Two more documents – 2020 draws to a close

ESMA has recently issued two further documents of interest to the energy and commodities markets. These are: Consultation paper on Algorithmic trading under MIFID II (here) – The relevant part of MIIFD II applies to any firm that carries out “algorithmic trading” in Financial Instruments, whether or not they use the Ancillary Activity Exemption. Those carrying out “High frequency” trading in Financial Instruments may not use the exemption at all. The annual report on sanctions under MAR (here) – Which summarises penalties imposed. The accompanying press release (here) reports on an increase in fines compared to last year. This is likely to be the final post on this blog for 2020. The year has been very challenging for most, with challenges also leading to variable frequencies of posting here. Despite this, there has been no let up in regulatory announcements and changes, as well as cases in anti abuse matters, which have kept the sector busy. This article on the Florence School of Regulation web site recaps on where we are with the various rules. We hope to continue to bring updates to the market free of charge in 2021, with some changes made to improve the service. In the… continue reading

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