News/Commodities
Cyber risk a top threat for energy firms
Cyber crime cited among top three external risks; scarce data makes modelling difficult
Esma reviews gas and power spot month definition
Definition key to setting EU position limits
Delay on EU pre-trade, commodity rules ‘risky’
Local authorities will apply key elements of Mifid II temporarily, owing to Esma backlog
People: JP Morgan bolsters commodities research
US bank recruits oil strategist, as Societe Generale, OpenLink and others ring changes
Onus to check swap data should be on counterparties – SDRs
CME, Ice and DTCC oppose duty to reach out to non-reporting party for data verification
China to model financial reforms on Mifid II
Exchange chief tips authorities to review position limits and transparency in OTC markets
Final US position limits rule will take ‘at least a year’
CFTC expected to draft a narrow list of contracts in scope
People: US Senate confirms slate of regulatory appointees
Giancarlo confirmed as CFTC chairman, Quintenz and Behnam join as commissioners; Chatterjee and Powelson restore Ferc quorum
Esma releases first crop of position limits
Regulator moving away from publishing all limits in November
Esma adviser says position limits to be published in Nov
Task force member warns of market “disorder” in tight window before Mifid II goes live
Energy firms expect to escape Mifid II without cutting books
Esma data suggests ancillary activity test will be easier to pass than industry feared
CFTC to review swap data reporting regulations
Rule changes could be proposed as early as fourth quarter of 2017
Large corporates unconvinced by Emir reporting gift
Corporates ask for opt-out from Emir reporting changes proposed for their benefit
Commodities firms fear EBA’s inappropriate capital charges
Energy lobbying overlooked as proposed regime threatens vigorous demands
Isda: EU position limits to snag few OTC commodity contracts
Narrow definition could exclude certain trades and lead to netting problems
Compression is your friend, energy firms told as Mifid II nears
Slashing gross notional of trades can keep firms out of reach of incoming rules
People: Bowen to depart CFTC, Giancarlo sits nomination hearing
Changes at the CFTC; Evolution Markets launches US natural gas basis brokerage; CHS elects new CEO
Energy firms say looming EU reporting rules too broad in scope
SFTR vagaries cause confusion over commodity-specific transactions
FRTB standardised approach threatens commodity hedging
Basel language would force unnatural treatment of offsetting positions
Fear of CTA sell-offs could trigger wider stampede
Trend followers could not roil markets alone, but anxiety about them might, say BAML analysts
People: Noble shuffles board in wake of Elman exit
Shell swaps trading chiefs; ex-Dreyfus head joins Cofco; Glencore adds Aberdeen’s Gilbert to board
Esma to publish Mifid II commodity market data by July
Data vital to establish if firms are in Mifid II, but it will be incomplete, agency says
Energy traders find ETRM systems lacking
Energy Risk USA: out-of-the box systems cannot meet all the needs of large banks and energy firms
Asian exchanges jostle to claim LNG derivatives market
SGX and Platts hope to capitalise on physical hedgers, who remain pensive