OCREUS Group

ESMA asked the FCA to ensure that ICE Futures Europe and the London Metal Exchange fully comply with the bloc’s market transparency rules for commodity derivatives.

It is a sensitive time for Britain as it embarks on talks with the bloc over a future trade deal.

Britain is seeking future EU financial market access based on the bloc’s system of equivalence which requires a non-EU country’s rules to be similar to those in the bloc.

ESMA said it “encourages” Britain’s Financial Conduct Authority to “employ timely” measures to ensure compliance with transparency obligations at ICE Futures Europe and the LME.

The FCA said it does not share ESMA’s view that it has taken no appropriate action with LME and ICE Futures Europe.

“We want to ensure that implementation happens in such a way so as not to disrupt trading, which would affect end-users of these markets. We expect this work to be completed by the middle of the year,” the FCA said.

The LME said it had prioritised market consultation in its implementation of pre-trade transparency.

See full article here

Categories: Financial

WP to LinkedIn Auto Publish Powered By : XYZScripts.com