ACER is looking for open market places to register for REMIT purposes. Under REMIT, open market places includes all exchanges, brokers and anyone else arranging trades in Europe’s power and gas markets. The agency is looking for each market place to list the type of they arrange too. This presumably will feed into the agency’s […]
Energy Connections
REMIT trade reporting now likely in September
I reported for ICIS on Wednesday that the European Commission looks set to extend the length of time energy companies will have to start reporting trades after the implementing acts for REMIT are published. It seems the commission has take on board the need for time to build the systems to report trades, and even […]
The difficulty of defining a derivative – part XX
The FT has reported that European authorities are postponing the reporting of all foreign exchange derivatives until MiFID II comes in, in 2017. The problem is agreeing on a definition of what is a derivative, with different countries using differing definitions – something will sound familiar to anyone aware of the debate on physical power and […]
ICE Clear Europe resubmits EMIR application
The FT reports ICE Clear Europe has resubmitted its application to become a clearing house under EMIR. ICE’s original application was not authorisied because of differences between clearing houses in the US and EU.
Madrid Forum presentations published
The European Commission has published the presentations for next week’s Madrid Forum – a regulatory forum to discuss the creation of an internal gas market. The slides are always worth flicking through to find out about some of the latest developments.
Criminal sanctions and the markets
A couple of interesting stories floating around today. The FT reports that a senior UK banker has pleaded guilty to charges stemming from the rigging of the Libor interbank rate. The second comes from Sky News, which reports that two directors of HSBC’s UK arm are poised to quit in protest at new Bank of […]
ESMA’s 2015 work programme
The European Securities Markets Authority has been in a bit of a publishing frenzy recently. Included in its output this week is its work programme, which can be found here. Two dates to watch out for: a consultation on the market abuse regulation slated for Q2 ’15, and guidelines for the markets in financial instruments […]
ESMA consults on physical gas and power forwards
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 […]
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 […]
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