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REMIT

End of REMIT reporting week 2 – looking at the next tasks

It has been a quiet week in terms of news on how the second week of REMIT reporting is going, with little published. That does not mean that many are not working hard to successfully send data to ACER and reconcile it.

Broadpeak Partners have published this post about REMIT reporting, which reminds us that now is a good time to think about MiFID reporting. All will have to comply with the position reporting regime, and those who lose their exemptions will have much more to deal with. We expect to find out more at Monday’s FCA conference.

At the same time, REMIT off venue reporting is 5 and a half months away, and that will present its own challenges. To begin with, it is worth looking at the updated Annex II of the TRUM (here) which indicates how framework contracts and executions are to be reported in the opening sections (up to page 16). Page 145 starts the straightforward bilateral examples and page 156 shows the more complex scenarios.

It is also worth considering how off venue data will be prepared as well as sent to ACER. Preparation will include going through all contracts, including all long term agreements and turn them into “ACER XML”. Sending to ACER will involve a decision as to whether to route the data via an RRM or to send it directly to ACER (which is permitted for off venue data so long as you become an RRM yourself).

There is little time to lose to kick off this process.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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