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El. knyga: Regulation of Commodities Trading

Edited by (Head of L&C Capital Markets, PricewaterhouseCoopers Ltd.), Edited by (Professor of Law, Florida International University Law Faculty)
  • Formatas: 407 pages
  • Išleidimo metai: 26-Mar-2020
  • Leidėjas: Oxford University Press
  • Kalba: eng
  • ISBN-13: 9780192560063
Kitos knygos pagal šią temą:
Regulation of Commodities TradingDidesnis paveikslėlis
  • Formatas: 407 pages
  • Išleidimo metai: 26-Mar-2020
  • Leidėjas: Oxford University Press
  • Kalba: eng
  • ISBN-13: 9780192560063
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This book is the first to draw together the numerous different regulations which affect how commodities are traded in the EU.

Having long been a largely deregulated industry, intense scrutiny in the aftermath of the global financial crisis has left commodities trading subject to a raft of harmonized regulations, many of which have yet to be finalized. Regulation of both the physical and the financial commodities markets is undergoing significant change and participants and their advisors are struggling to understand the changes in each jurisdiction as well as the cross-border implications.

The book pulls together these various pieces of EU legislation and examines how they influence the way that commodities are traded in Europe. It also provides coverage of regulation at domestic level in key jurisdictions active in the marketplace, namely the UK, USA, Switzerland, and Singapore. Divided into eight sections, the book includes analysis of the commodities trading houses (including their motives and methods), the main trading venues, trading practices, and potential illicit practices and market abuses. Each section has a detailed transnational component in which the position in each specific jurisdiction is explained, drawing parallels and setting out the differences between these countries.

This extremely topical publication is an essential reference work for all those advising on or researching the increasingly complex and globalized field of commodities trading.
Table of Cases
xvii
Table of Legislation
xix
List of Abbreviations
xxxiii
List of Contributors
xxxix
1 Introduction
A Commodities Trading in Europe and Worldwide
1
1 Some history
1
2 Modern financial futures markets
5
B Economics of Commodities Trading
11
C Regulation of Derivatives Prior to the Financial Crisis of2008
29
1 Us
29
2 Uk
34
3 Germany
37
4 France
39
5 Eu
40
D Rationale for Regulation of Trading in Commodities Related Financial Instruments
42
E The Impact of Brexit on the Regulation of Commodities Trading in Europe
47
F Authorized Supervision
59
1 ESMA
59
2 ACER
64
G National Competent Authorities
69
1 Securities commissions
69
2 Anti-money laundering institutions
77
H Supervision--Other Countries
80
1 Us
80
2 Switzerland
89
a Importance of commodities trading
89
b Regulation of commodities trading in Switzerland
92
3 Singapore
94
a Global commodity trading plays a vital role in Singapore's economy
94
b Commodity trading regulation structure in Singapore
97
i Commodity Trading Act (CTA)
99
ii Securities and Futures Act (SFA)
101
iii Financial Advisers Act (FAA)
103
2 Commodity Trading Houses
A Introduction
1
B Motives
6
1 Hedging
6
2 Speculation
9
3 Market making
12
4 Order execution
15
5 Algorithmic trading
17
6 High frequency trading
20
7 Direct electronic access
22
C Directive and Regulation on Markets in Financial Instruments
25
1 Introduction
25
2 Investment firm
30
a Scope
30
b Authorization process
35
c Exemptions
40
i Group company
42
ii Ancillary activity exemption
44
d Grid operators
57
e Requirements
60
i Organization
61
ii Governance
73
iii Investor protection
86
iv Acquiring or disposing of qualifying holdings
88
v Assessment by the National Competent Authority
92
f Capital
96
g Business conduct rules
101
3 Systematic internalisers
120
4 Passport
132
5 Freedom to provide services
133
6 Right of establishment
136
7 Tied agents
142
a When will the MiFID passport be required?
143
b Home and host state regulation and supervision
145
8 Third country access
148
9 Cross-border provisions
150
a Branch
160
b Reverse solicitation
166
D REMIT
169
1 Introduction
169
2 Scope and obligations
171
a Registration of market participants with the competent authority
171
b Prohibition of insider dealing
174
i Insider information
174
ii No insider information
175
iii Publication of insider information
176
c Prohibition of market manipulation
182
d Sanctions and fines
185
3 UK specific rules
187
a Architecture of the UK regime
187
b Authorization in the UK
192
4 Switzerland
197
E Regulation of Commodity Trading Houses in Third Countries
203
1 Regulation of commodities trading houses in the US
203
a Futures and options firms trading houses
203
i Introduction
203
ii Capital requirements
204
iii Financial reporting requirements
206
iv Record keeping requirements
207
v Internal supervision
209
vi Sales practices
211
vii Suitability requirements 2.214 (b) Swaps trading house regulation
217
2 Switzerland
223
a Regulation of trading in financial instruments related to commodities
223
b Regulation of commodities trading houses as securities dealers-Swiss based commodities trading houses
224
i Trading on own account (proprietary trading)
226
ii Trading on own account (market makers)
227
iii Issuing derivatives related to commodities as securities (issuing houses)
228
c Foreign securities dealers
229
i Branch
232
ii Representation office
233
d Requesting a licence
234
i Organizational requirements
235
ii Capital requirements
236
iii Reporting, information, and approval obligations
237
e Regulation of investment firms trading derivatives related to commodities under the new FinSA---and FINIA---regime
240
i The applicable obligations for non-Swiss client advisers and non-Swiss financial service providers
243
ii Behavioural rules in detail
244
iii Organizational requirements
245
iv Obligation to affiliate with an ombudsman
250
v Obligation to enter non-Swiss client advisers of Swiss clients and client advisers who provide financial services in Switzerland into the client adviser register
251
vi Sanctions in case of non-compliance with the new rules
254
f Investment firms trading in securities under the FINIA regime
255
i Obligations of an investment firm
258
g The new rules for trade assayers in precious metals
264
i The new regime applicable to trade assayers in precious metals
264
ii The two types of trade assayers
265
iii The new requirements
267
iv Timeline
273
h Banking Act
279
i Requirements of a banking licence
279
ii Foreign banks
281
iii Obligations of a bank
284
i Asset protection
290
3 Trading Venues
A Introduction
1
B Clearing Houses and Trade Repositories
2
1 Introduction
2
2 Direct and indirect clearing
7
3 Reporting
9
C Regulated Markets in the EU
13
1 Introduction
13
2 Organizational requirements
19
a Management body
19
b Significant influence
30
c Organizational requirements
34
3 Access of market participants
38
a Membership
38
b Monitoring
45
4 Admission to trading of financial instruments
49
a Admission
49
b Suspension and removal
53
c Systems and controls
57
d Transparency
67
e Pre-trade transparency
68
f Post-trade transparency
75
g Temporary suspension on transparency obligations
79
h Publication of trade data
82
D Multilateral Trading Facilities in the EU
86
1 Introduction
86
2 Organizational requirements
93
a Organization
93
b Management body
94
c Qualifying holdings
100
d Organizational requirements
105
3 Access of market participants
106
a Members
106
b Fair and orderly trading
108
c Structural limitations
111
d Conflicts
112
e Settiement
113
4 Risk management and financial resources
114
5 Information for the regulators
116
6 Investor protection
117
a Admission
118
b Suspension and removal
119
c Systems and controls
120
d Transparency
121
E Organized Trading Facilities in the EU
122
1 Introduction
122
2 Requirements
129
a Organizational requirements
130
b Access of market participants
131
c Fair and orderly trading
133
d Structural limitations
135
e Conflicts
138
3 Settlement
139
4 Financial resources
140
5 Information for the regulators
141
6 Discretion and investor protection
143
7 Admission
147
8 Suspension and removal
149
9 Systems and controls
150
10 Transparency
151
F Organized Market Places in the EU
152
1 Introduction
152
2 Becoming an OMP
155
3 Reporting function
156
4 Market surveillance function
157
5 Trade matching systems in the EU
159
G Emission Allowance Platforms in the EU
162
H Passport in the EU
168
1 Passporting within the EU
168
2 Third country regime
171
I Specific Trading Venues
176
1 CME
176
2 LME
179
3 ICE
184
4 EEX
188
5 globalCOAL
190
6 Platts 3.195 J. UK Specific Rules
197
1 Introduction
197
a Recognized investment exchanges
197
b Application for recognition and revocation
198
c Recognition requirements
200
i Financial resources
201
ii Safeguards for investors
205
iii Publication of data regarding execution of transactions
207
iv Promotion and maintenance of standards
208
v Rules and consultation
209
vi Discipline
210
vii Complaints
211
viii Whist leblowing
212
ix Default rules in respect of market contracts
213
x Excessive regulatory provision
216
xi Supervision
218
d Overseas investment exchanges
230
e MTFs and OTFs
234
f Third countries
236
i Us
236
ii Switzerland
252
iii Singapore
258
4 Trading Regulations
A Introduction
1
B Financial Instruments
6
1 Forms
6
a OTC markets
6
b Exchange traded contracts
10
2 UK specific regulations
14
3 Third countries 4.19 (a) US
19
i OTC markets
19
ii Exchange trading
24
C OTC Trading in the EU
28
1 Obligations
29
a Clearing
29
b Reporting
35
c Risk mitigation
41
i Confirmation obligation
43
ii Portfolio compression
44
iii Portfolio reconciliation
46
iv Dispute resolution
48
v Collateral
49
vi Trading
52
2 Exchange trading
59
a Obligations 4.59 (i) Clearing
59
b Reporting
60
3 UK specific rules
61
4 Third countries
63
a Us
63
i Exchange Trading Regulation by the CFTC
63
ii Securities Markets
74
b Switzerland
84
i Regulation of commodities derivatives
84
ii Status of commodities trading houses under the FMIA
88
iii Obligations applicable to the trading in derivatives according to FMIA
89
iv Clearing
98
v Platform trading obligation
100
vi Group internal transactions
101
vii Emission allowances
103
D Short Selling
106
1 Scope
106
2 Obligations
110
3 Third countries
121
a Us
121
b Switzerland
130
c Singapore
132
E Transparency
135
1 Position limits
135
a Scope
135
b Thresholds
139
2 Trade reporting
144
3 UK specific rules
151
a Position limits
151
b Transparency/trade reporting
156
4 Third countries
160
a Us
160
i Position limits
160
ii Trade reporting
169
iii Swaps reporting
174
b Switzerland
176
i Position limits
176
ii Trade reporting
180
c Singapore
182
i Position limits
182
ii Trade reporting
183
F Securities and Finance Transaction Regulation
187
1 Scope
187
2 Activities in scope: Securities finance transaction and reuse
189
3 Parties in scope
194
4 Reporting obligation
196
5 Reuse of financial instruments as collateral
198
6 Entry into force
201
7 Third countries
203
a Us
203
i Commodity futures markets
203
ii Securities markets
209
b Switzerland
214
c Singapore
215
5 Market Abuse
A Introduction
1
B Scope
5
C Commodity Trading Houses
17
1 Scope of Market Abuse Regulation
17
2 Scope of Regulation on Energy Market Integrity and Transparency
25
3 Insider information
30
a Definition
30
b Unlawful disclosure of insider information
36
4 Insider dealing
38
a Definition
38
b Legitimate behaviour
42
5 Market manipulation
48
a Definition
48
b Patterns
55
c Accepted market practices
60
6 Trade surveillance
66
a Organization
66
b Technical requirements for PPAETs
72
c Technical requirements for market operators and investment firms operating a trading venue
85
d Best practices in a trade surveillance programme
97
7 Suspicious transactions and order reporting
98
8 Whistleblowing
109
D Supervision
115
E Cooperation within the EU
121
F Cooperation with Third Countries
126
G Sanctions
129
1 Administrative sanctions
131
2 Criminal sanctions
136
H Third Countries
148
1 Us
148
2 Switzerland
161
a Prohibition to exploit insider information
164
b Price manipulation
167
3 Singapore
170
6 Benchmark
A Introduction
1
B Scope
10
C Administration
19
D Contribution to Benchmarks
32
E Use of Benchmarks
40
F UK Specific Rules
48
G Third Countries
56
1 Us
56
2 Switzerland
68
3 Singapore
70
7 Illicit Behaviour
A Embargoes and Sanctions
1
1 Introduction
1
2 United Nations
6
3 OECD
13
4 Eu
17
5 UK specific sanctions
24
6 Third countries
30
a Us
30
b Switzerland
38
c Singapore
44
i For financial institutions
45
ii For non-financial institutions and natural persons in Singapore
48
B Bribery of Government Officials
52
C Anti-Money Laundering
58
1 Introduction
58
2 International recommendations on money laundering
62
3 EU Fifth Anti-Money Laundering Directive
66
a Introduction
66
b Key change No. 1 for commodities trading houses: high risk jurisdictions
67
c Key change No. 2 for commodities trading houses: beneficial ownership
70
4 EU Fourth Anti-Money Laundering Directive
73
a Introduction
73
b Key themes in 4MLD
75
c Risk
79
d Due diligence
83
e Politically exposed persons
94
f Beneficial ownership
99
g Reporting obligations
109
h Firms, directors, and employees
111
i Disclosure
115
j Record keeping---data retention
117
k Policies, procedures, and supervision
122
5 UK specific rules
126
a Introduction
126
b Risk assessment
131
c Policies, controls, and procedures
136
d Internal controls
138
e Training
140
f Customer due diligence
141
i Timing of due diligence
149
ii Enhanced due diligence
151
iii Simplified due diligence
152
iv Reliance
154
g Reporting suspicions
156
h Recordkeeping
157
i Corporate bodies: obligations
162
j Register of beneficial ownership
166
k Investigation and enforcement
167
l 5MLD
169
6 Third countries
170
a Us
170
b Switzerland
180
i Commodities trading activities subject to AML obligations
180
ii Trading in physical commodities
181
iii Trading in bankable precious metals
182
iv Banks and securities dealers
184
Bibliography 361(2)
Index 363
Dr Martin Liebi is head of L&C Capital Markets at PricewaterhouseCoopers Ltd. Professor Jerry W. Markham is Professor of Law at Florida International University Law Faculty
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