Monthly Archives: October 2011

MiFID and MiFIR on Algorithmic Trading – and – Provision of Services AND Establishment of Branches by Third Country Firms

By Doron Ezickson, Nick Shiren, Alix Prentice, Adam Topping, and Ramona Simms This is the sixth in our series of briefings on MiFID and MiFIR. Below, we describe new obligations set out in MiFID that apply to investment firms engaging … Continue reading

Posted in Commodity Trading, MiFID, MiFIR, Regulation

MiFID and MiFIR on Supervision of Products – and – Circuit Breakers

By Doron Ezickson, Nick Shiren, Alix Prentice, Adam Topping, and Ramona Simms This is the fifth in our series of briefings on MiFID and MiFIR. Further, we describe new powers of product intervention granted to ESMA and local regulators under … Continue reading

Posted in Commodity Trading, MiFID, MiFIR, Regulation

European Commission Unveils Plans to Boost Energy Networks in Europe

By Doron Ezickson, Adam Topping, and Ramona Simms On 19 October 2011, the European Commission published a proposal to fund €50 billion worth of investment in the European Union’s transport, energy, and digital networks for the period from 2014 to 2020, … Continue reading

Posted in Energy Infrastructure

MiFID on Client Categorisation and Transactions with ‘Eligible Counterparties’ – and – Organised Trading Facilities

By Doron Ezickson, Nick Shiren, Alix Prentice, Adam Topping, and Ramona Simms This is the fourth in our series of briefings on MiFID and MiFIR. In this alert, we describe the proposed changes to the current client classification regime, and … Continue reading

Posted in Commodity Trading, MiFID, MiFIR, Regulation, Uncategorized

MiFIR on Pre and Post-Trading Transparency for Equities, Equity-Like Instruments, Structured Products, Bonds, Emission Allowances and Derivatives

By Doron Ezickson, Nick Shiren, Alix Prentice, Adam Topping, and Ramona Simms This is the third in our series of briefings on MiFID and MiFIR. Further, we describe new obligations set out in MiFIR to make certain pre and post-trade … Continue reading

Posted in Commodity Trading, Emissions, MiFID, MiFIR, Regulation

MiFID and MiFIR on the Obligation to Trade Derivatives on Regulated Markets and Revisions to the Best Execution

By Doron Ezickson, Nick Shiren, Alix Prentice, Adam Topping, and Ramona Simms This is the second in our series of briefings on MiFID and MiFIR. Further, we describe new obligations to trade certain derivatives on regulated markets, MTFs or OTFs … Continue reading

Posted in Commodity Trading, MiFID, MiFIR, Regulation

MiFID AND MiFIR on Position Limits and Position Reporting for Commodities Derivatives and Emissions Trading

By Doron Ezickson, Nick Shiren, Alix Prentice, Adam Topping, and Ramona Simms This is the first in a series of short briefings on radical changes proposed for the regulation and conduct of investment business set out in the European Commission’s … Continue reading

Posted in Commodity Trading, Emissions, MiFID, MiFIR, Regulation

Montana Consumer Counsel v. Federal Energy Regulatory Commission

By Ken Irvin and Sarah Tucker On October 13, 2011, the U.S. Court of Appeals for the Ninth Circuit held that the market-based rate policy embodied in Order Nos. 697 and 697-A does not exceed FERC’s authority as conferred by … Continue reading

Posted in FERC, Power, Regulation

Position Limits Rumors Become Reality: CFTC Adopts Final Position Limits Rule Under Dodd-Frank

On October 18, 2011, the Commodity Futures Trading Commission adopted, by a vote of 3 to 2, a final rule regarding position limits for certain physical commodity derivatives pursuant to the Commodity Exchange Act, as amended by the Dodd-Frank Wall … Continue reading

Posted in CFTC, Commodity Trading, Regulation

Conference Luncheon Speaker Commissioner Bart Chilton Publishes “Ponzimonium”

On October 6, Cadwalader welcomed CFTC Commissioner Bart Chilton to speak at the 2011 Energy & Conference on issues of technology in trading as well as some other emerging issues in financial markets. His speech can be found on the … Continue reading

Posted in CFTC