EEX Group DataSource

    CSV and XLSX files generally prepared for 2019  and 2020 on the sftp server datasource.eex-group.com. Files created on the old sftp mis.eex.com before that date remain available in archive folders of the new sftp datasource.eex-group.vom.

     

    EEX Group offer its customers a sFTP server​​​​​​​ for all end-of-day products.

    For accessing the sFTP server, please use the following log-in data. Username and password were sent to all migrated customers in February 2019 and will be sent to new customers within the next 48 hopurs after placing the order.

    Server: datasource.eex-group.com

    Port: 22

    Username: new username

    Password: new password

    Important Notice: Please remember to select the encoded protocol “sftp” and to adjust your proxy and firewall settings.

    The EEX Group DataSource sFTP server receives a new file and folder structure. You can download an overview of the folder structure as well as the respective interface specifications and corresponding sample files via the following links:

    > Market Results File Folder Mapping
    > EEX Market Data – sFTP CSV Interface Specification
    > EEX Market Data – sFTP XLSX Interface Specification
    > EEX Transparency Data – sFTP Interface Specification
    > EEX Market Data - sFTP Files Overview

    EEX Group DataSource offers high-speed access to market data of EEX Group exchanges. The services offer 24/7 access and cover not only market data of a wide range of commodities, but also Transparency data of the European energy market.

    Service

    Service Description

    Frequency

    Real-time

    Delayed

    End-of-Day

    API

    Raw data in xml/ json

    x

     

     

    Desktop App

    Customised quotes, charts, curves, data history

    x

     

     

    Excel Tool

    Customised excel analytics

    x

     

     

    sFTP

    Aggregated and trade-specific data files in csv/ xlsx

     

     

    x

    Tables & Charts

    Online accessible views with customised solutions

    x

    x

    x

    For more information, please visit Market Data > EEX Group DataSource Services.

    Customers can easily place orders for internal and external usage online through EEX Group Webshop.

    Subscriptions can be cancelled on a yearly rhythm. If customers cancel their subscriptions until 31 October, the subscriptions will not be extended and end automatically on 31 December of the same year.

    If you want to cancel your subscriptions, please sent us an Email with your request to datasource@eex-group.com.


    Emissions Auctions

    Auctioning is the basic principle of allocating allowances within the EU Emissions Trading System (EU ETS). This means that businesses have to buy an increasing proportion of allowances through auctions by way of a regular series of auctions in accordance with Commission Regulation (EU) No.1031/2010 (“EU Auctioning Regulation”).

    EEX is the leading auction platform. About 90 percent of all allowances auctioned in the EU ETS are allocated via EEX.

    At the moment EEX conducts weekly auctions for EUAs on Monday, Tuesday, Thursday and Friday, as well as bi-weekly auctions for EUAs on Wednesday from 9 to 11 am CET.Auctions for EUAAs are conducted on several Wednesdays from 1 to 3 pm CET.

    All details (including the quantities) can be found in the Auction Calendar.

    For all auctions of general allowances (EUAs) and for all auctions of aviation allowances (EUAAs), the common rules of the EU Auctioning Regulation apply. This also includes the main requirements for the auction's design:

    Auctioned product:

    • EUAs valid for compliance in the 3rd trading period of the EU ETS (2013-2020), as of January 2021: EUAs valid for compliance in the 4thtrading period of the EU ETS (2021-2030)
    • EUAAs valid for compliance in the 3rd trading period of the EU ETS respectively), as of January 2021: EUAAs valid for compliance in the 4thtrading period of the EU ETS respectively

    Auction delivery: Next-day delivery (T+1)

    Auction format:

    • Single round: Bids will be submitted during one given bidding window
    • Sealed bid: Bids will be submitted without seeing other participant's bids
    • Uniform price: All successful bidders will pay the same auction clearing price

    Lot size: 500 allowances

    Submission and withdrawal of bids:

    • Bids may be submitted, modified and withdrawn during the bidding window
    • Only authorized persons are entitled to place bids (bidder's representatives)
    • Each bid shall state:
      - Bid volume as integral multiples of lots of 500 allowances
      - Price in Euro for each allowance (in two decimal points)
      - Identity of the client when bidding on behalf

    Determination of the Auction Clearing Price:

    > All successful bids will be allocated at the Auction Clearing Price, determined as follows:

    • Bids are sorted in descending order of the price bid
    • Bid volumes are added, starting with the highest bid; the price at which the sum of volumes bid matches or exceeds the volume of allowances auctioned, shall be the Auction Clearing Price
    • Tied bids will be sorted through random selection according to an algorithm
    • All bids with a price higher than the Auction Clearing Price are successful; execution of bids made at the Auction Clearing Price depends on their ranking in the random selection
    • Partial execution of orders may be possible for the last successful bid matching the Auction Clearing Price, depending on the remaining quantity of allowances

    There are three reasons provided for in the EU Auctioning Regulation for a cancellation of an auction.

    • Article 7(5): the total volume of bids has fallen short of the volume of auctioned allowances
    • Article 7(6): the auction clearing price has been significantly under the price on the secondary market (see next question for more details)
    • Article 9: the proper conduct of the auction is disrupted or likely to be disrupted

    In case of general allowances, the number of auctions over which the combined volume to be auctioned must be distributed shall equal four times the number of auctions that were cancelled.
    In case of aviation allowances, the number of auctions over which the combined volume to be auctioned must be distributed shall equal two times the number of auctions that were cancelled.

    The “reserve price” is the minimum price that has to be reached for an auction to be cleared. In accordance with the rules governing the auctions, the methodology for determining the “reserve price” as well as its underlying definitions are handled strictly confidentially.
    The EU Auctioning Regulation is clear and binding: Information on the reserve price methodology is considered confidential information by law (see Article 62.1i of the Auctioning Regulation).This is in order to prevent any kind of manipulation or misconduct in the auctions, which could arise from the knowledge of this methodology

    - T+0: Auction date – the Auction is held and the results are known.

    - T+1:

    • Between 7:30 until 8:00 am CET, ECC debits the settlement account(s) of the Clearing Member(s) of the successful Bidder(s).
    • Between 8:00 and 8:30 am CET the auction revenues are transferred from ECC to the accounts of the Auctioneer(s).
    • At 8:30 am CET, ECC delivers emission allowances into the internal registry accounts of the successful Bidder(s).
    • The successful Bidder(s) can instruct ECC via a Registry Transfer Request (RTR) to transfer emission allowances to any other registry account in the Union Registry

    - T+2: The successful Bidder(s) which has/have instructed the Registry Transfer Request(s)receive(s) the emission allowances in the respective registry account(s) until 12:00 pm CET.

    The auctioning of allowances is governed by the EU Auctioning Regulation.
    This covers the timing, administration and other aspects of auctioning.
    In addition, for all EEX's emissions auctions, the respective rules and procedures of EEX and ECC apply.

    Participants must be eligible to bid according to EU rules(Article 18(1) and (2) Auctioning Regulation). Eligible under these rules are (see Eligibility Form):

    • Compliance buyers, bidding on own account, including any parent companies, subsidiaries and affiliates.
    • Investment firms and credit institutions, bidding on own account or on behalf of clients. These firms must be authorised under MiFID (Directive 2004/39/EC) or under the Credit Institutions Directive (Directive 2006/48/EC) respectively.
    • Business groupings of compliance buyers, bidding on own account and acting as an agent on behalf of their members.
    • Other intermediaries specifically authorized by the home Member State, bidding on own account or on behalf of clients.

    This means that any ETS operator or aviation operator is eligible to apply for admission to bid in the auctions, and so are their parent, subsidiary or affiliate undertakings. In addition, investment firms and credit institutions, authorised and regulated under EU law, may apply for admission to bid. Prior to their admission, foreign companies have to appoint an authorised agent with a registered office within the Federal Republic of Germany, such as EEX’s clearing house European Commodity Clearing (ECC).

    Operators can also form business groupings to bid as an agent on theirbehalf. Additionally, according to §13 of EEX’s Trading Conditions, any exchange participant can request another registered person to bid on his/her behalf. According to Art. 6 (3) of the Auctioning Regulation, a registered person is a natural person established in the European Union. With respect to § 33 (4) of EEX’s Trading Conditions, the appointed intermediary is responsible for the customer’s eligibility and which needs to be confirmed by completion of the Eligibility Form.

    Furthermore, EU rules provide for an additional category (investment firm status), namely intermediaries that benefit from an exemption from the authorisation requirements in EU law and have been authorised under rules laid down in the Auctioning Regulation. For example, this is relevant for intermediaries such as fuel traders, so they could easily add allowances to the products they offer to ETS operators.

    Admission requirements according to EU rules(Article 19(2) Auctioning Regulation):

    • Establishment in the EU (except for compliance buyers)
    • Nominated registry account
    • Nominated bank account
    • Appointment of at least one bidder's representative
    • Compliance with respective exchange requirements

    Details to relevant questions including a comparison of the options how to participate in the Emission Auctions can be found in the document "Participation in Emissions Auctions".

    The scope of other intermediaries eligible to bid in the auctions covers persons that are not MiFID-licensed but benefit from the MiFID-exemption for “ancillary activity” [MiFID Art. 2 (1) (i)]. These persons would have to obtain special authorisation from their competent national authority (e.g. from FCA or BaFIN) in order to be eligible to bid. Once such an authorisation in granted, they can participate in phase III auctions on all auction platforms, provided that they have been admitted to the respective exchange.

    The relevant competent national authority can grant such authorisation only if respective national legislationhas been enacted by the Member State in the first place.

    For example: In the UK, HM Treasury has made "bidding for emissions auctions" a new regulated activity within the Financial Services & Markets Act 2000 (FSMA) as part of its implementation of the EU Auctioning Regulation. This enables the UK financial regulator (FCA) to authorise and supervise intermediaries exempt from MiFID under Article 2 (1) (i) for bidding in the auctions. Those intermediaries (when based in the UK) will have to apply for such authorisation by submitting a "Variation of Permission (VoP) application" form to the FCA. For more information on the applications process you can also refer to the FCA Handbook.

    For example: For Germany, a similar provision is set out in the German Emissions Trading act ("Treibhausgasemissionshandelsgesetz", TEHG), namely in Article 8 (4) TEHG. Based on this piece of legislation, intermediaries exempt from MiFID under Art. 2 (1) (i) have to apply for authorisation by contacting the German financial regulator (BaFin).

    At the moment there are six options to participate in the auctions.
    Details can be found in the document "Participation in Emissions Auctions".

    All EEX members, including admitted EUA Spot members, must in addition prove their eligibility in the Phase 3 Auctions via the Eligibility Form. Furthermore, EEX may request supporting documents such as verification of your Union Registry account, current versions of your company’s annual report and extract from the commercial registry.

    EEX members may contact their responsible Key Account Manager from the EEX Sales Team in Leipzig, London, Madrid, Milan, Oslo or Paris to be guided through the admission process. Alternatively EEX members may directly contact the single Admission Team of EEX and ECC for the EUA spot market. This will include the completion of some basic forms in order to identify two persons responsible for registry transaction requests, ordering a technical connection and identifying an authorised trader for the spot market.

    Once setup is complete, EEX Market Supervision will send the member their login details for EUA spot trading and for the auction platform. There is no extra cost for existing members to join the spot market.

    The single admission team of EEX and ECC or the EEX Sales team will assist you in all aspects of the admission process (the order of the following points can vary):

    1.Establishing a contact: EEX will assist you with any questions you may have concerning your admission, the admission process itself and the necessary admission forms.
    2.Complete a training: The completion of the EEX exchange trader training or spot market emission rights training is required, except you choose an auction only membership without technical access.
    3.Choosing a technical connection: EEX offers you various technical connection opportunities depending on your needs.Details to relevant questions including a comparison of the options how to participate in the Emission Auctions can be found in the document "Participation in Emissions Auctions".

    A presentation especially for small and medium size operators is availablein the document "Participation in Emissions Auctions –explained in 5 minutes".

    Companies which would like to participate indirectly in the auctions may contact a clearing member of European Commodity Clearing (ECC), or a trading member of EEX, and request to enter into an agreement. Once the agreement has been concluded, the clearingor trading member is advised about their client’s bid preferences, and receives any necessary upfront payments in time for the auction.
    More information on the indirect auction access as well as existing participants providing this access can be found in the section Environmental Markets > Emissions Auctions
    During the auction, the member bids on their client’s behalf and has to reveal their client’s name per bid (as per the EU Auction Regulation). Settlement of successful bids is completed according to the terms of the agreement. For a full list of ECC and EEX members, please consult either the ECC website or the EEX website.

    No, there is no difference. Once you receive admission to EUA auctions, you can participate in EUAA auctions as well. Please be aware, that EUA and EUAA are auctioned in separate auctions with distinct dates. More information, e.g. the auction calendar, can be found in the section Environmental Markets > Emissions Auctions

    Yes, please note that a training session and a Trader Exam is part of the admission process if you choose to access auctions directly via the Auction System. However a training session and a Trader Exam is not necessary if you choose to access auctions only via calling or mailing to the helpdesk.
    Further information on the different options for access to the auctions can be found in the section access to the auctions.
    Please find more information on how to get your EEX exchange trader training or spot market emission rights training.

    Emissions Auctions -FAQPage 8Release 12.03.2020©EEX AG–part of eex groupBidding on behalf as well as trading on behalf can be done via an intermediary as well as via EEX’s Market Supervision Team. The difference is that bidding on behalf is the term used for the primary auctions where only buy-ordersare possible and trading on behalf is the term used for the secondary market where buy-and sell-orders are possible.

    Auction participants registered only in the United Kingdom can continue to participate in the EEX auctionsat least until the endof 2020. The basis for this is the agreement on the withdrawal of the United Kingdom, see here: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:22020A0131(01)

    Phase 4 of the EU ETS starts in January 2021. Phase 4 allowances cannot be used for compliance for 2020 (due in April 2021). EEX willauction:

    1.Phase 3 allowances until the last auction in December 2020
    2.Phase 4 allowances starting with the first auction in January 2021


    EEX TT Screen

    Yes, this is possible.

    If you have an interest in FIX Drop Copy, please get in contact with us and we will organize this with the TT Development Team.

    They will support you creating and implementing this feature with the FIX interface at no additional costs.

    You will receive your log-in during the admission process.

    If you have any questions, please contact Member Readiness for admission and Customer Connectivity for technical topics.

    ECC Member Readiness
    phone: +49 341 2156-261
    e-mail: memberreadiness@ecc.de

    or

    EEX Customer Connectivity
    phone: +49 341 2156-466
    e-mail: technology@eex.com

    Yes, order routing via GCMs is available.

    The screen costs 1,800 EUR per year per user. You can find the prices  in the current Price List.

    For details on browser and system requirements, please refer to the website of Trading Technologies:

    > Browser- and System Requirements

    Yes, TT provides all relevant MIFID II fields for compliance.

    For more details, please refer to the website of Trading Technologies:

    https://www.tradingtechnologies.com/solutions/mifid-ii-compliance/

    There are multiple “Synthetic Order Types” available in the EEX TT Screen.

    For more details on Synthetic Order Types, please refer to the website of Trading Technologies:
    > https://library.tradingtechnologies.com/trade/order-entry-order-types.html
     
    If you are interested in using any of these order types, please contact:

    EEX Market Supervision
    phone: +49 341 2156-222
    e-mail: trading@eex.com

    or

    EEX Customer Connectivity
    phone: +49 341 2156-466
    e-mail: technology@eex.com

    We will enable these features for you.
     
    With the activation of Synthetic Order Types, Algo Trading will also become available.


    Connectivity

    As soon as the invoice is paid and payment received, access to the Info-Product ordered is cleared automatically. You will receive an e-mail confirming this.


    REMIT Transaction Reporting

    No, the transfer of REMIT data files to ACER is conducted automatically and monitored by the EEX compliance services team. Market participants do not have to interfere in order to fulfil their reporting obligation, BUT they are obliged to download and verify their REMIT data files on a regular basis.

    Reporting to Equias is an established additional service of EEX Group’s REMIT transaction reporting, but it can only be selected together with the basic service of EEX.

    Market participants obliged to report REMIT data to the Swiss Federal Electricity Commission ElCom are offered an additional service with EEX and Powernext within the REMIT Data Services Agreement. REMIT data files of EPEX SPOT members in Switzerland will be sent to ElCom simultaneously with the data transfer to ACER.

    Members that wish to have access to the Trayport reporting service for EEX should select the basic service. Trayport will then retrieve the data directly from the FTP.

    EEX is the authorised Registered Reporting Mechanism (RRM) for the reporting of EEX trading data. Reporting is performed using the ACER Code B0000104M.DE. EPEX SPOT is the authorised RRM for the reporting of EPEX SPOT trading data, using the ACER Code B0000258F.FR for EPEX SPOT SE and B00008938.UK for EPEX SPOT UK.

    EMIR reporting will not replace REMIT reporting since there is no guarantee that all reportable data under REMIT are reported with EMIR. To sum this up: Even if both reporting obligations have certain overlaps, they still differ in detail.

    As of 7 April 2016, transactions in wholesale energy markets that are not concluded at an Organised Market Place (OMP) need to be reported.

    For REMIT phase II reporting, EEX offers services together with Seven2one. Seven2one uses the RRM infrastructure of EEX, but provides customer support as well as several optional solutions for data connectivity and processing.

    The REMIT phase II solution (incl. OTC transaction reporting) offered by EEX and Seven2one is available to all market participants; an exchange membership is not a prerequisite.

    For further information, please contact sales@seven2one.de

    REMIT Art. 4 is not covered by EEX Group’s REMIT transaction reporting service. The reporting of REMIT inside information has to be delegated with a separate agreement in consultation with the EEX transparency support team. Please contact support@eex-transparency.com for further assistance.

    Everyone who participates in wholesale energy markets within the Union is obliged to report under REMIT. According to ACER, there is no difference whether or not the person resides within the EU or whether or not they are professional investors. Moreover, non-EU and non-EEA market participants are covered by REMIT when entering into transactions, including the placing of orders to trade, in one or more wholesale energy markets in the Union.

    The benefits include:

    • having one interface for delegating automated REMIT Transaction and EMIR Trade Reporting
    • significant reduction in the reporting efforts for REMIT transaction data
    • the availability of REMIT & EMIR data files for downloading
    • monitoring of reported data and reporting status via an easily accessible web interface

    The following steps need to be completed:

    • Application for Admission to the concerning Organised Market Place (OMP)
    • Registration as a Market Participant at your National Regulatory Authority (NRA)
    • Filling in and signing the current REMIT Data Services Agreement with EEX Group

    Reporting of Inside Information

    Regardless of whether current or future inside information is actually available, all market participants are obliged to specify a place for the disclosure of inside information (REMIT article 9). Therefore, ACER recommends the use of official platforms.

    The use of an official platform is highly recommended by REMIT and MAR.

    ‘…inside information should be disclosed in a manner ensuring that it is capable of being disseminated to as wide a public as possible. This is why the Agency believes that the disclosure of inside information through platforms has its merits…’ (ACER Guidance 4th Edition)

    ACER will only collect inside information from platform web feeds. They will not collect web feeds from market participants’ websites.

    A dual approach for disclosure of inside information is described in the ESMA Final Report (p.46). If platforms for the disclosure of inside information exist, for instance EEX Transparency platform, market participants should use such platforms.

    All requirements concerning the public disclosure and forwarding of inside information resulting from REMIT, Transparency Regulation and MAR are fulfilled by the EEX Transparency Platform.

    We provide standard message types for submitting the data to the EEX Transparency Platform. The submission of data regarding capacity, usage, non-usability and Ad-hoc Ticker messages is offered for each commodity.

    EEX provides a free Transmission and Reporting Tool, which is continuously developed and updated. The communication is certificate-based and takes place through a technical standard (web service).

    As backup, you can use our EEX Online Tool. It can be used in case of customers’ reporting system failure. It is a secure and certificate-based browser solution for transmission of inside information via text messages.

    Submitted data will be published on the EEX Transparency Platform immediately and automatically forwarded to ACER.

    Market participants without facilities are, at the very least, obliged to disclose business inside information. For this purpose we recommend the EEX Online Tool. It is a secure and certificate-based browser solution for the publication of inside information on the EEX Transparency Platform. Data will be immediately forwarded to ACER.

    Under REMIT, all electricity and natural gas market participants who are registered with an EU National Regulatory Authority are required to specify a place for the disclosure of inside information. This place must be specified whether or not the market participant believes they have information to disclose.

    Under MAR, all emission allowance market participants with company-wide (including all EU-subsidiaries) aggregated emissions of at least 6 million tons of CO2 equivalents or, installations with at least 2,430 MW rated thermal input are required to disclose inside information.


    MiFID II / MiFIR Outline

    It is planned to enhance the T7 trading system to enable market participants who are pursuing a market making strategy to flag an order as market making. The new field will be called <LiquidityProvision> .

    Under Art. 25(2) of Regulation (EU) No 600/2014 and RTS 24 (Delegated Regulation No. 2017/580), trading venues shall keep at the disposal of the competent authority the relevant data to identify the algorithm of the participant primarily responsible for the investment decision or the execution of a transaction.

    Participants assign Algo IDs to their respective algorithms, which have to comply with the requirements of Art. 48(6) of Directive 2014/65/EU and Art. 10 of RTS 7 (Delegated Regulation 2017/584). In accordance with these requirements, EEX has to request that all participants execute a conformance test for their algorithms in a testing environment before the algorithms are used in production in order to avoid market disturbance. After 3rd January 2018 this is valid for each new algorithm andfor substantial changes to existing algorithms; algorithms include Quote Machines and also algorithms already in use.

    Each member who intends to use an algorithm has to submit a formal application to EEX Group and return the form “T11” with the respective data and duly signed. The application can be found under this link: Access > Admission (Existing Trading Participant > "Change in technical connection”).

    Participants using or intending to use any algorithms have to provide the form by 1 December 2017 at the latest to ensure readiness before the rules of MiFID II come into effect, please see also our email letter dated 27 October 2017.

    EEX will provide a test area for its T7 trading system and has adapted its technical implementation regulations accordingly.

    Algo_ID

    The Algo_ID has to be defined by the member. It has to be a numeric value with 19 figures due to technical specification. The value has to be included directly in the respective field within the order form, no short code mapping may be applied. Most of the front end system provider with respective algorithm functionalities will set the Algo ID’s. Please contact your provider.

    Iceberg Orders

    EEX considers systems that only manage Iceberg Orders not to be systems for algorithmic trading in the sense of MiFID II.

    Yes, ISVs may organize one-off tests of their trading algorithms (including any subsequent changes) which they offer to their clients and EEX Group will accept such one-off tests and will not require its members to test the respective trading algorithms again, provided that the ISV confirms towards the respective member(s) of EEX Group that a certain trading algorithm with a specified configuration and ID has passed all required conformance tests and the member of EEX Group confirms the same towards EEX Group as part of its application and that it will use the trading algorithm at EEX Group only with the configuration that has been tested and confirmed by the respective ISV.

    The MiFID II requirements for pre-trade controls for derivatives markets are:

    • Price collar check, which prevents orders with an excessive price difference to a reference price from entering the order book.
    • Maximum order quantity validation, which prevents orders with an excessive order size from entering the order book.
    • Maximum order value validation, which prevents orders with excessive order values from entering the order book.

    The price collar check requirement is covered by the existing T7 price reasonability check and extended price range functionality. The maximum order quantity validation requirement is covered by the existing user transaction size limit functionality in the T7 trading system.

    With T7 Release 6.0, participants will be able to set maximum order value limits for their users. The trading system calculates the value of each order entered into the order book and compares it to the maximum order value defined at the user level. If the order value exceeds the defined maximum order value, the order is rejected. It will be possible to skip this validation for orders and quotes entered via ETI or FIX gateways. Orders entered via the T7 trading GUI will always be validated against the maximum order value limits.

    As required by MiFID II/MiFIR and MAR, EEX Group has introduced ISINs at contract level to enable a more detailed reporting service based on contract/instrument level instead of product level. (Before, ISINs were only provided at product level.) Customers of EEX Group will receive access to these ISINs as part of the RDI interface (field “SecurityAltID”). Alternatively it will also become possible for members to retrieve the ISIN from a new instrument file EEX Group plans to provide within its regulatory member portal. Please look at the information on our website under the topic “Static data”: Markets > Reporting Services > Position Report

    The ISINs at product level are still valid and serve as a unique EEX Group product identifier.

    According to Article 26 par. 5 of MiFIR, trading venues are obliged to report certain transactions in financial instruments as well:

    “The operator of a trading venue shall report details of transactions in financial instruments traded on its platform which are executed through its systems by a firm which is not subject to this Regulation in accordance with paragraphs 1 and 3.”

    Non-investment firms and third county firms are such firms that are not subject to MiFIR. Therefore, EEX and Powernext are obliged to report transactions in financial instruments concluded on their regulated markets for all these members. The details that have to be reported by EEX and Powernext are the same details that an investment firm has to report (see Art. 26 par. 3 of MiFIR in conjunction with Commission Delegated Regulation (EU) 2017/590). Thus, the information to be reported includes inter alia the identification codes of the buyer and the seller as well as the buyer decision maker code. These codes are either the LEI for legal entities or the NATIONAL_ID for natural persons.

    LEIs and NATIONAL_IDs are further needed to complete the respective fields of the daily position reports sent by EEX and Powernext to the respective competent authority in accordance with respective implementing legislation of Art. 58 MiFID II (e.g., 2. FiMaNoG for Germany) in conjunction with Commission Implementing Regulation (EU) 2017/1093.

    In order for EEX and Powernext to comply with the obligations, non-investment firms that are active on EEX and/or Powernext need to provide EEX and/or Powernext with the necessary information.

    Details can be found here: "MiFID EEX overview short code mapping"

    Yes we confirm.

    Yes we confirm this.

    Confirmed. the data is deleted as soon as it is no longer required. Note: There are several retention periods required by law.

    The data will not be transferred outside the European Economic Area.

    Access is granted following the need to know principle to staff and service providers who require the access to perform their service.

    The ESMA Q&A on MiFID II and MiFIR commodity derivative topics clarifies that trading venues will report to national regulators positions resulting from transactions concluded on a trading venue, whereas investment firms report to national regulators positons resulting from transactions concluded outside a trading venue. German regulator BaFin has confirmed again in a call that they only see a reporting obligation for trading venues or investment firms operating a trading venue/OTC business, but not for Clearing Members and their NCMs. In order for trading venues and investment firms to fulfil this obligation, their clients - regardless of whether or not these are investment firms-, have to provide the trading venue or investment firm respectively with a complete breakdown of their position. To help non-investment firms (i.e. firms that do not have to be licensed as an investment firm under MiFID II) to fulfil their obligation, EEX Group is building a system that will only require supplementary data from these firms. It is for example planned to enhance the T7 trading system to enable market participants to flag an order as being risk-reducing. This flag will be called the <CommodityHedging> flag.

    Moreover, both investment firms and non-investment firms will receive the opportunity to make amendments to the daily position reports on the day following the trading day concerned. For more information see our section on position reporting following this link.

    Please note that EEX Group will also accept data deliveries by third party technical service providers subject to the condition that the service provider uses the members credentials to submit the respective member specific report.

    EEX Group plans to use the enhanced ITS4 schema agreed upon within the industry-working group led by the Futures Industry Association (FIA) and European Federation of Energy Traders (EFET). Please see to our website in the section Markets > Reporting Services > MiFID II / MIFIR Reporting for more information on the schema and sample files. Please note that this may still be subject to changes, as discussions with the NCAs on technical aspects of the interface are still ongoing. However with respect to overlapping contracts whose delivery period is not completely included in the spot month will be reported as other months’ positions ('OTHR') according to the respective ESMA Q&As.

    Yes, in general. Positions in Derivatives on Emission allowances will have to be reported as this is required by law. Legally, there is also an obligation to report positions in Emission allowances, however, as there are no positions in spot trading, nothing will be reported in that respect.

    Emission allowances will be financial instruments as of January 3rd, 2018. Therefore, transactions in Emission allowances are also within the scope of Article 26 MiFIR and will have to be reported accordingly. However, such reports are currently technically not accepted by ESMA.

    ESMA is currently in the process of verifying if and how national competent authorities of third countries are in line with the respective MIFID II requirements. This process is not expected to be finalised before 3 January 2018. Therefore, EU Member States and national competent authorities are requested to put in place transitional arrangements.

    The German Banking Act (Section 64v para 8) which will be applicable as of 3 January 2018 stipulates that a third country firm whose activities in Germany will require an investment firm license,may be subject to a preliminary exemption. This exemption will be valid from 3 January 2018 until the date ESMA has filed a decision on the entry of that firm into the register pursuant to Art. 48 of MiFIR, if it has filed a complete application for exemption with BaFin by 2 July 2018. BaFin plans to be ready to accept applications as of the beginning of 2018. So, please ensure that your company provides BaFin with its complete application for this exemption during the first half of 2018, if applicable.

    Further information can be found on our website under “Third Country Firms under MiFID II” and on the website of the German authority (German only).

    While regulators are expected to monitor and manage the position limits based on the position reports they receive, EEX Group will set up an early warning system that will send out an alert to the regulator when a position in a relevant contract listed at a trading venue operated by an EEX Group company might be breached. This information will be based on ECC’s clearing data and hence does not take into account whether the position is held on behalf of a client, whether the position is held for risk-reducing purposes or whether the market participant has an open position in the same contracts on other trading venues or in EEOTC contracts. An early warning system to the members is not planned at this point in time.

    ESMA has published a list of 106 liquid contracts that will receive a bespoke position limit (as of 24 October 2017). The list can be found on the ESMA website.

    For EEX Group, the following contracts will receive a bespoke limit:

    Power

    Venue product code(s)

    Trading venue MIC code(s)

    NCA

    Country

    Contract name

    Base product

    Sub-product

    Further sub-product

    Unit of measurement (UoM)

    F1B

    XEEE

    Bafin

    Germany

    EEX German/Austrian Power Future

    Energy

    Electricity

    Base load

    MWh

    F7

    XEEE

    Bafin

    Germany

    EEX French Power Future

    Energy

    Electricity

    Base load

    MWh

    FC

    XEEE

    Bafin

    Germany

    EEX Swiss Power Future

    Energy

    Electricity

    Base load

    MWh

    FD

    XEEE

    Bafin

    Germany

    EEX Italian Power Future

    Energy

    Electricity

    Base load

    MWh

    FE

    XEEE

    Bafin

    Germany

    EEX Spanish Power Future

    Energy

    Electricity

    Base load

    MWh

    FX

    XEEE

    Bafin

    Germany

    EEX-PXE Czech Power Future

    Energy

    Electricity

    Base load

    MWh

    F7

    XEEE

    Bafin

    Germany

    EEX French Power Future

    Energy

    Electricity

    Peak load

    MWh

    F1P

    XEEE

    Bafin

    Germany

    EEX German/Austrian Power Future

    Energy

    Electricity

    Peak load

    MWh

    DEPXEEEBafinGermanyEEX German Power
    Future
    EnergyElectricityBase loadMWh
    N1BXEEEBafinGermanyEEX German/Austrian OTF FutureEnergyElectricityBase loadMWh

    Gas

    Venue product code(s)

    Trading venue MIC code(s)

    NCA

    Country

    Contract name

    Base product

    Sub-product

    Further sub-product

    Unit of measurement (UoM)

    GPL

    XPSF

    AMF

    France

    GPL

    Energy

    Natural gas

    GASPOOL

    lots

    NCG

    XPSF

    AMF

    France

    NCG

    Energy

    Natural gas

    NCG

    lots

    PEG Nord

    XPSF

    AMF

    France

    PEG Nord

    Energy

    Natural gas

    Other

    lots

    PSV

    XPSF

    AMF

    France

    PSV

    Energy

    Natural gas

    Other

    lots

    TTF

    XPSF

    AMF

    France

    TTF

    Energy

    Natural gas

    TTF

    lots

    Yes, non-financial entities can make use of an exemption for those positions that are objectively measurable as reducing risks directly relating to the commercial activity of that non-financial entity. Delegated Regulation (EU) 2017/591 (RTS 21) outlines the hedging exemption as well as the application of the exemption. It states that these risk-reducing positions should be deducted from the short and/or long position before netting the gross position. While Delegated Regulation (EU) 2017/591 (RTS 21) outlines the general rules, national regulators might take different approaches to the concrete implementation of these rules.

    ESMA will approve the position limits proposed by national regulators. Following a public statement by ESMA national regulators will publish the limits before they have received the approval from ESMA as it will not be possible to finalise and publish all the position limit opinions for liquid commodity derivative contracts by the end of the year.

    On 29 November 2017 German regulator BaFin has published a list of indicative position limits for EEX power contracts under the following link (only in German). EEX has published the respective limits (insofar as they are applicable to contracts traded on its platforms) as well under this link. For these limits there is an understanding of using next month as spot month for physical futures and current month as spot month for financial futures.

    French regulator AMF will publish limits for the gas contracts also before the end of 2017.

    Contracts listed at EEX but not shown in the table below are considered illiquid and not subject to bespoke limits. The default limit of 2,500 lots applies in this case.

    Yes. Position limits are linked to the contract traded, not to the participant trading the contract. As of 3 January 2018, every commodity derivatives contract will get a position limit on the size of a net position which a person can hold in that contract. The person in this case refers to the end client holding the position, as well as the group entity of this company, regardless of whether or not they are a MiFID II investment firm. Positions in commodity derivative contracts on a trading venue (RM, MTF, OTF) will be aggregated with positions in contracts listed on other trading venues considered to be the same as well as with positions in economically equivalent OTC (EEOTC) contracts.

    However, according to the relevant provisions in MiFID II, there won’t be position limits for derivatives on emission allowances.

    Some national regulators have already opened their online notification tools. Please check with your national regulator for further information. A link to the FCA application tool can be found here. Applications to BaFin can be made informal by sending a letter including the company’s name, registered seat, an E-Mail contact and the precise naming of the applied exemption.

    This information can be found in MiFID II Art. 2, par. 1(j), Delegated Regulation (EU) 2017/592 (RTS 20) and the ESMA Q&A on MiFID II and MiFIR commodity derivate topics. In general, the tests (or threshold calculations) need to be conducted per asset class. Only transactions in financial instruments count towards the thresholds. Therefore, transactions in electricity and gas contracts having the characteristic “must be physically settled” within the meaning of Art. 5 of Delegated Regulation (EU) 2017/565 and that are concluded on an OTF will not be considered for the threshold calculation. However, since national legislation implementing MiFID II will only be applicable as of 3 January 2018, the current definition of financial instruments, which is based on MiFID I, applies until 2 January 2018. Therefore, also transactions in electricity or gas derivative contracts that have the characteristic “can be physically settled” and that are concluded on a non-MTF will not be considered for the threshold calculation. Please note that in July 2016 EEX and Powernext have both launched non-MTF trading platforms for electricity and gas contracts, respectively, transactions in which fulfil all the conditions to not be considered for said threshold calculations. As soon as the application process is open, both EEX and Powernext will apply for a license to operate an OTF to ensure that transactions concluded on these trading platforms will continue to not be considered for said threshold calculations, as of 3 January 2018. The non-MTF market will accordingly shut down by the end of 2 January 2018.

    Furthermore, transactions resulting from the fulfilment of a genuine obligation to provide a trading venue with liquidity, transactions concluded for hedging purposes and intra-group transactions will be excluded from the threshold calculations, see Art. 2 par. 4 of MiFID II and ESMA Q&A on MiFID II and MiFIR commodity derivative topics for further reference.

    The calculation for determining whether the company can benefit from the ancillary activity exemption in 2018 is based on the transactions from 1 January 2015 to 31 December 2017. Please note that there is a derogation from this time period, as outlined in Delegated Regulation (EU) 2017/592 (RTS 20). For more information on EEX’s and Powernext’s non-MTFs or EEX Group liquidity provision schemes, please contact mifid@eex.com.

    MiFID II Art. 1 and 2 outline the scope of firms subject to MiFID II and respectively the exemptions that could be applicable. The ancillary activity exemption (MiFID II Art. 2, par. 1(j)) is particularly relevant for firms trading in commodity derivatives. It exempts persons from becoming an investment firm under MiFID II, if they are dealing on own account, or providing investment services to clients, in commodity derivatives, provided this is an ancillary activity to their main business. Delegated Regulation (EU) 2017/592 (RTS 20) outlines what it means for an activity to be considered ancillary to the main business. In essence, a person dealing in commodity derivatives needs to pass two tests: (1) the market share test and (2) the main business test. Both have to be conducted on an asset class basis. Whereas the first test compares the size of a person's trading activity against the overall trading activity in the European Union, the second one compares the size of the trading activity with the size of the main activity undertaken by the group.

    Importantly, every market participant has the obligation to annually notify its competent financial market regulator(s) that it will make use of the exemption. Please check with your national regulator for further information.

    The ESMA Q&A on MiFID II and MiFIR commodity derivative topics provides further guidance on the tests. The ESMA opinion on the market size calculation provides more information on the overall EU trading activity, per asset class.

    The original scope of MiFID I has been expanded to cover a larger group of companies and financial products. MiFID II will bring the majority of non-equity products into a robust regulatory regime and move a significant part of OTC trading onto regulated platforms. Furthermore, MiFID II strengthens pre- and post-trade transparency requirements, sets new rules for algorithmic trading and introduces position limits for commodity derivatives. Moreover, investor protection has become a key focus of MiFID II.

    MiFID I has been reviewed to take into account developments in the trading environment since its implementation in 2007 and, in light of the financial crisis, to improve the functioning of financial markets making them more efficient, resilient and transparent.