Trayport have issued this press release, providing the results of a survey that has been conducted amongst their prototype users, regarding plans and priorities for the first phase of REMIT, which goes live on 7th October this year.
There are a few interesting results: Firstly, according to the survey results, the main issue that concerns market participants is the aggregation of data. The REMIT Implementing Act (Article 11(2)) requires that market participants “take reasonable steps to verify the completeness, accuracy and timeliness of the data which they submit through third parties“. If a market participant is trading across several OMPs it will be hard to comply with this requirement without access to aggregated order and trade information, which may explain this result.
The survey also shows most respondents planning to select an RRM in May. As the deadline draws closer, it is becoming increasingly important to have a strategy in place for compliance.