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 […]
Energy Connections
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 […]
ISDA conference coming to London
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.
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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