Clarification on the cumulative use of exemptions under MiFID II
- Category: MiFID
ESMA expressed the view that "the execution of orders in financial instruments between two non-financials directly and without any further intermediation by third parties as ancillary activity is not covered by the term 'dealing on own account when executing client orders' and would therefore not prevent the persons concerned from using the exemptions under paragraphs (d) and (j) of Article 2(1) MiFID II."
See more on MiFID II exemptions:
1. dealing on own account (Article 2(1)(d)),
2. ancillary activity (derivatives trader exemption - Article 2(1)(j)).
Electricity Balancing Network Code transitional arrangements - existing agreements affected
- Category: Network Codes
While negotiating any agreements with electricity transmission system operators it is necessary to take account of provisions of the draft ENTSO-E Network Code on Electricity Balancing.
It is only non-binding draft now - some may say. Never mind...
EMIR frontloading - serious regulatory risk
- Category: EMIR
Frontloading - the term involved with EMIR Regulation should seriously worry derivatives players these days.
Excess margin risk of the clearing client - individual account much better than omnibus
- Category: EMIR
The manner in which the excess margin is dealt with by the clearing broker depends on whether the clearing client has an omnibus or individual client account.
Firmness - financial hedge between bidding zones or capacity product
- Category: Network Codes
Who will pay for market spread?
Ban on re-use of collateral collected as initial margin
- Category: EMIR
Firms implementing re-use, re-pledge or re-hypothecation of initial margin as an essential component of their business models will have to reconsider strategies. Collateral transformation services may also be affected.
Page 24 of 69