As shown on the clock on the REMIT Portal, there are 100 days to go until the first reporting deadline of REMIT, for “on venue” orders and trades. By that date, market participants will need to ensure that all orders and trades arising on one of the Organised Market Places(OMPs) listed by ACER.
The task of choosing how to send data to ACER, whether by instructing each OMP to send it to ACER, getting OMPs to send the data to an RRM, uploading the data and sending it yourself to an RRM(using software), or another model, must be completed as soon as possible. Offerings are only now being announced, which does not give very long to make a choice, close the agreements and implement. A solution also needs to be found for reconciliation and the sending of post trade events.
A full market report will soon be issued that looks at the different possible models that can be adopted to comply with the requirements, and the various solutions available.