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5 things you need to know about MiFID II commodity rules
22 Oct

5 things you need to know about MiFID II commodity rules

The MiFID framework is venturing into unchartered territory as European legislators aim to place new restrictions on commodity markets.  This element of MiFID II has been one of the most contentious parts of a highly controversial process.  In light of the recent publication of the Regulatory Technical Standards (RTS) by ESMA, we look at five Read More

28 Sep

MiFID II technical standards published

Today, ESMA has published the long-awaited MiFID II Technical Standards, leaving implementation teams across the industry with hundreds of pages to get to grips with.  The publication confirms that MiFID II will represent the biggest change to the regulatory framework in living memory.  It represents an extremely complex puzzle, but at least now we have Read More

31 Jul

One giant leap for the American financial services industry?

JWG analysis. It may have taken five years and five regulatory agencies to bring about, but the final version of the Volcker rule has officially landed. The Volcker Rule, also known as Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), was named after former Federal Reserve chair, Paul Volcker, who Read More

16 Jun

Energy trading reporting unknowns, 115 days away …

JWG analysis. We are less than 115 days from the point when the first phase of new energy trading reporting obligations kicks in across the EU.  Amidst a recent industry outcry to develop more consistent data reporting standards, the requirements introduced by the Regulation on Energy Market Integrity and Transparency (REMIT) are yet another example Read More

12 Jun

Key points and dates to take away from Verena Ross’ speech at IDX 2015 on MiFID II and EMIR

JWG analysis. In her speech at IDX 2015 this week, Verena Ross, Executive Director, European Securities and Markets Authority, addressed the two major EU legislative projects affecting derivatives trading: MiFID II and EMIR. Here we present some of the key issues she highlighted. 1.  MiFID II timeframe and technical standards The decisive date for application of MiFID II Read More

30 Jan

Two new EU regulations to add to your roadmap in 2014

By Conor Foley, Hume Brophy.  This alert summarises the key provisions of the proposed Regulation on structural measures improving resilience of EU credit institutions (SBR proposal) and the proposed Regulation on reporting and transparency of securities financing transactions (TSFT proposal). Both proposals were published on 29 January by the European Commission and follow the 2012 Read More

16 Jan

MiFID II: More time but don’t let your guard down!

Working late into Tuesday night, European lawmakers concluded a compromise over the new Markets in Financial Instruments Directive (MiFID II).  The final text has not yet been made public, and is not expected for several days.  However, some details have emerged. Concessions had to be made on both sides, with the Parliament advocating for robust Read More

03 Dec

Moving the goalposts: How does the CFTC’s recent announcement change the game for non-US swaps businesses?

The OTC trading space is being kept on its toes by the Commodities and Futures Trading Commission (CFTC); recent developments mean that more market participants worldwide are in scope of US derivatives rules than ever before.  In our previous piece, JWG analysed the CFTC’s rules on who is a ‘US person’ for their purposes, and Read More

08 Nov

The race to EMIR reporting: ESMA approves trade repositories for all asset classes

On 7 November, as planned, the European Securities and Markets Authority (ESMA) approved the registrations of the first four trade repositories (TRs) under the European Market Infrastructure Regulation (EMIR).  This means that trade reporting for OTC and exchange-traded derivatives is now due to start in February 2014. The registration of these TRs means that they Read More