The International Swaps and Derivatives Association is holding its regional conference in London on 23 September. Commodity derivatives will only form a small part of the agenda I’m sure, but useful to get an insight into how regulations has affected the financial industry, particularly as financial-style regulation is rolled out to the commodities sector.
Energy Connections
ESMA assembles new commodity working gourp
The European Securities and Markets Authority, better known as ESMA, has released the latest line-up for its task force on commodity derivatives. The group has the unenviable task of analysing and monitoring all regulatory developments for commodity financial markets. Given what is and what is not a financial derivative for power and gas products has […]
ESMA publishes EMIR clearing responses
ESMA has just published some responses to its consultation on the clearing obligation for interest rate swaps under the European Market Infrastructure Regulation or EMIR. Some of the responses are concerned the wording in the proposal for the interest rate swaps could mean energy companies would have to start clearing under EMIR sooner than was agreed politically […]
UK competition watchdog publishes responses to energy inquiry
The UK’s Competition & Markets Authority has published a load of initial submissions on the watchdog’s investigation into the British energy market. It is interesting that the British wholesale gas market, the NBP, has been kept out of scope of the investigation. A UK politician recently called for the NBP to be investigated too. But the […]
Britain’s Ofgem to consult on REMIT guidance
British energy regulator Ofgem has said it will consult on changing its procedural guidelines and how it calculates penalties for breaches of REMIT. The consultation is slated for October. This comes around the same time the UK energy minister flagged his intention to introduce criminal penalties for energy market abuse . The criminal sanctions for […]
Energy regulation – what lurks beneath
When a deal was hammered out between EU lawmakers that exempted physical power and gas trades from counting as a derivative, the energy industry breathed a sigh of relief as it looked like it had avoided costly mandated clearing. But as this blog will show, that exemption doesn’t leave energy in the clear from regulations […]
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