Financial Market
Emission OTC derivatives pricing: the differences between NFCs+ and NFCs-
Monday, 18 March 2013 06:48

 

Emissions derivatives market participants are required under the EMIR rules to calculate whether they cross the clearing threshold. The status of being below the relevant threshold should effect for these counterparties in more favourable pricing of the respective products.

 

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Several days left to arrange for EMIR procedures
Wednesday, 06 March 2013 20:29

 

Regulatory (RTS) and Implementing (ITS) Technical Standards on EMIR (European Commission Regulations No 148/2013 – 153/2013 of 19 December 2012) have been formally published (OJ L 52, 23.2.2013), which means that the relevant time-limits for implementation start running.

 

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Should the non-financials bother with EMIR? Some remarks on EMIR RTS
Tuesday, 12 February 2013 11:20

 

 

Short overview of basic requirements in view of the urgent need to implement operational and risk-management procedural changes.

 

 

 
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MiFID II emission allowances position reporting – important regulatory changes
Tuesday, 04 December 2012 21:05

 

For the purposes of MiFID II reporting, operators with compliance obligations under Directive 2003/87/EC are categorised as a distinct group of traders within a broader spectrum of members, participants (and clients) of the regulated markets, MTFs or OTFs.

 

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MiFID II emission allowances position limits – threefold means of regulatory influence
Saturday, 01 December 2012 12:42

 

It is interesting that the architecture envisioned has, in its primary form, a decentralised character i.e. the respective decisions on the introduction of positions limits are to be taken at the level of the trading venue. It is to be borne in mind that pursuant to MiFID II legislative design the above developments will also be relevant for commodity derivatives as well as  emission allowances and derivatives thereof. Market strategies mustn’t neglect that fact.

 

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Obligation to trade on regulated markets, MTFs or OTFs – new element of the emission market financial infrastructure
Friday, 16 November 2012 13:16

 

MiFIR (Markets in Financial Instruments Regulation) will for the first time require certain derivatives contracts – those that are both cleared through a central counterparty (CCP) and deemed sufficiently liquid – to trade on a ‘trading venue’.

 

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MiFID II exemption for EUAs compliance buyers – EP report of 5 October 2012
Friday, 02 November 2012 13:29

 

Specific MiFID exemption has been designed for persons which own or directly operate installations subject to Directive 2003/87/EC, but the issue whether it is properly formulated is open.

 

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Rules on client-as-agent model specified by ESMA in EMIR RTS on indirect clearing arrangements
Monday, 29 October 2012 21:23

 

Regulatory Technical Standards prejudge that facilitating indirect clearing arrangements is not mandatory for clearing members – the contentious issue as yet.

 

Last Updated on Thursday, 15 November 2012 13:51
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Treasury financing activities “contaminated” by non-financials’ commodities trading units in effect of ESMA’s decisions on EMIR
Friday, 26 October 2012 10:58

 

Commodity firms strongly opposed that exceeding the clearing threshold for one class of OTC derivative should trigger application of the clearing obligation or of the risk mitigation techniques for all classes of OTC derivative contracts.

 

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EMIR – intra-group transactions exemption
Monday, 30 July 2012 06:59

 

Status of the intra-group transactions under the EMIR legal framework should be considered with respect to clearing obligation and collateralisation requirement separately.

 

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Draft Regulatory Technical Standards on OTC Derivatives – which OTC derivative contracts are ‘objectively measurable as reducing risks directly relating to the commercial activity or treasury financing activity’
Monday, 09 July 2012 06:23

 

The determination of the circumstances in which OTC derivative contracts are ‘objectively measurable as reducing risks directly relating to the commercial activity or treasury financing activity’ represents the key EMIR qualification, since when the criteria are met, the OTC derivative contract is excluded from the computation of the clearing threshold.

 

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Types and consequences of indirect clearing arrangements for CCP-cleared OTC emissions trades under EMIR
Thursday, 05 July 2012 06:40

 

Emission market participants should prepare for clearing with CCP OTC emissions trades under circumstances specified by EMIR. In order to comply with the clearing obligation, a counterparty must become a clearing member, a client or establish indirect clearing arrangements. Determination of the most beneficial option is made sometimes difficult by the fact that these notions and their implications are often confused. ESMA Consultation Paper has shed, however, some light on these issues.

 

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