Call for evidence on overall financial markets reform: Europex contributes to DG FISMA consultation

Brussels, 29 January 2016 | Europex welcomes the Commission’s call for empirical evidence and concrete feedback on the EU’s overall regulatory framework for financial services. Reflecting the interests of exchange-based wholesale markets for electricity, gas and environmental products, the Europex response mainly focuses on the specificity of wholesale energy trading. Wholesale energy trading is in many ways different from traditional financial markets. Energy market participants use energy trading for mitigating their price risk along the value chain (sourcing, production, storage and retail-business). This is a common and important commercial practice and constitutes a necessary prerequisite for ensuring stable and affordable
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Categories: Consultation Responses.

Adjust the MiFID II/MiFIR implementation timeline to reality: Europex calls for a one-year delay for the application of MiFID II/MiFIR

Brussels, 25 November 2015 | MiFID II/MiFIR poses new and fundamental challenges to the business models of numerous stakeholders in the energy market. The presumed start of the application of MiFID II/MiFIR in January 2017 will require market participants, energy exchanges, clearing houses, regulators and many others to implement major changes in their general organisation and IT systems. All necessary modifications need to be anticipated, prepared for and implemented in due time and in full accordance with the new rules. However, the technical legislation (Level 2) that needs to provide guidance for the implementation of MiFID II/MiFIR has been significantly
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Categories: Press Releases.

Europex letter to DG FISMA on concerns on MiFID II position limits regime

Brussels, 11 December 2015 | In a letter to Mr Martin Merlin, Director at DG Fisma, Europex express its serious concerns about the Level 2 rules for the position limits regime under MiFID II as proposed by ESMA as part of the Regulatory Technical Standards (RTS) that were published on 28 September 2015. Europex calls for a change in the timing of the beginning of the application of spot month limits and the use of open interest as a basis for other months limits in the RTS 21. Please find the letter to Mr Merlin attached.
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Categories: Position Papers.

Joint position paper by Europex, EFET, Eurelectric, Eurogas, BDEW and Energy UK – “MiFID II Level 2 and energy trading: How to further specify the ancillary activity exemption in Article 2?”

Brussels, 17 April 2015 | The undersigned associations believe that open, robust, liquid, competitive and transparent energy markets are key to ensuring secure, sustainable and competitive energy supplies for final customers, together with adequate infrastructure and a supportive regulatory framework. With this core and shared objective in mind, and while fully supporting the overall principles of the revised Markets in Financial Instruments Directive 2014/65/EU (MiFID II), we are nevertheless very concerned by some of the provisions which are currently being discussed in Level 2. Please find the position paper attached.
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Categories: Position Papers.

Europex response to ESMA consultation on MiFID II/MiFIR Paper Nr. 2

Brussels, 27 February 2015 | Europex suggests that commodity and emission allowances derivatives that are traded on Regulated Markets (RMs) should only count towards the ancillary activity thresholds in a risk-adjusted manner. Indeed, the significant narrowing of the MiFID I exemptions in MiFID II aims primarily at mitigating systemic risk. Yet, contracts traded on regulated markets are systematically centrally cleared and do thus not pose the same level of systemic risk as non-cleared contracts that are traded on other platforms. This aspect is taken into account by the European Market Infrastructure Regulation (EMIR). Under EMIR, exchange-traded and centrally cleared derivatives (ETDs) do
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Categories: Consultation Responses.

Europex response to ESMA’s public consultation on draft guidelines on the application of C6 and C7 of Annex I of MiFID

Brussels, 12 December 2014 | Europex welcomes the present consultation by ESMA as the future “Guidelines on the application of C6 and C7 of Annex I of MiFID” will help harmonise the diverging national regulatory practice of EU regulation in commodities trading. In order to achieve a regulatory level playing field across all EU member states, it is indispensable to comprehensively align the implementation and application of existing and future legislation.
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Categories: Consultation Responses.