Curtain raiser: Reporting energy trades under REMIT

16 July 2014 09:24 Source:ICIS

Important details on how companies will report trades under regulations to tackle insider trading and market abuse in energy markets will likely emerge at a workshop on Wednesday.

All power and natural gas trades and orders will have to be reported under the Regulation of Wholesale Energy Markets Integrity and Transparency or REMIT. The date for reporting trades was recently pushed back to the first or second quarter in 2015. Reporting was expected to begin by the end of this year, but the European Commission failed to meet its end-of-June deadline to publish the implementing acts for REMIT.

Companies will have to report trades and orders to trade to the Agency for Cooperation of Energy Regulators (ACER) through registered reporting mechanisms. The mechanisms are likely to be third parties such as the trade repositories that exist already for reporting trades under the European Market Infrastructure Regulation. But it is probable energy companies could elect to register as a mechanism themselves to report their own activity and that of smaller, client companies. It is also possible venues such as exchanges could be a reporting mechanism. Much will depend on the implementing acts.

ACER is hosting a workshop on the requirements to register as a reporting mechanism on Wednesday, along with details on the reporting of trade and fundamental data, despite the implementing acts still not being ready. A link to the live web stream that starts at 13:00 London time can be found here .

Read more on REMIT:

ACER to focus on REMIT trade reporting platform in 2015

REMIT trade reporting delayed to later in 2015

Agency resources ‘insufficient’ to effectively monitor REMIT data

Venues possible option for reporting trades under REMIT

All live trades will likely have to be reported under REMIT

By Fionn O'Raghallaigh