Financial Market
Concentration limits on collateral pursuant to EMIR draft RTS
Sunday, 27 April 2014 09:12

 

Pursuant to the draft RTS, depending on the assets' class, the concentration limits on initial and variation margins range from 10 to 50%. Non-financials below a clearing threshold shouldn't bother.

 

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The two distinct MiFID II exemptions for EU ETS operators
Saturday, 26 April 2014 18:58

 

The EU ETS operators probable don't put to much weight whether they trade in the spot market or in emissions derivatives markets (particularly given the availability of financial products such as "daily futures" for instance), nevertheless, from regulatory point of view under MiFID II draft Directive each of these markets will be covered by distinct exemption. 

 

Each of these exemptions have its own strict perimeters, which must be observed, unless EU ETS operator intends to apply for a MiFID licence.

 

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EMIR dispute resolution procedures under EFET ERMTA and ISDA Protocol - dual approach
Friday, 25 April 2014 09:37

 

Industry master agreements differentiate between the "standard" dispute resolution procedure on the one hand and the process designed specifically for resolving EMIR-mandated issues on the other. What are their inter-dependencies?

 

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Physically-settled commodity derivatives - regulatory mess
Sunday, 13 April 2014 16:02

 

Is it really physically-settled gas and power forwards traded on multilateral trading facilities (MTFs) are 'financial instruments' for MiFID purposes?

 

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Physically settled derivatives in MiFID II - prepare for fundamental change
Saturday, 05 April 2014 11:43

 

Only physically-settled oil and coal commodity derivatives contracts as well as REMIT wholesale energy products deserved special treatment in the new financial market architecture created by MiFID II and MiFIR. All others traded on an OTFs will fall under financial instruments regulation.

 

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Guarantees and branches - key elements for third-country interest in EMIR
Thursday, 27 March 2014 21:34

 

EMIR cross-border issues (to be clear, the circumstances under which the EMIR clearing obligation, risk mitigation techniques and margin requirements apply to contracts between two non-EU entities) have been finally settled and published on 21 March 2014 in the Official Journal.

 

It is already known which guarantees in the extra-EU circulation are subject to EMIR rules.

 

See commentary on the issue.

 

 
The authorisation of the first European CCP does not cover emission allowances
Saturday, 22 March 2014 11:27

 

The authorisation under EMIR Regulation of Nasdaq OMX Clearing AB by the Finansinspektionen in Sweden as the first EU-based CCP on 18 March 2014 has limited impact on the European carbon market since the scope of the notification does not cover emission allowances.

 

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MiFID II finally settled - EU ETS installations' operators exempted
Tuesday, 18 March 2014 19:51

 

A specific exemption for operators with compliance obligations under the EU ETS Directive has been inserted in MiFID II compromised text of February 2014.


To remain exempted the said operators, however, mustn't provide any investment services or apply a high frequency algorithmic trading technique.

 

There is also a separate exemption for dealing on own account or providing other investment services in emission allowances as an ancillary activity, but in this case an annual notification to the financial authority is required.

 

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EMIR - procedural strategy for clearing and collateral intra-group exemptions
Wednesday, 05 March 2014 20:25

 

Company's groupings qualifying as non-financial counterparties currently below the clearing threshold under EMIR Regulation, considering clearing and collateral exemptions for intra-group transactions as valuable alternative for their businesses, may face a dilemma whether to make the appropriate submissions to relevant authorities for exemption only the grouping crosses the threshold value or immediately initiate this procedure for future potential use.

 

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EMIR: TRN and UTI
Wednesday, 05 March 2014 08:33

 

There is no requirement to ensure that the TRN reported under EMIR has the same value as the Transaction Reference Number reported under MiFID.

 

EMIR contains also a requirement to assign a Unique Trade Identifier (UTI) which is unique but the issues how it should be generated or by whom are not specified legally.

 

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EMIR reporting compliance strategy - delegated reporting
Wednesday, 19 February 2014 09:46

 

When it comes to EMIR reporting compliance strategy the fundamental choice for market participants is whether to report derivatives themselves or to delegate reporting to their counterparty or another service provider.

 

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Derivatives reporting - the ECC approach for backloading
Saturday, 30 November 2013 12:47

  

On 12th February 2014 derivatives market participants are required to be fully prepared to backload existing trades. Practical arrangements enabling this elaborate operation are just being worked out by clearing houses.

 

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