REMIT Reporting

Regulation on Wholesale Energy Markets Integrity and Transparency (REMIT)

What is REMIT?

Regulation (EU) No. 1227/2011 on wholesale Energy Market Integrity and Transparency (REMIT) is an EU regulation, specific to wholesale energy products, that introduces a market monitoring framework to detect and prevent market abuse. The regulation aims to ensure market integrity and transparency for the benefit of European energy consumers.

When does REMIT take effect?

The staggered implementation for REMIT is planned on the following schedule:

  • Obligation to publish “inside information” and prohibition of market abuse in force from December 2011
  • Implementation Act expected to be published in January 2015 and will include reporting and registration requirements for market participants
  • Trade reporting and market participant registration obligations will begin from 7 October 2015 with phased implementation

CME ETR RRM

  • CME ETR is a Registered Reporting Mechanism (RRM) for the purposes of reporting to the Agency for the Cooperation of Energy Regulators (ACER) trade and order information in relation to wholesale energyproducts as per Regulation (EU) No 1348/2014 on wholesale energy market integrity and transparency (REMIT).
  • CME ETR RRM will offer services to both Organised Markets Places (OMPs) as well as firms trading (Market Participants) in wholesale energy products for the reporting of filled and unfilled orders and trades.
  • OMPs signing up to use the service will push their order and trade data to CME ETR RRM, which, in turn, will push the data to ACER.
  • Market participants will be able to send trades and orders directly to the CME ETR RRM, using CME ETR RRM’s technical specifications for Standard and Non-Standard contracts.
  • CME ETR RRM will be providing clients access to the data reported to ACER via our web based CME ETR RRM platform.

Testing and Production Access:

  • CME’s RRM offering will take a phased approach to reflect the implementation timelines of contracts traded on an OMP (reporting start date 7 October 2015) and contracts not traded on an OMP (reporting start date 7 April 2016).
  • In anticipation of the reporting start date, a test environment will be made available to users in early September 2015 (exact dates to be confirmed and subject to sign-off by ACER of CME ETR RRM’s own testing with ACER’s ARIS system).
  • The Production environment will be available for client use on the 7 October 2015.

File Formats and Delivery Methods:

  • We accept reports transmitted in ACER XML (in provided templates) format.
  • We accept delivery via secure FTP;
  • Data will be sent by CME ETR RRM to ACER on a daily basis to meet the T+1 reporting deadline.

Contact Us

Listen Again: WEBINAR - REMIT Reporting: the countdown begins?

What was covered?

  • Overview of REMIT including a specific focus on reporting requirements
  • 17 June registration requirements
  • Countdown to 7 October deadline
  • Obligations by market participants
  • CME’s reporting solution

Listen Now

Exception Management Process:

  • CME ETR RRM has a real-time user interface; all transactions submitted will be viewable immediately after submission. This is dependent upon the method of submission:
    • If uploaded via Secure FTP, firm can pull confirmation data from an outbound Secure FTP file. This file would contain acceptances as well as highlight any issues with any line items.
  • Upon submission of trades to ACER’s ARIS system, ARIS will produce response files which will detail the acceptance or rejection of orders and trades submitted by the RRM. CME ETR RRM will make these response files available to reporting firms via the user interface and / or via the firm’s CME ETR RRM sFTP folder.

CME ETR RRM Validations:

  • CME ETR RRM will undertake certain validations which are required for differing purposes:
    • User validation – This is required to ensure that the submitting party has been granted permission to submit trades.
    • Field level validations – For trade and order files submitted, field validation takes place to ensure that they are compliant with the required format in order to meet the REMIT reporting mandate.
      • For example, Data Field 1 (ID of the market participant of counterparty) is mandatory, therefore it has to be available on the submission and only the types of values outlined in ACER’s REMIT documentation are acceptable – any invalid entry will get rejected and the trade will not be uploaded or sent on to ACER. Notifications are sent highlighting the specific error message.
    • Conditional validations – These are validations on inter-related information or conditional information
    • Catchall error handling – This routine catches all the errors that cannot be anticipated such as unexpected data format, network glitches, sudden database outage etc. The error handler informs the user about unexpected error and asks him/her to contact the system administrator for further assistance.

Fees and Account Structure:

  • CME ETR RRM will charge GBP 2,000.00 per annum for each master account registered and irrespective of order or trade volume.
  • There are no additional costs in regards to maintenance fees i.e. update of lifecycle events.
  • Market Participants can register one master account and then sub accounts (no limit on the number of sub accounts)

CME Europe, as an Organised Market Place (OMP)

  • CME Europe Limited (CME Europe) is CME Group’s European exchange and pursuant to Article 6 of the Implementing Act has been categorised as an OMP. In line with the regulation, CME Europe (as an OMP) will be offering its clients a Data Reporting Agreement which will facilitate the reporting of the trades and orders that CME Europe have transparency over. CME Europe will be using CME ETR as its Registered Reporting Mechanism to facilitate the reporting to ACER’s ARIS system.
  • The CME ETR RRM will also provide reporting services to all Market Participants and other OMPs who wish to report the orders and trades to ACER in line with the REMIT reporting obligation.
  • CME Europe will be offering reporting to all members and clients of members (Market Participants) for orders and trades that are placed on CME Europe and this will be provided free of charge, i.e. CME Europe will be contracting with CME ETR RRM and will not be passing on any associated charges to its members or clients of members. CME Europe reserves the right to impose a charge for this service in the future.
  • Access to the data reported by CME Europe on behalf of the customers of this service will be made available to such persons by registering with CME ETR RRM. There is no charge imposed by CME ETR RRM for view only access to the data, although CME ETR reserves the right to impose a charge for this service in the future. Note that trades executed outside of CME Europe (OTC) but cleared through CME Clearing Europe (CMECE) will not be reported to CME ETR RRM by CMECE, since CMECE is not an OMP and is not required to offer a data reporting agreement.

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