Dark pools, crossing networks, voice brokerage systems - are their secret algorithms at risk of being compromised?
- Category: MiFID
Under MiFID II secondary legislation the nature of any algorithm or program used to determine the matching and execution of trading interests is going to be routinely revealed to competent authorities.
Viability of the EU OTC commodity forward markets hinged on one word in the recital of the European Commission Regulation
- Category: MiFID
Physical forwards can still be used under MiFID II by commodity producers in bilateral contracts. Most of them will not be captured by the financial instruments' strict legal requirements.
Commission Delegated Regulation of 18 May 2016 - relaxed legal corset on energy traders
- Category: MiFID
Traders in physically settled energy forwards will not be required to hold a MiFID II licence when trading on OTFs' markets.
According to recent European Commission Delegated Regulation, in order to remain within the scope of this exemption licenses to operate in the energy physical markets or adequate production, storage or consumption facilities will not be necessary.
Trapped by REMIT
- Category: REMIT
Imagine a manufacturer who who consumes 595 MWh yearly. He sleeps well since convinced that REMIT itself, REMIT registration and operationally burdensome REMIT transactions and orders reporting are beyond the scope of his affairs. And suddenly somebody comes and says, "You have serious legal problems, you are not credible business partner". What's the point?
Flawed inception of mandatory clearing
- Category: EMIR
Financial counterparties and alternative investment funds (AIFs) which are not clearing members and which have a lower level of activity in OTC derivatives (to be measured against a quantitative threshold) will likely benefit from extended deadlines for mandatory clearing.
MiFID II own account exemption modified
- Category: MiFID
MiFID II has not entered into force yet, but already became substantially amended. What has changed? Key issue - exemptions.