Głowacki Law Firm

Meaningless trading phases of the EU ETS
Saturday, 29 September 2018 13:08


No guarantee is given that the operation of the EU ETS, as originally established (the supply of emission allowances including), will remain unchanged or can be modified only at the end of a trading period.


MiFID II not working as expected
Friday, 20 July 2018 11:24


CTPs, APAs, tick-size regimes: something went wrong...


MiFID II ancillary activities tests once more - legislators and supervisors uncertain how to apply new rules
Monday, 02 July 2018 20:00


The MiFID II ancillary activities tests must be calculated for each separate person who trades in commodity derivatives within a group, said the European Commission on 31 May 2018.

Is it good or bad, someone may ask. It depends, lawyers usually answer.


Major reform of the European energy market approaches at a fast pace
Thursday, 19 April 2018 00:00


Although in April the focus is on the GDPR, the Electricity Directive also deserves some attention.


Commissioner Arias Cañete saved electric cars
Tuesday, 13 March 2018 20:26


Charge point operators supplying electric vehicles with a charging service are final customers and do not require registration as Distribution System Operators (DSOs).


Trade-supporting IT tools subject to a MiFID audit
Saturday, 03 March 2018 00:00


It is time now for traders to take a closer look at an IT infrastructure used to support trading decisions. What for? Do you think that you have nothing common with the algorithmic trading technique? You may be wrong...


Transfer of positions between hedging and speculative portfolios under the MiFID II and EMIR OTC derivatives reporting frameworks
Saturday, 20 January 2018 00:46


Internal policies must “define a priori“ the types of OTC derivative contracts included in the hedging portfolios.


Is it possible, then, to change the portfolios allocation after the trade was reported under EMIR and MiFID II?


Positive answer to this question may add some value to OTC derivatives trading strategies.



Systematic internaliser’s transparency - complicated puzzle
Sunday, 15 October 2017 21:35


It is difficult to capture all legal requirements with respect to transparency of the systematic internaliser’s quotes and transactions at a glance.


Firstly, the pre-trade and post-trade issues must be differentiated.


Another layer of complexity is introduced by distinct legal frameworks regulating systematic internaliser’s transparency for:


- bonds, structured finance products, emission allowances and derivatives, on the one hand, and

- shares, depositary receipts, ETFs, certificates and other similar financial instruments, on the other.


If to concentrate on products like bonds, structured finance products, emission allowances and derivatives firstly, it occurs that to determine transparency obligations we must separately analyse not only clients of the systematic internaliser and other market participants but also different categories of clients of the same systematic internaliser.


Liquid and illiquid markets have their specificities too.


To decode the respective requirements the diagram recently revealed by the ESMA is much helpful.




Do not miss the NC RfG notification deadlines!
Friday, 29 September 2017 11:30


Considering the lapsing deadlines set by the Commission Regulation (EU) 2016/631 of 14 April 2016 establishing a network code on requirements for grid connection of generators (NC RfG) it may be useful, particularly for energy market participants carrying out significant investments in or the refurbishments of the generation fleet, to take account of some NC RfG notification requirements that may occur important.




ADFCC704 DC87 4FAB B250 14DA4A15304B


15 February 2019

The European Commission has adopted

a Delegated Decision on the carbon leakage list

for the period 2021 to 2030 (EU ETS phase 4).


1 February 2019

Questions and Answers on MiFID II and MiFIR market structures topics updated

ESMA explains how the tests to identify high frequency trading techniques, described in Article 19 of Commission Delegated Regulation (EU) 2017/565, should be undertaken.


30 January 2019

Questions and Answers on MiFID II and MiFIR transparency topics for

systematic internalisers calculations 


- the EU wide data for ETCs, ETNs, SFPs, securitised derivatives, emission allowances and derivatives will not be published by ESMA until at the latest 2020,

- no assessment has to be performed by investment firms for ETCs, ETNs, SFPs, securitised derivatives, emission allowances and derivatives until at the latest 2020.


2 October 2018 

ESMA explained that MiFID II position limits

apply also to positions in contracts that

have been entered into prior to 3 January 2018


9 August 2018

update of the validation rules for EMIR reporting

(applicable from 5 November 2018)


20 July 2018

ACER explains how to correct

wrongly submitted UTI in the REMIT report


Updates to articles on

EMIR clearing obligation and

Intra-group transactions exemption under EMIR

following the adoption by ESMA of the Consultation Paper No 6

of 11 July 2018


on the clearing obligation exemption

regarding intragroup transactions

with a counterparty established in a third country


The MiFID II ancillary activities tests

must be calculated for each separate person

who trades in commodity

derivatives within a group

(European Commission’s stance of 31 May 2018)


The temporary period

allowing for a smooth introduction of the use of

Legal Entity Identifiers (LEIs)

brought-in in December 2017 ceased in July 2018

and will not be extended

(ESMA statement of 20 June 2018)


Formal start of the

Single Intraday Coupling (SIDC)

on 12 June 2018




Copyright © 2009 - 2019 Michal Glowacki. All rights reserved.
The materials contained on this website are for general information purposes only and are subject to the disclaimer