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.