Europe News
The latest industry and regulatory news affecting the EU and the UK
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FIA co-signs letter on equivalence of trading venues under EMIR UK and MiFIR UK’
On 5 April, FIA co-signed a letter to HM Treasury and FCA regarding the equivalence of EEA trading venues. Signing the letter alongside FIA were ISDA (International Swaps and Derivatives Association), AFME (Association for Financial Markets in Europe), AIMA (Alternative Investment Management Association), Assosim (Association for Financial Market Intermediaries), EFET (European Federation of Energy Traders), ICI-Global (Investment Company Institute), SIFMA AMG (Securities Industry and Financial Markets Association Asset Management Group) and UK Finance
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FIA members seek clarity from UK and EU27 to help Brexit contingency planning
FIA today released survey results that provide a high level snapshot into clearing brokers’ progress with their Brexit contingency plans, the issues they face when structuring and executing such plans, and the policy proposals that would help address these issues.
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FIA submits response to Ofgem Secure and Promote Review Consultation Paper
On 19 September, FIA submitted a response to the Ofgem Secure and Promote Review Consultation Paper published on 25 July 2017. The consultation explores the impact of the Secure and Promote licence condition on liquidity in the market and if further changes are required to the license condition.
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Bigger Role for ESMA
On Sept. 20, the European Commission published a package of proposals to strengthen the European system of financial supervision. The proposals aim to improve the mandates, governance and funding of the three European supervisory authorities and the functioning of the European Systemic Risk Board, which should ensure stronger and more integrated financial supervision across the EU. Key features of the proposal include:
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Metals Market Makeover
The London Metal Exchange and LME Clear have published a discussion paper to solicit feedback on a wide range of issues related to its core markets in non-precious metals, including trading and booking structures, clearing structures and services, delivery and physical market structure, membership and the LME ecosystem as a whole.
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Cloud Over London
On May 4, the European Commission issued a policy statement discussing its plans to issue legislative proposals by the end of June to address “important and emerging challenges” in derivatives clearing.
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Competition in Clearing
On March 29, the European Commission issued a statement prohibiting the proposed merger between Deutsche Börse and London Stock Exchange Group. The Commission concluded that the merger would have created a de facto monopoly in the clearing of fixed income instruments.
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From Paris to Amsterdam
Euronext has signed a binding “heads of terms” agreement with the Intercontinental Exchange to use ICE Clear Netherlands for its derivatives markets.
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2016 FIA Annual Volume Survey: Global Futures and Options Volume Reaches Record Level
FIA’s annual survey of derivatives exchange volume revealed that the total number of futures and options traded on exchanges worldwide reached 25.22 billion contracts in 2016. Although that was only 1.7% higher than the previous year, the increase in the number of contracts traded was enough to set a new annual record for the derivatives exchange industry. The previous high was set in 2011, when total volume reached 24.98 billion. The annual survey includes tables and charts showing exchange and contract rankings as well as breakdowns by region and asset class, and the underlying data can be downloaded directly from the website in Excel format. Read Now
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FIA files letter to ESMA on ancillary activity exemption under MiFID II
FIA’s MiFID II Commodities Working Group, working jointly with EFET members, identified their top-priority questions regarding the ancillary activity exemption under RTS 20 of MiFID II. The questions were sent to ESMA and national competent authorities in a non-paper. FIA is currently identifying additional questions on RTS 20 and 21 of MiFID II that require clarification.
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