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Financially-settled energy products traded outside the EU also to be reported under REMIT

Category: REMIT
Published: 05 February 2015

 

If a person enters into a transaction on a derivative contract related to EU gas and electricity (such as a futures contract only for financial settlement that is traded on exchange located outside the EU), that person is not a REMIT market participant. 

 

However, according to the European energy market regulator, if that person also enters into transactions, including the placing of orders to trade, in one or more wholesale energy markets, e.g. enters on a physical trade (or derivative) for the delivery of gas or electricity (or transportation of gas or electricity) within the EU, that person is a market participant and has to report all the transactions on wholesale energy products including those trades outside the EU that are only for financial settlement.

 

This interpretation imposes REMIT reporting requirements on the - quite extensive - category of extra-EU financial derivatives trades and counterparties.

 

Read more... 

 

Attention! SI data business' niche

Category: MiFID
Published: 27 January 2015

 

Systematic internalisers are lacking the necessary data sources. To carry out thresholds' calculations under the new MiFID II business' formula information about the total volume of trading or total number of transactions in the same financial instrument in the European Union will be needed.

 

This data is currently not available. The European financial regulator - ESMA - did also not receive any empowerment to publish the relevant trading figures (see Final Report ESMA's Technical Advice to the Commission on MiFID II and MiFIR of 19 December 2014 (ESMA /2014/1569) p. 223).

 

Hence, such services will need to be developed within the MiFID II implementation phase (i.e. till 2017) - maybe a business opportunity worth considering?

 

Read more on the systematic internalisers' legal framework under MiFID II Directive...

 

Surprising effects of MiFID II exemptions' cumulation

Category: MiFID
Published: 26 January 2015

 

It is not possible for the person exempted under the MiFID II ancillary activity exemption to trade, for example, in IRS through the medium of direct, electronic access to a trading venue. Am I wrong?

 

Read more...

 

Gross notional 2016 derivatives' value to delineate non-financials under MiFID II

Category: MiFID
Published: 23 January 2015

 

Have you already made the preliminary assumptions for the gross notional value of your planned derivatives' speculative trades in the EU market for 2016 to establish whether you can still remain beyond the scope of the financial sector oversight under MiFID II?

 

Read more...

 

REMIT reporting approaches...

Category: REMIT
Published: 15 January 2015

REMIT-caution

 

So, given that the final TRUM is already adopted and published, the key point for any engaged in energy trading is now to establish whether:

(1) the trading platform at issue qualifies as an "organised market place", and

(2) the contract at issue is a "standard contract" or a "non-standard" one.

 

While the former determination looks like not so difficult (but, sometimes, surprising), the latter appears quite a complex task.

 

Finally, the identification of "non-standard contracts specifying at least an outright volume and price" (for which specific reporting rules apply) is really a puzzle!

 

European Commission Regulation 543/2013 - generation units' and production units' terminology complexities

Category: Energy market
Published: 16 December 2014

 

Two power plants of identical overall capacity of 120 MW each have divergent transparency obligations, depending on the capacity of their electricity generators.

 

Read more ...

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