Financial Market
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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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?

 

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intragroup exemption margin fca video

 

emir intragroup exemption fca

 

Lei

 
Two weeks for SI calculations? Is it enough?
Monday, 07 November 2016 06:44

 

Investment firms must set up all necessary infrastructure to be able to carry out calculations of the investment firm's position versus systematic internaliser's thresholds within two weeks after the publication by ESMA of the EU-wide reference data.

 

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Committee no longer responsible for the investment decision
Monday, 31 October 2016 06:41

 

MiFID II reporting rules force the functions of risk committees to be reconsidered.

 

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Dark pools, crossing networks, voice brokerage systems - are their secret algorithms at risk of being compromised?
Monday, 12 September 2016 06:37

 

Under MiFID II secondary legislation the nature of any algorithm or program used to determine the matching and execution of trading interests is going to be routinely revealed to competent authorities.

 

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Viability of the EU OTC commodity forward markets hinged on one word in the recital of the European Commission Regulation
Tuesday, 30 August 2016 06:30

 

Physical forwards can still be used under MiFID II by commodity producers in bilateral contracts. Most of them will not be captured by the financial instruments' strict legal requirements. 

 

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Commission Delegated Regulation of 18 May 2016 - relaxed legal corset on energy traders
Monday, 22 August 2016 06:30

 

Traders in physically settled energy forwards will not be required to hold a MiFID II licence when trading on OTFs' markets.


According to recent European Commission Delegated Regulation, in order to remain within the scope of this exemption licenses to operate in the energy physical markets or adequate production, storage or consumption facilities will not be necessary.

 

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