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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 […]

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 […]

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 […]

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 […]

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 […]

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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