What does 'OTC equivalent' mean to you? Remarks on the dual nature of some key MiFID II definitions
Monday, 04 September 2017 06:30

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Complicated nature of MiFID II is expressed, inter alia, by the fact that given OTC derivative contract can be, concurrently - under the same MiFID II Directive - equivalent and not equivalent to the on-venue products.

 

This is not only the theoretical, cognitive disharmony but impacts directly on the scope of the trading position that can be taken in the derivatives market.

 

 

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MiFID II position limits exemption - practical clues
Friday, 25 August 2017 19:24

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The two facts that may occur important for many market participants as regards the MiFID II position limits are as follows:

 

1. if you do not expect to exceed position limit, there is no need to apply in advance for a position limits exemption;


2. you are not required to monitor the position limit compliance of your clients.

 

 

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Derivatives contracts on extra-EU trading venues at legal risk
Sunday, 04 June 2017 13:48

 

Annex to the ESMA's opinion decides whether any derivative contract concluded on third-country trading venue is covered by the EU position limits regime.

 

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Position limits - amended definition of a lot for energy products
Saturday, 03 June 2017 12:27

  

The European financial market's watchdog has updated on 31 May 2017 its Q&As on position limits framework under MiFID II.

 

The update relates to the ESMA's answer to the Question No. 2 (the original version thereof was issued on 19 December 2016) and deals with the problem of defining a lot in derivatives where the underlying asset is electricity.

 

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The EU regulations becoming strange
Friday, 02 June 2017 21:10

 

It is clear now that according to the EU financial regulator opinion the first notification under Article 2(1)(j) of MiFID II must be made by January 3rd of 2018.

 

Given that the calculation period to be covered by this notification includes also the year 2017 it is quite astonishing.

 

The objective lack of credible market data necessary to be aggregated in the calculations for the purposes of the above notification also did not prevent the regulator from requiring of market participants to do the impossible.

 

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Who's in charge in the electricity market?
Tuesday, 09 May 2017 23:39

 

If the Winter Energy Package was adopted as proposed by the European Commission, the EU Member States, national Transmission System Operators, as well as the domestic regulatory authorities would be deprived of the decisive influence over the bidding zone's borders.

 

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Ancillary services in the EU uniform electricity market and the State aid rules - uneasy coexistence
Sunday, 30 April 2017 12:19

 

Ancillary service in the electricity market can be easily misunderstood as the capacity mechanism, notwithstanding the fact the legal effects from the State aid treatment point of view, are entirely divergent.

 

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