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REMIT

New REMIT documents – Reporting format change evaluation and target date, Fundamental data and inside information and UTI generation

ACER yesterday published several new and updated documents related to REMIT:

ACER has published an evaluation of responses to the consultation run on the revision of electronic formats for transaction data, fundamental data and inside information reporting. It can be found here. The document announces that changes to the REMIT reporting formats can be expected in Q4 2019 and 2020. The document goes through each proposed change and makes comments about the responses from different parties. The consultation took place in 2017 (see here), with relevant meetings in 2018. The list of documents and all responses can be found here.

An updated FAQs on fundamental data and inside information collection has been issued, which can be found hereThere are updated and new answers on inside information disclosure and also some fundamental data issues such as the reporting of gas in store.

The generation algorithm and associated guidance used to create Unique Transaction Identifiers (UTIs) under REMIT has been updated. The old algorithm will stop being supported from April.  The generators and associated documentation can be found here. UTIs are used to “pair” reported transactions, including bilateral transactions, where a  record  must be submitted by both parties. The generator can be used by both counterparties to determine the UTI without the need for one party to communicate it to the other. The generator compromises algorithms that use some of the trade attributes as parameters and use a hashing algorithm to generate the UTI. In order for it to work, each party must use the same parameters.

 

 

 

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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