The Monday after the Friday before, and what the UK electorate’s decision for Brexit means is still unclear. If anything, it seems more unclear now than on Friday morning, when the shock of the result made it seem like the exit would be swift. That seems unlikely now. One of the more interesting questions (for […]
Energy Connections
An easing of the financial burden, perhaps
Energy traders, generally, have been arguing their case for why they should not be regulated under the second markets in financial instruments directive (MiFID II) for some time now. What has been given less attention is some of the consequences of other, related legislation. For example, a firm supervised under MiFID II will instantly have […]
Time for a dose of realism in designing financial regulation
It is interesting to think the UK’s Financial Conduct Authority (FCA) planned to start accepting from April applications for licences to operate as an investment firm under a new EU financial regime that was slated to come in in early 2017. Now the start of the second markets in financial instruments directive (MiFID II) has […]
ACER looks to form group on energy derivatives
EU regulators agency ACER is looking for people to form an ad-hoc expert group on energy commodity derivatives. This is hardly surprising given how difficult defining energy derivatives has become, and the even harder part of understanding which EU legislation an energy derivative or physical forward falls under. The group will advise the agency on […]
Negotiation set to shape key energy regulation
The next few weeks and carrying through July are likely to result in some important regulations for the energy industry being shaped, although we are unlikely to see the final versions emerge until the autumn. The much-discussed topic of what is a power and gas forward that must be physically delivered rumbles on. The European […]
Proposal could shine bigger light on EU policy development
The European Commission has said in the future it will look to make draft texts of its implemented and delegated acts for key EU financial publicly available. First vice-president Frans Timmerman has made the proposal as part of his better regulation agenda. The proposal is at the early stages, with the commission hoping to conclude […]
ESMA makes interesting point on physical forwards
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 […]
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 […]
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, […]
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