Financial Market
Viability of the EU OTC commodity forward markets hinged on one word in the recital of the European Commission Regulation
Tuesday, 30 August 2016 05:30

 

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 05:30

 

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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Flawed inception of mandatory clearing
Tuesday, 09 August 2016 10:00

 

Financial counterparties and alternative investment funds (AIFs) which are not clearing members and which have a lower level of activity in OTC derivatives (to be measured against a quantitative threshold) will likely benefit from extended deadlines for mandatory clearing.

 

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MiFID II own account exemption modified
Monday, 01 August 2016 05:00

 

MiFID II has not entered into force yet, but already became substantially amended. What has changed? Key issue - exemptions.

 

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Also proprietary traders must prosecute market abuse under MAR
Monday, 25 July 2016 05:00

 

REMIT and MAR differ significantly in their market abuse prosecution regimes when it comes to the obligations of proprietary traders. Temporarily?

 

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MAR publication channels: ESMA vs. EC
Monday, 18 July 2016 05:00

 

What was the essence of the dispute between the European Securities and Markets Authority (ESMA) and the European Commission as regards the inside information publications under REMIT and MAR?

Does it influence on the ongoing regulatory practice?

 

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The EU position limits framework - is this manageable issue?
Wednesday, 13 July 2016 05:00

 

1,500 vs. 28 - this is the scale of discrepancy between the volumes of position limits frameworks in the EU and the US.

 

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The EU legislative process - symptoms of anarchy
Thursday, 07 July 2016 13:34

 

A few annoying facts from a financial lawyer's perspective...

 

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Did the EU financial regulation cause the Brexit?
Wednesday, 29 June 2016 22:26

 

 

Why Britons left - competing hypotheses are attacking us in every article. There is no use to object to dominant trends, hence I'll also try to present some propositions in that regard.

 

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Contracts 'that must be physically settled' under MiFID II - the role of balancing agreement with TSOs determined
Tuesday, 21 June 2016 23:00

 

The ability test for "contracts which must be physically settled" (i.e. contracts falling under Sections C6 or C7 of the Annex I of the MiFID Directive, depending upon the place of execution) has taken its final - as it seems - shape.

  

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Position limits: less than one-day divergence in delivery dates between OTC and an exchange-traded contract will not stop the EEOTC qualification
Monday, 13 June 2016 05:00

 

Crafting the EU position limits legal framework seems to require an immense creativity along with an extreme caution on the part of European legislators.

 

Dealing with this unprecedented task reveals problems so far unknown, nevertheless of an utmost practical importance.

 

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"Equivalent" does not always mean the same - remarks on the ground of the new financial instruments' definition
Thursday, 12 May 2016 22:00

 

Commission Delegated Regulation of 25.4.2016 implementing MiFID II represents the coup de grâce for the hotly-debated topic of equivalency as the criterion for the differentiation of forward contracts being financial instruments from other physically settled OTC derivatives.

 

This step change from purely formal criterion based on the literal wording of the contract to the objective metric dependent only on verifiable trading data seems, however, as it stands, unworkable for legal practitioners.

 

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