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.

 

Read more...
 
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.

 

Read more...
 
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.

 

Read more...
 

Certificate for passing the MiFID II Ancillary Activity Tests

 

can-I-trade-in-financial-instruments-as-from-2018

 

Systematic internaliser can stream prices to clients

 

Imbalance settlement period

 
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.

 

Read more...
 
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.

 

Read more...
 
OTF's discretionary order execution - a cause of concern?
Friday, 28 April 2017 12:51

 

Lower costs of collateral, direct access to the settlement system - all this due to the so-called "REMIT carve-out" - make the OTF (Organised Trading Facility) particularly interesting trading opportunity in the EU energy wholesale market under MiFID II (starting as from 3 January 2018).

 

The underlying fact is that physically-settled instruments covered by REMIT (wholesale energy products within the REMIT terminology - mainly electricity and gas) traded on an OTF do not qualify as MiFID II financial instruments and are consequently outside the scope of MiFID, EMIR and the CRD IV package.

 

However, while regulated markets and MTFs have non-discretionary rules for the execution of transactions, the operator of an OTF carries out order execution on a discretionary basis subject, where applicable, to the pre-transparency requirements and best execution obligations.

 

The way the discretion will be exercised by the OTFs operators is the most troublesome element, the regulators, market participants and the OTFs themselves currently intensively consider.

 

Why is this so important?

 

Read more...
 

Firmness of allocated cross-zonal capacity - who will earn 9 million per hour

 

MiFID II position limits exposures in contracts traded outside of Europe do not qualify for netting

 

ccp equivalency regime in danger

 

Search

Twitter
Copyright © 2009 - 2017 Michal Glowacki. All rights reserved.
The materials contained on this website are for general information purposes only and are subject to the disclaimer