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REMIT

New REMIT Quarterly and press release from ACER

ACER have issued the latest “REMIT Quarterly” (here), a newsletter on REMIT, which is accompanied with a press release (here).

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.

 

 

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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