but in the meantime you can read two stories that have sprung from the meeting already: MiFID […]
UK competition inquiry: a regulator’s last stand?
This is a guest post by the editor of ICIS’s European Daily Electricity Markets, Jamie Stewart. The UK wholesale energy markets were given a clean bill of health on Wednesday, when the initial findings of a major competition inquiry were published here. The report, which clearly indicates the probe’s future direction, picked on aspects of […]
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