Both the press release and the first page of the quarterly discuss the recent start of off venue reporting under REMIT, and claim a general success with “only little hiccups”. The press release states that 100 RRMs have been approved of which 67 are new reporting parties.
The quarterly makes a few other comments of note:
- Now that data collection has started, the immediate focus of ACER and other National Regulatory Authorities (NRAs) be on data quality. Eventually reporting will stabilise, permitting ACER and the NRAs to focus on the detection of market abuse.
- A review of the reporting pack is anticipated “once experienced is gained”, probably in 2017 (this lines up with the announced schema change in spring 2017).
- Outstanding and inactive RRM applications will be terminated. There is encouragement to use one of the already approved RRMs.
- Questions to ACER on reporting will no longer be responded to unless the question is, in ACER’s view, not address by the existing documentation. The implication is that most questions will be assumed to have been answered within the documents.
- The Quarterly also highlights the recent review of the fields in the CEREMP (Central European Registry of Energy Market Participants).
The next major reporting milestone is on 6th July this year, by which time all contracts “open” on the 7th April must be backloaded. For those contracts which are framework contracts, the act of backloading triggers the obligation to report linked executions within one calendar month of discovery of price and volume.