Claudio Capozzi, managing director EMEA of Sungard’s energy business, takes a quick look at the wave of regulation approaching European shores.
new set of acronyms is now part and parcel of the European
commodity trading industry. Regulations like Emir
(European Market Infrastructure Regulation), Mad (Market Abuse
Directive) and Remit (Regulation on Energy Market Integrity and
Transparency) are in the final throes of their implementation
albeit with some remaining uncertainty.
At the same time organisations such as Esma (European
Securities and Markets Authority) and Acer (Agency for the
Cooperation of Energy Regulators), are much better known than
perhaps they were in the past.
The long shadow of European regulation is upon us.
Emir, like Dodd-Frank, has its origins
in the G20’s desire to regulate OTC derivatives
market but it is not a straightforward comparison and there are
some significant differences. However, Emir came into force on
March 15 this year and it has a number of key milestone dates
for industry participants however, some of those dates continue
There remains some uncertainty around certain issues such as
how to actually calculate the Emir threshold and trade
repositories have yet to be formally registered, for example,
along with a number of other small but important details that
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