Wholesale markets
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REMIT II in action: The enforcement era begins
Analysis of ACER’s Q1 2026 regulatory updates: a shift from preparation to active enforcement.
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FCA Wholesale Buy Side Regulatory Priorities 2026: Key points and practical implications
The report is a useful indicator of where the FCA expects firms to focus now.
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FCA launches ‘Regulatory Priorities’ reports to replace portfolio letters
This move reflects the FCA’s strategy to become a more responsive and outcomes-focused regulator.
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Challenge in UK wholesale markets – assessing the next decade of risk
A dive into the FMSB’s findings on wholesale markets: changes to market participation, trade execution electronification, new asset classes, and shifting geography markets.
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Spanish regulator fines Enet Energy €1m for gas market manipulation attempt
CNMC reminds us that even an attempt to manipulate is a breach of REMIT. We compare the case with recent fines and look at ACER guidance on market manipulation.
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ACER updates REMIT Q&As to reflect regulatory revisions
Notable changes include: new obligations for third-country market participants; order book reporting by organised marketplaces; and expansion of REMIT’s scope.
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Gesternova S.A. fined €6m and Axpo Iberia fined €1.5m for electricity market manipulation
The Spanish energy regulator found that the companies had manipulated the market by giving false or misleading statements aka “quote stuffing”.
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Enérgya VM Gestión de Energía fined €1m for gas market manipulation
The Spanish energy regulator found that the company had artificially set the price of gas in trading sessions.