Policy risk
Technology and regulation
Energy Risk, in association with OpenLink, presents a summary of a technology and regulation breakfast briefing held recently in London. The invitation-only event convened heads of regulation and compliance, chief technology officers, consultants and…
EC seeks redo of controversial Mifid II commodity provisions
European Commission demands revisions to draft Mifid II rules on ancillary exemption and position limits that had proved contentious for EU energy firms
EU position limits pose headaches for national regulators
Proposed Mifid II limits on thousands of commodity contracts worry some officials
EU capital rules for energy traders not as bad as feared – PwC
Commodity trading firms can slash Mifid II capital charges by 40% through optimisation of derivatives portfolios and application of new Basel rules, report finds
New EU market abuse rules worry energy traders
Ban on insider trading in commodities seen as “very tricky”
Energy industry blasts ‘unusable’ CFTC commodity swap data
Vast variety of contracts, lack of coordination by SDRs led to reporting debacle
Mifid II one-year delay not enough to solve problems, energy industry says
The anticipated one-year delay to January 2018 of implementation of the Mifid II rules still leaves energy firms little time to respond to the regime, given the number of key rules still not finalised
How ‘Death Star’ and AIG sparked a new era in regulation
Ferc and the CFTC have overlearned the lessons of past crises, and energy traders are paying the price
EU commodity derivatives regulation: 2016 and beyond
Market participants await key deadlines and decisions in the year ahead
Enron’s California schemes haunt regulators 15 years later
The failures of the first liberalised US power market still shape the Federal Energy Regulatory Commission’s anti-manipulation agenda. But has the pendulum swung too far towards enforcement?
Energy firms urge EC to ease Emir clearing rules
Industry groups are using the European Commission’s review of Emir to push for changes to rules for calculating their exposure to clearing thresholds – tweaks that could make a big difference in whether commodity firms are saddled with the dreaded ‘NFC+’…
CFTC de minimis report worries US energy firms
Use of “alternate indicators” for dealing activity raises alarm bells in industry
Ending Emir hedge exemption conflicts with Mifid II, firms say
EU energy firms warn Esma’s proposal to scrap the Emir hedge exemption would introduce a glaring inconsistency between Emir and Mifid II
Position limits are an idea whose time has passed – Giancarlo
Low commodity prices dent rationale for US and EU anti-speculation rules, CFTC commissioner says
Commodity traders cheer CFTC record-keeping fix
Regulator softens Dodd-Frank rule that energy and agricultural commodity traders had complained was burdensome
Stricter EU collateral rules threaten Nordic power market
Tighter EU collateral standards set to come into force in March 2016 may hurt liquidity in Nordic electricity derivatives, market participants say
Energy traders hit back at French regulator over interview
Industry group blasts AMF official’s stance on Mifid II commodities provisions, bemoans regulators for being “deaf” to industry concerns
Shell may shift trading to US or Singapore over Mifid II
Oil major Royal Dutch Shell is exploring “all possible options” for compliance with Mifid II, including migrating trading activity to countries outside the EU, a company official says
Web of EU commodity rules too complex, conference told
Mifid II, Emir, Remit and other new regimes covering EU commodity markets are not well co-ordinated, according to regulators and market participants at this year’s Emart
US spoofing crackdown is a case of misplaced priorities
In the world of high-frequency trading, there are worse practices than spoofing, but only spoofers are being sent to prison
Texas utility finds Dodd-Frank a source of frustration
For publicly owned Austin Energy, adapting the new US regulatory environment following the passage of the Dodd-Frank Act has been a bumpy ride
CFTC spoofing crackdown poses compliance challenges
In the wake of the first criminal conviction in a spoofing case, US commodity traders and lawyers are concerned that the vagueness of the CFTC's rule is having a chilling effect on market participants
Q&A: French regulator defends Mifid II commodity rules
Mifid II has sparked an outcry from EU energy firms, which complain the new rules will force them to curtail hedging or even exit the markets altogether. But Vincent Derbali, an official with France's AMF and a member of Esma's commodity derivatives task…
Asset managers push CFTC for more relief on position limits
Hedge funds, pension funds and private equity firms welcome the CFTC’s new proposals on position aggregation but urge the regulator to go further