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REMIT

RRM announcements

See here for a press release  by TGE announcing the availability of  their OTC trade reporting service under REMIT. Nordpool Spot have also announced their’s here.

The announcements follow the publication by ACER of a matrix  of RRM approvals by “data type”. A data type in this context is generally one of the schemas that are to be used to send data to ACER. The most common schemas used by market participants are tables 1 and 2, used to report most trades and contracts. Tables 3 and 4 are used to report transportation trades, where  market participants are responsible for reporting secondary activity. Example XML documents on how such data may look are still awaited. While the formats are outlined in the TRUM, the XML to be sent utilises other standards. For example table 4 data is to be sent using the EDIGas 5.1 format.

REMIT also requires that  fundamental data (i.e. data regarding physical movements and nominations, rather than trades) be reported. While this responsibility largely falls to System Operators, there are three types of data that must be reported by market participants:

  • Gas balances in store
  • LNG unloads and reloads
  • Planned LNG unloads and reloads

There will be no example XML available from ACER covering fundamental data, which must be reported in the T+1 time-frame.

It has proven challenging for many to prepare to report tables 3 and 4, and fundamental data, firstly because the focus has been elsewhere and secondly because the reporting is less well understood. However such challenges do not alter the fact that the deadline for reporting them is only just over a month away.

 

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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