Since the start of REMIT transaction reporting on October 7th, 2015, EEX Group has been providing a reporting service compliant with REMIT Art. 8. EEX Group is continuously enhancing its reporting service in accordance with new specifications and requirements communicated by ACER.
EEX is the Registered Reporting Mechanism (RRM) for the automated reporting of EEX trading data. By using the reporting service, market participants will:
- have access to a standardised user interface,
- reduce their reporting efforts of REMIT transaction data significantly,
- be able to download REMIT data files individually and
- monitor reported data and reporting status via an easily accessible web interface.
“REMIT affects everyone who participates in, or whose conduct affects, wholesale energy markets within the Union. It makes no difference whether the person resides within the EU or whether they are professional investors. Moreover, non-EU and non-EEA market participants are covered by REMIT when entering transactions, including the placing of orders to trade, in one or more wholesale energy markets in the Union.
Accordingly, the obligations to register under REMIT with the competent NRA and to report data to the Agency according to Article 8(1) and (5) of REMIT also applies to such non-EU and non-EEA market participants. The same holds for the prohibitions of market abuse pursuant to Articles 3 and 5 of REMIT.
Pursuant to Article 8 of the Regulation (EU) No 1227/2011 on Wholesale Energy Market Integrity and Transparency (REMIT) in connection with Article 6 of the REMIT Implementing Regulation (EU) No 1348/2014, Market Participants shall report the following to the Agency for the Cooperation of Energy Regulators (ACER):
- A record of wholesale energy market transactions including order to trade
- Details of wholesale energy products executed at Organised Market Places (OMPs) including matched and unmatched orders
While overall responsibility rests with the Market Participants, their reporting obligation shall be considered as being fulfilled once the required information is received by ACER from the OMP concerned.
“Market participants, or a person or authority […] on their behalf, shall provide the Agency with a record of wholesale energy market transactions, including orders to trade. The information reported shall include the precise identification of the wholesale energy products bought and sold, the price and quantity agreed, the dates and times of execution, the parties to the transaction and the beneficiaries of the transaction and any other relevant information. While overall responsibility lies with market participants, once the required information is received from a person or authority […], the reporting obligation on the market participant in question shall be considered to be fulfilled.”
“Market participants shall report details of wholesale energy products executed at organised market places including matched and unmatched orders to the Agency through the organised market place concerned, or through trade matching or trade reporting systems.
The organised market place where the wholesale energy product was executed or the order was placed shall at the request of the market participant offer a data reporting agreement.”
Member Impact & Requirements
Pursuant to Article 9 of REMIT, trading participants that conclude transactions on an Organised Market Place (OMP) such as EEX are obliged to register as market participants before they start trading.
Registration with the National Regulatory Authority (NRA)
Market participants that enter transactions which need to be reported to the Agency for the Cooperation of Energy Regulators (ACER), are obliged to register with the National Regulatory Authority (NRA) in the Member State in which they are established or resident or, if they are not established or resident in the Union, in a Member State in which they are active.
A market participant needs to register only with one NRA. ACER has specified the data to be provided for the registration as well as the format. More detailed information on the registration process has been published by the NRAs.
NRAs will transmit the information in their national registers to the Agency. Based on that information, the Agency establishes a European register of market participants which may be made public fully or partly. The publication of the European register of market participants improves the transparency of wholesale energy markets. It also makes it possible for market participants to access information they need to complete their registration, and to comply with their obligations under REMIT.
Reporting to a Registered Reporting Mechanism (RRM)
Due to operational reliability the reporting of records of transactions, including orders to trade, is performed through Registered Reporting Mechanisms (RRMs). The Agency has developed requirements to ensure the uniform reporting of both trade and fundamental data, which are to:
- ensure the security, confidentiality and completeness of information,
- enable the identification and correction of errors in data reports,
- enable the authentication of the source of information,
- ensure business continuity.
EEX is the authorised RRM for the reporting of EEX trading data. Reporting is performed using the ACER code B0000104M.DE or detailed information see Article 11 of the REMIT Implementing Regulation.
Reporting Services & Fees
The Organised Market Places (OMPs) EEX offers the reporting of transaction data according to Article 8 of REMIT. This service enables all trading participants to delegate their reporting obligations of transaction data to those exchanges. This includes all transactions concluded on any of the exchanges or traded via the Trade Registration function as well as orders for these trading venues.
The service covers the reporting as well as the provision of exchange trading data. The data will be formatted as defined by REMIT, the REMIT Implementing Regulation and the latest procedures, standards and electronic formats published by ACER and will be reported or provided accordingly.
The conclusion of the REMIT Data Services Agreement is a precondition for the use of the transaction reporting service as stated below, with EEX as the central contractual counterparty.
- Data provision to the market participant for individual downloading
The Basic Service (provision of ACER XML files) will allow members to download the formatted data and report it via the RRM of their choice or select an automated transfer.
- Reporting to ACER
- Data provision to ElCom, the Swiss Federal Electricity Commission
- Data provision to Equias (with data being subsequently sent to ACER)