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Last Days Of The American Cowboy

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IM Phase 5 to bifurcate

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Confirming recent market rumours, BCBS\IOSCO have today announced their recommendation to stagger IM Phase 5 implementation over a two year period. An adjusted Phase 5 will apply to firms with an AANA equal to or greater than USD\EUR 50bn and less than 750bn.

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EMIR 2.0- indirect, possibly unintended, certainly consequential

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Published in the OJ on 28 May, EMIR Refit entered into force on 17 June. Aimed at simplifying requirements and making obligations on smaller counterparties more proportionate, the Regulation is comprehensively summarised here.

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EMIR update – REFIT published and new Q+A

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EMIR “REFIT”, which introduces some significant changes to the way in which EMIR is complied with, has finally been published in the Official Journal of the European Union.  The document can be found here. REFIT introduces changes that have an impact on those in energy and commodities, including: Changes to the way in which the … Continue reading

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ESMA issues updated opinion on market sizes

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ESMA has issued an updated document on the market sizes to be used for the Ancillary Activity test, which must be undertaken by energy and commodity market participants who wish to use the Ancillary Activity exemption from MiFID II under Article 2(1)j. The document can be found here. The updated document, which is non binding,  adds … Continue reading

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Anti abuse news – and a panel

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Recent market manipulation cases (for example see here) have continued the trend of an increased focus on anti abuse activity on the part of regulators. Earlier this year, the UK’s FCA issued a business plan (see here) which included a further focus on anti abuse activity under MAR. The FCA uses data collected under MiFID … Continue reading

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IM Phase 5 Delay on the Horizon?

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Risk Magazine is reporting today about the keynote speech given by Patrick Pearson (Head of the Financial Market Infrastructure and Derivatives unit at the European Commission) at the OpRisk Europe conference in London earlier today.  He is reported to have hinted that a delay in the implementation of the final

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GB capacity market – appeal delayed

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There have been developments in the story around the suspension of the GB capacity market since our last post here. This story on the Utility Week web site reports that the appeal being brought on the European Commission against the suspension of the market has been delayed. The appeal is to be heard either in … Continue reading

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MiFID II issues

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While the impact of MiFID II on the energy and commodities sector has been relatively quiet recently (see here), there has been a great deal of discussion in the wider financial sector. The issue of “research unbundling”, that is the requirement that research be charged for rather than provided as a “bundled service”, has had … Continue reading

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Fintech Daily 04/30/2019

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The Riksbank proposes a review of the concept of legal tender The Riksbank proposes that a committee be tasked with reviewing the concept of legal tender and role of central bank money in a digitalised economy, and the role and responsibility of both the state and the private sector on the payment market. tags: Fintech […]

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