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Transaction Reporting User Manual (TRUM)

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TRUM – Section 1.1

Scope and purpose of the TRUM

The Agency has developed the TRUM to facilitate reporting to the Agency under Regulation (EU) No 1227/2011 (REMIT)[1] in order to ensure operational reliability according to Article 12(1) of REMIT.

Article 5(2) of Commission Implementing Regulation (EU) No 1348/2014[2] (hereafter referred to as ‘the Implementing Acts’) stipulates that the Agency shall explain the details of reportable information referred to in Article 5(1) of the Implementing Acts in a user manual and after consulting relevant parties make it available to the public upon entry into force of the Implementing Acts.

The TRUM is intended to provide market participants with guidance to make informed decisions about their transaction reporting obligations. The TRUM explains the details of the reportable trade data by providing guidance on how to populate the data fields included in the Implementing Acts, including the formats and standards that apply to reporting. The TRUM is not intended to be a replacement of the Implementing Acts.

Given that the Implementing Acts stipulate that only transactions, including orders to trade, in relation to wholesale energy products executed at organised market places will be reported in the first phase of reporting, the first edition of the TRUM focusses on explaining the details of the reportable information related to these contracts and orders to trade. The TRUM also covers the records of transactions in transportation contracts and non-standard supply contracts.

The TRUM and its Annexes will be updated in later editions on the basis of the experience gained by the Agency through the implementation of REMIT, including feedback from market participants and other stakeholders. The Agency anticipates that subsequent updates of the Annex II of TRUM will cover details and examples on reportable information for the second phase of transaction reporting not covered in detail by the first edition.

All subsequent editions of the TRUM will be made publicly available and consulted upon in due time, in accordance with Article 5(2) of the Implementing Acts which states that the Agency shall consult relevant parties on all material updates of the user manual. The Agency also intends to issue a REMIT Quarterly newsletter where inter alia relevant updates regarding transaction reporting obligations will be provided.

The technical and organisational requirements to be fulfilled by reporting entities in order to become a Registered Reporting Mechanism (RRM) will be defined in the Agency’s Requirements for the registration of Registered Reporting Mechanisms (RRM), including the Technical Specifications for RRMs.

Please note that the TRUM does not cover the reporting of fundamental data. For further information in that regard, please consult the Manual of Procedures on transaction and fundamental data reporting which, in accordance with Article 10(3) of the Implementing Acts, establishes procedures, standards and electronic formats for the reporting of transaction and fundamental data.


[1] OJ L 326, 8.12.2011, p.1.

[2] OJ L 363, 18.12.2014, p. 121.

 

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TRUM – Section 1.2

Target audience

The Agency expects compliance departments and compliance officers of market participants, other entities with transaction reporting responsibilities and third-parties acting on their behalf to ensure that the TRUM is fully understood. It should be read by all staff with transaction reporting responsibilities.

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TRUM – Section 1.3

ACER contacts

If you have any questions concerning transaction reporting, please contact us by email at transaction.reporting@acer.europa.eu.

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TRUM – Section 2

Legal framework

In December 2011, the EU adopted a dedicated market integrity and transparency regulation for the gas and electricity wholesale markets with an EU-wide monitoring scheme: Regulation (EU) No 1227/2011 on wholesale energy market integrity and transparency (REMIT). REMIT introduces a sector-specific framework for the monitoring of European wholesale energy markets, with the objective of detecting and deterring market manipulation.

It defines prohibitions of market manipulation, attempted market manipulation and insider trading. It introduces obligations to disclose inside information and it provides for the monitoring of wholesale energy markets by the Agency in close cooperation with national regulatory authorities (‘NRAs’), the European Securities and Markets Authority (ESMA), financial authorities and other relevant authorities.

For the purpose of market monitoring, Article 8(1) of REMIT imposes an obligation on market participants, or third parties or authorities acting on their behalf, to provide the Agency with a record of wholesale energy market transactions, including orders to trade (‘trade data’). Furthermore, Article 8(5) of REMIT requires that market participants shall report to the Agency and NRAs information related to the capacity and use of facilities for production, storage, consumption or transmission of electricity or natural gas and use of LNG facilities, including planned or unplanned unavailability of these facilities (’fundamental data’).

REMIT also gives NRAs the option to monitor wholesale energy markets at national level and calls on Member States to provide them with appropriate investigatory and enforcement powers (see Article 13 of REMIT). REMIT also requires that the Agency shall establish a mechanism to share information it receives in accordance with Article 8 with NRAs and other relevant authorities (see Article 7(2) and 10 of REMIT).

According to Article 8(2) and 8(6) of REMIT, the European Commission shall, by means of Implementing Acts, adopt uniform rules on the reporting of records of transactions, including orders to trade (‘trade data’).

As regards the reporting of transactions, Article 8(2) of REMIT states that the Commission shall, by means of Implementing Acts:

a)    draw up a list of the contracts and derivatives, including orders to trade, which are to be reported in accordance with paragraph 1 and appropriate de minimis thresholds for the reporting of transactions where appropriate;

b)    adopt uniform rules on the reporting of information which is to be provided in accordance with paragraph 1;

c)    lay down the timing and form in which that information is to be reported.

As regards the reporting of fundamental data, Article 8(6) of REMIT states that the Commission shall, by means of Implementing Acts:

a)    adopt uniform rules on the reporting of information to be provided in accordance with paragraph 5 and on appropriate thresholds for such reporting where appropriate;

b)    lay down the timing and form in which that information is to be reported.

On 17 December 2014 the Commission adopted the Implementing Acts according to Article 8(2) and 8(6) of REMIT. According to Article 5(2) of the Implementing Acts, the Agency shall explain the details of the reportable information in relation to standard and non-standard contracts for the supply and transportation of electricity and gas in a user manual and after consulting relevant parties make it available to the public upon the entry into force of the Implementing Acts. On this basis, the Agency has developed this Transaction Reporting User Manual (TRUM), in which the details of the reportable information are explained.

On 31 March 2014, the Agency launched a first public consultation on the TRUM which was open until 5 May. The first public consultation document was prepared on the basis of the draft Implementing Acts presented by the Commission in October 2013 and also took into account the feedback received during the public consultation on Technical Standards in spring 2013.

Following the end of the first consultation, the Agency further elaborated the TRUM, taking into account the input received during the first consultation in spring 2014. On 22 July 2014, the Agency launched a second public consultation on the TRUM which was open until 2 September 2014. The second public consultation document was prepared on the basis of the draft Implementing Acts presented by the Commission in July 2014. In addition to the public consultations, the Agency organised a number of roundtable meetings and workshops with relevant stakeholders in order to consult on the topics of the TRUM.

An ACER staff working document version was published on 9 December 2014 and presented in a public workshop on 10 December 2014.

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TRUM – Section 3.1

Market monitoring

The primary purpose of transaction reporting under REMIT is to enable the Agency and NRAs to efficiently and effectively monitor trading activity in wholesale energy products to detect and to prevent suspected market abuse (insider trading and market manipulation[1]) in order to fulfil the goal of increased integrity and transparency of wholesale energy markets[2]. This is important in order to ensure that final consumers and other market participants can have confidence in the integrity of electricity and gas markets, that prices set on wholesale energy markets reflect a fair and competitive interplay between supply and demand, and that no profits can be drawn from market abuse[3].

According to Article 7 of REMIT, the Agency shall monitor trading activity in wholesale energy products to detect and prevent market manipulation, attempted market manipulation and trading based on inside information. According to Article 16 of REMIT, NRAs shall cooperate at regional level and with the Agency in carrying out the monitoring of wholesale energy markets and ensure that the prohibitions of market manipulation, attempted market manipulation and insider trading are applied in accordance with Article 13 of REMIT.

The automated screening will form part of the Agency’s monitoring activities. Article 16(4) of REMIT also requires an initial assessment or analysis by the Agency prior to notifying a suspected breach of REMIT to the NRAs and prior to using the Agency’s powers under Article 16(4) of REMIT. The following figure illustrates the market monitoring approach envisaged by the Agency.

The Agency’s REMIT Information System (ARIS) is the Agency’s IT system for data collection, data sharing, and automatic screening and monitoring of trading activities in wholesale energy products. The high-level architecture of ARIS is illustrated below.

ARIS is based on four tiers:

  • Tier 1 of ARIS will support the collection of the reported trade and fundamental data. The scope and details for the data to be reported under Tier 1 is defined by the European Commission in the Implementing Acts.
  • Tier 2 of ARIS is the main database, where all the reported trade and fundamental data, as well as the registration data from market participants, will be stored.
  • Tier 3 of ARIS is the market monitoring system, which will screen and analyse the data collected and processed in Tier 1 and 2, with the aim to detect and deter market abuse in forms of insider trading and market manipulation, including attempted market manipulation. The market monitoring system will also be used for supporting investigations conducted by NRAs in coordination with the Agency.
  • Tier 4 of ARIS is the data sharing system. According to Article 10 of REMIT, the Agency shall establish mechanisms to share the information held in ARIS with NRAs, financial regulatory authorities, national competition authorities, the European Securities and Markets Authority (ESMA) and other relevant authorities. This tier may also be used for additional data analysis, reporting and archiving, and for the publication of certain aggregated information according to Article 12(2) of REMIT.

ARIS plays a key role in both the identification of suspicious transactions and the establishment of facts once suspected market abuse has been identified. However, the efficiency of both of these functions can be compromised by inaccurate transaction reporting and poor data quality. The Agency is required to identify any questionable transactions and establish their nature, timing and the parties involved.

Transaction reports are a key means of establishing this, enabling the Agency to discover possible instances of market abuse that call for further investigation and possible enforcement actions by NRAs. Similarly, transaction reports are very important as evidence when NRAs are bringing market abuse cases to court, as they provide an audit trail of the complete transaction.

The Agency also carries out wider market monitoring to detect any possible risks of market abuse due to market developments and new features of the markets. Transaction reports provide the Agency with useful information that can help with this kind of monitoring, e.g. statistics that show the rate of growth in the trading of certain wholesale energy products.

According to the requirements set out in Article 12 of REMIT, the Agency shall ensure the confidentiality, integrity and protection of the information collected under REMIT. Hence, ARIS must be operationally reliable.


[1] For definitions and explanations of the concept of insider trading and market manipulation, please refer to the ACER Guidance on the application of REMIT: http://www.acer.europa.eu/remit/Documents/REMIT%20ACER%20Guidance%203rd%20Edition_FINAL.pdf.

[2] See recital 2 of REMIT.

[3] See recital 1 of REMIT.

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TRUM – Section 3.2

What to report?

According to Article 8(1) of REMIT, market participants, or a person or authority acting on their behalf, shall provide the Agency with a record of wholesale energy market transactions, including orders to trade. Article 8 of REMIT also stipulates that the Commission, by means of Implementing Acts, shall define the list of contracts to be reported, the timing and form for reporting and who should report transactions.

The Implementing Acts also provide a context for the reporting of fundamental data. For further information in this regard, please consult the Manual of Procedures on transaction and fundamental data reporting.

The list of contracts to be reported is defined in Article 3 of the Implementing Acts. An overview of the reportable contracts is provided below.

1. Supply contracts

According to Article 3(1)(a) of the Implementing Acts, the following wholesale energy products in relation to the supply of electricity or natural gas with delivery in the Union shall be reported:

(i) intraday or within-day contracts for the supply of electricity or natural gas where delivery is in the Union irrespective of where and how they are traded, in particular regardless of whether they are auctioned or continuously traded;

(ii) day-ahead contracts for the supply of electricity or natural gas where delivery is in the Union irrespective of where and how they are traded, in particular regardless of whether they are auctioned or continuously traded;

(iii) two-days-ahead contracts for the supply of electricity or natural gas where delivery is in the Union irrespective of where and how they are traded, in particular regardless of whether they are auctioned or continuously traded;

(iv) week-end contracts for the supply of electricity or natural gas where delivery is in the Union irrespective of where and how they are traded, in particular regardless of whether they auctioned or continuously traded;

(v) after-day contracts for the supply of electricity or natural gas where delivery is in the Union irrespective of where and how they are traded, in particular regardless of whether they auctioned or continuously traded;

(vi) other contracts for the supply of electricity or natural gas with a delivery period longer than two days where delivery is in the Union irrespective of where and how they are traded, in particular regardless of whether they are auctioned or continuously traded;

(vii) contracts for the supply of electricity or natural gas to a single consumption unit with a technical capability to consume 600 GWh/year or more.

2. Transportation contracts

According to Article 3(1)(b) of the Implementing Acts, the following wholesale energy products in relation to the transportation of electricity or natural gas in the Union shall be reported:

(i) Contracts relating to the transportation of electricity or natural gas in the Union between two or more locations or bidding zones concluded as a result of a primary explicit capacity allocation by or on behalf of the TSO, specifying physical or financial capacity rights or obligations.

(ii) Contracts relating to the transportation of electricity or natural gas in the Union between two or more locations or bidding zones concluded between market participants on secondary markets, specifying physical or financial capacity rights or obligations, including resale and transfer of such contracts.

3. Derivatives of energy supply and transportation contracts

Article 3(1)(a) and (b) of the Implementing Acts stipulate the reporting of the following derivatives contracts:

a) options, futures, swaps and any other derivatives of contracts relating to electricity or natural gas produced, traded or delivered in the Union (Article 3(1)(a)(8));

b) options, futures, swaps and any other derivatives of contracts relating to the transportation of electricity or natural gas in the Union (Article 3(1)(b)(3)).

4. Contracts reportable on request of the Agency

Article 4(1) of the Implementing Acts also establishes a list of contracts reportable only upon reasoned request of the Agency and on an ad-hoc basis. This includes:

a) intragroup contracts;

b) contracts for the physical delivery of electricity produced by a single production unit with a capacity equal to or less than 10 MW or by production units with a combined capacity equal to or less than 10 MW;

c) contracts for the physical delivery of natural gas produced by a single natural gas production facility with a production capacity equal to or less than 20 MW;

d) contracts for balancing services in electricity and natural gas.

As regards the contracts listed in Article 4(1) of the Implementing Acts, for the time being the Agency does not intend to request information on those contracts. For further information, please consult the non-action letter issued by the Agency on 7 January 2015. The Agency will consult in due time before establishing RRM requirements applicable to the reporting of contracts covered by Article 4(1) of the Implementing Acts.

However, if the contracts listed above are concluded at an organised market place, then they shall be reported even in the absence of a request from the Agency.

5. Definition of standard and non-standard contract

According to Article 2 of the Implementing Acts:

a) ‘standard contract’ means a contract concerning a wholesale energy product admitted to trading at an organised market place, irrespective of whether or not the transaction actually takes place on that market place;

b) ‘non-standard contract’ means a contract concerning any wholesale energy product that is not a standard contract;

c) ‘organised market place’ or ‘organised market’ means:

a) a multilateral system, which brings together or facilitates the bringing together of multiple third party buying and selling interests in wholesale energy products in a way that results in a contract;

b) any other system or facility in which multiple third-party buying and selling interests in wholesale energy products are able to interact in a way that results in a contract.
These include electricity and gas exchanges, brokers and other persons professionally arranging transactions, and trading venues as defined in Article 4 Directive 2014/65/EU.

Definition of organised market place

Any multilateral system, which brings together or facilitates the bringing together of “multiple third party” buying and selling interests in wholesale energy products is considered an organised market under REMIT.

The Agency believes that the notion of “multiple third party” plays a key role in determining what constitutes an organised market place; a many-to-many trading possibility must exist in order to consider it an organised market place.

Energy and derivative exchanges, MTFs, OTFs and brokers, are examples of organised market places where many-to-many trading can occur.

In the Agency’s view, multilateral systems that procure or sell energy on behalf of TSOs only for balancing purposes should not be considered organised market places if those systems act solely on behalf of the TSOs.

It is the Agency’s understanding that such a system facilitates a one-to-many trading opportunity at each imbalance period, e.g. in an electricity market, per each half hour/hour balancing period the system procures or sells energy for the TSOs.

However, if the multilateral system brings together or facilitates the bringing together of “multiple third parties” procuring and selling energy, the system facilitates a many-to-many trading opportunity, e.g. if participants can trade with each other and the TSO in a within day gas market to adjust their positions, that system should be considered an organised market place.

Likewise, if the multilateral system brings together or facilitates the bringing together of “multiple third party” buying and selling of capacity, e.g. on a capacity secondary market, that system should be considered an organised market place if that system allows many-to-many trading.

 

The Implementing Acts suggest that any contract admitted to trading at an organised market place is a standard contract. Furthermore, if the same contract is traded outside the organised market place, this shall still be considered a standard contract.

An example of a contract admitted to trading at an organised market place is a future contract on gas or electricity. This future contract is a wholesale energy product that may also be traded bilaterally or through a broker outside the exchange, via its Central Counterparty (CCP) and clearing members. In this case, the contract that is admitted to trading at the organised market place and traded outside the exchange shall be considered a standard contract. The same applies to any wholesale energy product.

Transactions that take place on broker platforms, including those that are voice brokered, are often based on bilateral general agreements, e.g. a master agreement which sets the rules for trading activity of the two counterparties to the contract. As the conclusion of such contracts take place on the broker’s platform (including voice brokered), these contracts are standard contracts. Another example is a spot or forward contract for the physical delivery of electricity concluded on a broker’s platform under a general/master agreement. This is a standard contract irrespective of its profile and complexity, e.g. a shaped (profile) contract traded through a broker (including voice brokered) shall be considered a standard contract.

Two parties may also trade and conclude the same contract under a general/master agreement bilaterally outside the organised market place. If the two parties bilaterally trade a contract which is admitted to trading at an organised market place, that contract shall be considered a standard contract, e.g. a spot or forward contract for the physical delivery of gas or electricity. However, when a shaped (profile) contract is traded outside the market place, that contract should not be considered a standard contract .

When a contract for the delivery of gas or electricity at a specific delivery point/area is not traded at an organised market place, but only bilaterally between the two parties, that contract should not be considered a standard contract even if a similar contract for the delivery of gas or electricity at a different delivery point/area is traded at an organised market place. For example, if a physical forward for the delivery of gas in country (A) in the month of July is traded on a broker platform, but a contract with the same characteristics for the delivery of gas in country (B) in the month of July is not traded on an organised market, the latter should not be considered a standard contract.

Article 5(1) of the Implementing Acts states that “Details of transactions executed within the framework of non-standard contracts specifying at least an outright volume and price shall be reported using Table 1 of the Annex”. This implies that even if the contract is considered non-standard contract but has an agreed price and quantity, the contract has to be reported using Table 1 of the Implementing Acts. However, it is important to note that under the non-standard contract reporting requirement such a contract would be reportable no later than 30 days from its execution rather than within the time limit for standard contracts of no later than the following business day.

Clarification of standard vs non-standard contract

(1) Trades not reported under EU financial legislations

(2) Contracts that are admitted to trade at Organised Market Places

(3) Non-Standard Contracts with defined price and quantity and details of transactions executed within the framework of non-standard contracts specifying at least an outright volume and price shall be reported using Table 1 of the Annex to REMIT Implementing Regulation

Decision tree for the reporting of standard and not standard contracts and the use of Table 1 or Table 2

This guidance aims to clarify the Agency’s understanding of the difference between a standard contract and a non-standard contract based on Article 2 of Commission Implementing Regulation (EU) No 1348/2014 which states:

(2) ‘standard contract’  means a contract concerning a wholesale energy product admitted to trading at an organised market place, irrespective of whether or not the transaction actually takes place on that market place;

(3) ‘non-standard contract’ means a contract concerning any wholesale energy product that is not a standard contract.

In the Agency’s view it is essential to further clarify the meaning of “admitted to trading” at an organised market place.
A contract admitted to trading at an organised market place is a contract that is visible to the market and available for trading to market participants.

Exchange traded contracts

For exchange traded contracts it is clear what “a contract admitted to trading” means. In this case a contract that is listed on the exchange is a tradable instrument and it can be registered at the exchange when two parties agree on the price off-screen.

Broker platform traded contracts

For a contract admitted to trading on brokers’ platforms it is worth to further clarify the meaning of “admitted to trading”.
Brokers, in the context of Article 2(4) of Commission Implementing Regulation (EU) No 1348/2014, advertise tradable contracts on their platforms. These contracts have certain specifications such as clip size (contract size), delivery point of the energy commodity, delivery start and end date, hours of the delivery and any other specification to identify the contract. These contracts, e.g. within day or day ahead contract as well as any forward contract, are tradable multiple times until their “expiration date and time” (last trading date and time) is reached.
Once a contract is admitted to trading on the Broker’s platform (visible on their screen) it can usually be traded several times either on the screen or voice brokered by both by both buyers and sellers until the date and time the contract is tradable. For example:

1. hourly electricity product: this can be traded for several days before the gate closure;

2. day-ahead gas or electricity product: this can be traded for several hours during the day before the delivery of the gas/electricity starts; and

3. a monthly/quarterly/seasonal forward product: this can be traded every day for several months before the delivery starts.

In the Agency’s view these contracts have to be considered standard contracts admitted to trading at an organised market place. As a consequence the organised market place where these wholesale energy products were executed or the order was placed shall, at the request of the market participant, offer a data reporting agreement in line with Article 6(1) of Commission Implementing Regulation (EU) No 1348/2014.

Voice-brokered contracts

In general, the above considerations apply the same way for broker platform traded contracts and voice-brokered contracts. In this context, the references in the TRUM to “including voice brokered” should be understood as referring to those situations where the contracts:

1) are admitted to trading at organised market places;

2) an order is visible on the screen; and

3) a voice brokered order matches the order on the screen. That trade is considered a voice brokered trade.

Specificities of voice-brokered shaped/profile contracts

When a shaped/profile contract is voice brokered without being advertised on the screen of the broker (e.g. a broker’s client asks the broker to find a counterparty to a shaped/profile contract), it would be traded only once and would then expire and not be tradable any more (as opposed to those contracts that are traded on the screen and that can be traded multiple times). In the Agency’s view such a contract, although traded through a broker, is not to be considered “admitted” (advertised on the broker’s screen) to trading at an organised market place and it should not be considered a standard contract. Therefore, and in line with Article 7(4) of Commission Implementing Regulation (EU) No 1348/2014 these contracts shall be reported no later than one month following their conclusion, modification or termination.
Since these contracts are voice brokered and executed at an organised market place, in the Agency’s view, the broker (in the context of Article 2(4) of the Commission Implementing Regulation)  shall at the request of the market participant offer a data reporting agreement in line with Article 6(1) of the Commission Implementing Regulation (EU) No 1348/2014.
Some organised market places may allow their clients to upload on the screen (and therefore be visible to the market) complex shaped/profile contracts for the trading on that organised market place and those contracts which are subject to bids or offers.
Although these contracts might not be traded several times (they may be, or may not be, removed once they are matched) they are still admitted to trading on the screen of the broker and therefore, in the Agency’s view, they have to be considered admitted to trading at an organised market place. When this is the case, no matter the contract’s complexity, as long as the contract is visible to the market it is considered admitted to trading at the organised market place and it should be considered a standard contract.
The Agency understands that the reporting of complex contracts on a T+1 day basis may bring up some difficulties for the organised market place and/or the reporting party; however, they should make their best effort to report complex shaped/profile contracts (considered standard contracts according to REMIT) as soon as possible.

Consequences of the criterion “admitted to trading” for the transaction reporting obligation

Transactions related to products admitted to trading at the organised market place are subject to the reporting obligations for standard contracts and reportable on a T+ 1 day basis, irrespective of whether they are traded on screen or voice brokered.
Transactions related to any other products that is not a standard contract are subject to the reporting obligations for non-standard contracts and reportable on a T+1 month basis.

 

6. Information to be reported

Market participants, other reporting entities or third parties reporting on their behalf, are obliged to ensure that the submitted transaction reports are complete and accurate.
The information to be reported shall include:

a) in relation to standard contracts for the supply of electricity or natural gas, the details set out in Table 1 of the Annex to the Implementing Acts;

b) in relation to non-standard contracts for the supply of electricity or natural gas, the details set out in Table 2 of the Annex to the Implementing Acts;

c) in relation to standard and non-standard contracts for the transportation of electricity, the details set out in Table 3 of the Annex to the Implementing Acts;

d) in relation to standard and non-standard contracts for the transportation of natural gas, the details set out in Table 4 of the Annex to the Implementing Acts.

Details of transactions executed within the framework of non-standard contracts specifying at least an outright volume and price shall be reported using Table 1 of the Annex to the Implementing Acts.

Clarification of outright volume and price and reporting frequency for transactions executed within the framework of non-standard contracts

Details of transactions executed within the framework of non-standard contracts specifying at least an outright volume and price shall be reported using Table 1 of the Annex to the Implementing Acts.

With regard to “specifying at least an outright volume and price”, the Agency understands that once the volume and the price of the transaction is known to the two parties (which can occur after the delivery of the commodity), the transaction is complete.

There is little difference between a physical spot/forward contract traded at an organised market place with a price settled against an index and an execution under non-standard contract framework which settles days after the delivery of the energy commodity ends. In fact, both of these two contracts may not have a fixed price or volume before the delivery of the energy commodity starts and, most likely, both of them will be completely settled after the delivery period ends.

However, while the physical spot/forward contract traded on an organised market place is reported with the contracted volume and the fixing index (which most likely is publicly available), the transaction executed under the framework of a non-standard contract has to be reported once the delivered quantity and the price are known, but still using Table 1 of the Annex to the Implementing Acts.

As far the Agency is aware, details of transactions executed within the framework of non-standard contracts specifying at least an outright volume and price are available to both parties to the contract by the invoicing date at the latest. On that basis, those executions under the framework of non-standard contract are reportable no later than 30 days after the invoicing date using Table 1 of the Annex of the Implementing Acts.

 

The data fields included in the Implementing Acts are listed in ANNEX I of this manual.

To achieve complete and accurate transaction reporting, market participants, other entities with reporting responsibilities and third parties reporting on their behalf must have appropriate systems and controls in place. For further information on this matter, please consult the Requirements for the registration of RRMs[1].

7. Back-loading requirement

According to Article 7(6) of the Implementing Acts, details of wholesale energy contracts which were concluded before the date on which the reporting obligation becomes applicable and remain outstanding on that date shall be reported to the Agency within 90 days after the reporting obligation becomes applicable for those contracts.

The reportable details shall only include data which can be extracted from market participants’ existing records. They shall at least comprise of data referred in Article 44(2) of Directive 2009/73/EC of the European Parliament and of the Council and in Article 40(2) of Directive 2009/72/EC of the European Parliament and of the Council[2] (record keeping obligations).

Additional clarification on the back loading requirement

Article 40(1) of Directive 2009/72/EC and Article 44(1) of Directive 2009/73/EC stipulate record keeping obligations of at least five years for the relevant data relating to all transactions in electricity and gas supply contracts and electricity and gas derivatives.

According to Article 40(2) of the Directive 2009/72/EC, “The data shall include details on the characteristics of the relevant transactions such as duration, delivery and settlement rules, the quantity, the dates and times of execution and the transaction prices and means of identifying the wholesale customer concerned, as well as specified details of all unsettled electricity supply contracts and electricity derivatives”.

According to Article 44(2) Directive 2009/73/EC “The data shall include details on the characteristics of the relevant transactions such as duration, delivery and settlement rules, the quantity, the dates and times of execution and the transaction prices and means of identifying the wholesale customer concerned, as well as specified details of all unsettled gas supply contracts and gas derivatives”.

Market participants should consider that the above Directives set the minimum requirement for the reporting of contracts which were concluded before the date on which the reporting obligation becomes applicable and remain outstanding on that date. Where other information which is required to be reported under REMIT can be extracted from market participants’ existing records, market participants shall also report that information.

In order for the Agency and the NRAs to know each market participant’s open positions at the time when the reporting obligation becomes applicable, market participants shall report contracts which were concluded before the date on which the reporting obligation becomes applicable and remain outstanding on that date. This information will enable the Agency and the NRAs to rationalise and understand subsequent trading activity. This contract shall be reported at transaction level and not at position level.

The Agency understands that only market participants know precisely their outstanding positions, e.g. delivery end date is after or equal to the date that the reporting obligation becomes effective. For example, where a trade on a contract that is bilaterally settled takes place, executed with or without the help of a broker, only the two counterparties to the contract have knowledge of subsequent lifecycle events; no visibility on outstanding positions is available to third parties, including the broker who facilitated that transaction.

Since there are multiple organised market places trading identical products, market participants can open a position and at a later date close it at different organised market or it could even be closed out by direct agreement of the two market participants outside of an organised market place.

Having this in mind, the reporting of details of contracts in wholesale energy products which were concluded before the date on which the reporting obligation becomes applicable and remain outstanding on that date shall be reported to the Agency by market participants unless the organised market places are willing to assist the market participants with the back loading reporting.

Market participants should bear in mind that the organised market places’ willingness to assist market participants with the back loading reporting is entirely at the discretion of the organised market places as there is no obligation under REMIT for them offering that service.

 

8. Identifying reference data to be collected from organised market places for the list of standard contracts and the list organised market places

According to Article 3(2) of the Implementing Acts, the Agency shall, in order to facilitate reporting, draw up and maintain a public list of standard contracts upon entry into force of the Implementing Acts and update that list in a timely manner.

In order to assist the Agency in complying with its obligations, organised market places shall submit identifying reference data to the Agency for each wholesale energy product they admit to trading. This information shall be submitted in a format defined by the Agency before trading commences in that particular contract. Organised market places shall submit updates of the information as changes occur. The list of standard contracts will cover both physical and financial contracts traded at organised market places.

The purpose of the list of organised market places is to publish the exchanges, brokers and other persons professionally arranging transactions which will fall under Article 6(1), especially the contracts traded at organised market places that are covered under the first phase transaction reporting, nine months following the entry into force of the Implementing Acts . The Agency will consult on the list prior to its publication. The list of organised market places will be published for the first time upon the entry into force of the Implementing Acts.

The purpose of the list of standard contracts is to specify the supply contract types for which Table 1 of the Annex to the Implementing Acts (the standard reporting form) is applicable. The creation of the list of standard contracts is not intended to assign unique identifiers to the contracts listed, nor will the information collected be used for matching against the transaction reports. The only purpose of the public list of standard contracts is to display the characteristics of each contract type for which the standard reporting form is applicable.

The Agency currently considers that the identifying reference data, to be submitted by organised market places, shall contain the following information[3]:

a) Contract name

b) Delivery zone

c) Energy commodity type

d) Contract type

e) Load type

f) Organised market place ID

g) Full name of the market place

h) Type of organised market place

The list of standard contracts will be published in due time before the start of the second phase of transaction reporting, covering contracts traded outside organised market places in order to fulfil the purpose to facilitate reporting and identification of contacts traded outside organised market places as standard or non-standard contracts.

9. Distinctions between product, contract and transaction for standard contracts

The Agency recognises that, given the terminology used in the REMIT and in the Implementing Acts, there is a need to clarify the following terms used in the TRUM:

a) Product

b) Contract

c) Transaction

d) Order report

e) Trade report

The product is the subject of the contract. A market participant enters into a transaction to close a deal (a contract), which is the right/obligation to receive/deliver the commodity (the product) in exchange of a payment.

a) Product

REMIT and the Implementing Acts use the term “wholesale energy product” when referring to contracts for the supply and transportation of gas and electricity within the European Union. In the TRUM, “product” refers to the energy commodity. A product is a physically deliverable item, and can be identified by a set of characteristics that represent the commodity profile:

(i) Commodity Type = Electricity

(ii) Delivery / Bidding Zone = France

(iii) Delivery Profile / Period = 1 Hour / 2 Hours / 1 Month / Quarter / Season / 2pm to 3pm, etc. or for example from 01/01/2015 to 31/01/2015 from 7:00am to 7:00pm

This could be represented as: [Commodity Type][EIC Code][Delivery Profile]. All products, regardless of how or where they are traded are physically identical, in that they are the same commodity delivered to the same zone with the same profile. A product is the subject of a wholesale energy contract.

b) Contract

A contract is a specific tradable instrument that allows a market participant to trade the product, i.e. the actual traded commodity, on a specific market place. Orders and trades can only occur against a contract. There can be multiple contracts against a single product. The contract has the following characteristics:

a) Product = as defined in the product definition above

b) Contract Type = Day-ahead / Forward

c) Market Identification = Legal Entity Identification (LEI) or Market Identification Code (MIC)

d) Market Contract Name = Electricity French Base load

This could be represented as: [Product][Contract Type][MIC][Contract Name]. The product is the subject of the contract. Whilst the contract is specific to one organised market place, the product can be traded at other organised market places, or bilaterally, as well. Additional information relating to a contract, which varies between venues, includes:

(i) Delivery capacity = 25 MW

(ii) Trading Times = 12pm (auction) or 09:00 to 17:00 (continuous market)

(iii) Traded Currency = EUR

Contracts traded at different organised market places are different from each other as different terms and conditions apply, even though they are related to the same energy commodity. For each individual contract, there is a specific order book.

c) Transaction

Transactions can only occur for a specific contract. Market participants submit orders (bids and offers) to the organised market place as an indication of their willingness to trade the contract for the delivery of the product. An order, either in an auction or on a continuous market, is always considered as a bid or offer for the purchase or sale of the contract for the delivery of the product.

The rules of the organised market place determine whether the market participant’s submission of orders results in a trade. In the case of a continuous market, an order placed by a market participant will result in a sequenced set of events that may produce a trade. In the case of an auction market, the organised market place will produce all trade results at the close of the auction period.

d) Order report

An order report is a representation of orders submitted by a market participant or by an execution venue on behalf of a market participant and represents the willingness to trade a contract with a determinable price and volume.

e) Trade report

A trade report is a representation of any contract where there is a match between two or more orders to trade within an organised market place or an agreement on a bilateral trade which takes place off-market.

The trade report always shows a single side of the transaction, representing the matched values for the market participant. When a trade occurs, the market participant must produce a report for each trade.

In the following subchapters, the Agency provides information on how the data fields listed in Table 1 of the Annex to the Implementing Acts should be populated when sending transaction reports to the Agency.

Orders to trade

The reporting of orders to trade is an important requirement that enables the Agency and the NRAs to detect possible cases of market manipulation. The Agency understands that, under the REMIT transaction reporting regime, all orders that are visible to market participants on organised markets shall be reported to the Agency.

The financial market legislations suggest that the notion of order for the purpose of Article 25 MiFIR includes quotations on trading venues. This is consistent with the approach taken in Article 17(2) MiFID. In particular ‘order’ includes quotations on RFQs (Request for Quotes) and voice broking systems operated by a trading venue where such quotations are advertised through the trading venue’s system.

Therefore, the Agency is of the understanding that the reference to orders includes quotations on trading venues such as Indication of Interest (IOI) advertised on the screens of the organised market places, while according to Article 7(3) of the REMIT Implementing Acts, orders placed in brokers’ voice operated services are not reportable, unless they appear on electronic screen or other devices used by the trading venue. These orders shall thus only be reported at request of the Agency.

With regard to orders to trade in auction markets, Article 7(2) of the REMIT Implementing Acts states that “In the case of auction markets where orders are not made publicly visible, only concluded contracts and final orders shall be reported. They shall be reported no later than on the working day following the auction.” This indicates that only orders that are admitted to the final auction have to be reported. For example, in the situation where an order is placed in an auction platform and then modified, the initial order is not a reportable order but the latter order is, if it is valid when the actual auction takes place.
Orders on spreads

Orders on spreads are orders that are placed by market participants on the screen of the organised market place with the intention to enter into a transaction made up of more than one contract (leg) at the same time. An example of such orders is those placed on the broker platforms to trade a dirty spark spread. Only orders on spreads that consist of wholesale energy products are reportable under REMIT.

As the REMIT reporting obligation encompasses both gas and electricity contracts, any spread trade which includes an underlying which is outside the scope of the REMIT reporting obligations (e.g. coal, oil, carbon emissions) falls outside the scope of orders on spreads reportable under the REMIT reporting regime. If a market participant places an order on a spread different than the dirty spark spread (electricity and gas), that order should not be reported to the Agency. In this case, only the individual transactions falling under the scope of REMIT will be reported to the Agency.

Furthermore, organised market places or trade matching systems may advertise spread trade opportunities for their clients on their screens. These types of advertised spreads such as    spark, dark, inter period, inter product, ratios, cleared vs. non-cleared spreads should not be considered orders to trade as these are not placed by their client, the market participant. Trades which results from such spread are not different from trades that are executed manually by the market participant and should be reported as two or more separate transactions.

 

10. Lifecycle events

According to Article 7(1) of the Implementing Act “Any modification or the termination of the concluded contract or order to trade shall be reported as soon as possible but no later than the working day following the modification or termination“. Table 1 and Table 2 of the Annex to the Implementing Acts requires market participants to report details for contracts, trades, orders to trade and their lifecycle events to the Agency.

The REMIT transaction reporting lifecycle events include:

a) the submission of a contract or an order to trade (trade or order report) for the first time which will be identified as ‘new’;

b) the modification of details of a previous trade or order report, which will be identified as ‘modify’;

c) the cancellation of a wrongly submitted trade or order report, which will be identified as ‘error’; and

d) the termination of an existing contract or order to trade, which will be identified as ‘cancel’.

Trading scenarios incorporating the above lifecycle events and how to report them are available in ANNEX II which should help market participants to understand lifecycle events under the REMIT transaction reporting regime.

Market participants should note that reporting of lifecycle events under REMIT may differ from lifecycle events reported under other EU legislations. In fact, the following are not expected to be reported under REMIT as they are not activities related to the execution or modification of a transaction entered into a wholesale energy market: confirmation, compression, settlement (pre-settlement, excluding early termination, and/or post-settlement activities), notional increase/decrease (relative to commodity index transactions including derivatives), clearing or option exercise.

There are two categories of lifecycle events reported under REMIT:

a) lifecycle event related to trades;

b) lifecycle event related to orders to trade.

a) Lifecycle event for trades (trade report)

The first submission of a transaction report to the Agency of a contract (executed at an organised market place or bilaterally) is an event which will be identified as “new”. Any modification of this trade report has to be notified to the Agency and reported as “modify”. An example of a trade report modification is when two parties agree to amend one or more terms of the original agreement (e.g. price, quantity) or any other information previously reported  (e.g. as a result of novation). When a cancellation of a wrongly submitted trade is needed, a new report shall be submitted to the Agency and reported as “error” for its cancellation.

The early termination of an existing contract should be identified as “cancel”. At any time during the term of a contract, the parties may agree to terminate the contract (i.e. they end the trade earlier than its natural maturity date). In situations where the two counterparties to the contract may decide, or be forced, for an early termination of a contract prior to their natural maturity, a  trade report shall be reported to indicate the agreed early termination date. This trade report shall be identified as “cancel”.

In the bilateral and broker trade environment, contracts may sometimes be amended after initial execution, e.g. counterparties may agree to increase the volume or to amend the price. If counterparties agree, through the broker, to increase the volume or to change the price of the contract, this must be reported by the broker. The same applies to any other organised market place. Lifecycle events that happen bilaterally between the counterparties without involving a broker, or an organised market, should be reported by the market participants through third parties.

If the contract was traded bilaterally outside the broker platform, market participants may report lifecycle events directly to the Agency if registered as reporting entity.

b) Lifecycle event for orders to trade (order report)

The submission to the Agency of an order at an organised market place for the first time will be identified as “new”. Any modification of this order report has to be notified to the Agency and reported as “modify”. Sometimes it may happen that a cancellation of a wrongly submitted order is needed. When this happens, a report with reference to the previous one will be submitted to the Agency and reported as “error” for its cancellation. A non-exhaustive list of examples for types of order modification can be found in ANNEX II of this document.


[1] For information concerning the Agency’s RRM Requirements, please see https://www.acer-remit.eu/portal/public-documentation.

[2] Directive 2009/72/EC of the European Parliament and of the Council of 13 July 2009 concerning common rules for the internal market in electricity and repealing Directive 2003/54/EC (OJ L 211, 14.8.2009, p. 55) and Directive 2009/73/EC of the European Parliament and of the Council of 13 July 2009 concerning common rules for the internal market in natural gas and repealing Directive 2003/55/EC.

[3] ANNEX II of this document provides a table outlining the identifying reference data to be submitted by organised market places.

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TRUM – Section 3.3

Who shall report?

In accordance with Article 8 of REMIT, market participants, or a person or authority on their behalf, shall provide the Agency with a record of wholesale energy market transactions, including orders to trade (‘trade data’). Reporting obligations cover:

a) market participants, which means any person, including transmission system operators, who enters into transactions, including orders to trade, in one or more energy markets;

b) third parties acting on behalf of market participants;

c) trade reporting systems;

d) organised market places, trade matching systems or other persons professionally arranging transactions;

e) trade repositories registered or recognised under Regulation (EU) No 648/2012 (EMIR);

f) competent authorities which have received the information in accordance with Article 25(3) of Directive 2004/39/EC (MiFID) or ESMA when received in accordance with Regulation (EU) No 648/2012 (EMIR).

The Implementing Acts establish uniform rules on the reporting of trade data and specify the reporting channels. An overview of the relevant provisions of the Implementing Acts is provided below. For further information on reporting entities and their responsibilities, please consult the Agency’s Requirements for the registration of Registered Reporting Mechanisms (RRM). For further information on the Agency’s understanding of the definition of market participant, please consult the ACER Guidance on the application of REMIT.

1. Wholesale energy products concluded at an organised market place

According to Article 6(1) of the Implementing Acts, market participants shall report details of wholesale energy products executed at organised market places including matched and unmatched orders to the Agency through the organised market place concerned, or through trade matching systems or trade reporting systems. The organised market place where the wholesale energy product was executed or the order was placed shall, at the request of the market participant, offer a data reporting agreement.

This provision covers the reporting of transactions, including orders to trade, executed at organised market places related to the following wholesale energy products:

a) standard supply contracts;

b) contracts relating to the transportation of electricity or natural gas concluded between market participants on secondary markets (physical or financial capacity rights or obligations) including resale and transfer of such contracts; and

c) derivative contracts (unless already reported under Article 9 of Regulation (EU) No. 648/2012’ ‘EMIR’ or other EU financial markets legislation).

2. Transportation contracts

Primary allocation contracts: TSOs or third parties on their behalf shall report details of contracts relating to the transportation of electricity or natural gas concluded as a result of a primary explicit capacity allocation by or on behalf of the TSO (physical or financial capacity rights or obligations), including matched and unmatched orders (Article 6(2) of the Implementing Acts).

Secondary transportation contracts: The reporting obligation for secondary transportation contracts applies to the involved market participants. In line with Article 6(1) of the Implementing Acts, market participants shall report details of secondary transportation contracts executed at organised market places including matched and unmatched orders to the Agency through organised market places concerned, or through a trade matching or trade reporting system, which is registered as an RRM. Secondary transportation contracts which have been concluded outside and organised market shall be reported by the market participants or third parties on their behalf (Article 6(3) of the Implementing Acts).

3. Wholesale energy products reported in accordance with EMIR or other EU financial markets legislations

According to Article 6(4) of the Implementing Acts, information in relation to wholesale energy products which have been reported in accordance with Article 26 of Regulation (EU) No 600/2014[1] or Article 9 of Regulation (EU) No 648/2012 shall be provided to the Agency by:

a) trade repositories referred to in Article 2 of Regulation (EU) No 648/2012;

b) approved reporting mechanisms referred to in Article 2 of Regulation (EU) No 600/2014;

c) competent authorities referred to in Article 26 of Regulation (EU) No 600/2014; or

d) the European Securities and Markets Authority.

Furthermore, according to Article 6(5), where persons have reported details of transactions in accordance with Article 26 of Regulation (EU) No 600/2014 or Article 9 of Regulation (EU) No 648/2012, their obligations in relation to reporting under REMIT shall be considered as fulfilled.

It is important to note that the financial legislation does not prescribe the reporting of orders to trade. Hence, the latter are not covered by Article 6(4) and 6(5) of the Implementing Acts and shall, in principle, be reported in accordance to Article 6(1) of the Implementing Acts (see above).

Clarification on the reporting of derivatives contracts

According to the Implementing Acts, the following derivatives contracts shall be reported to the Agency:

1. options, futures, swaps and any other derivatives of contracts relating to electricity or natural gas produced, traded or delivered in the Union (Article 3(1)(a)(viii));

2. options, futures, swaps and any other derivatives of contracts relating to the transportation of electricity or natural gas in the Union (Article 3(1)(b)(iii)).

The Implementing Acts also provide that where persons have reported details of transactions in accordance with Article 26 of MiFIR or Article 9 of EMIR, their obligations in relation to reporting those details under REMIT shall be considered as fulfilled. However, subject to the agreement of organised markets, trade matching or reporting systems, that information may be reported directly to the Agency.

Therefore, information on derivatives reportable under EMIR and MiFIR may either be made available to the Agency in the EMIR / MiFIR format or reported directly to the Agency in the REMIT format, that is in accordance with Table 1 of Annex I of the Implementing Acts as regards contracts referred to in Article 3(1)(a)(viii) and Tables 3 or 4 as regards contracts referred to in Article 3(1)(b)(iii).

Furthermore, derivatives contracts covered by the Implementing Acts, but not reportable under EMIR or MiFIR (e.g. in a case of market participants not established or resident in the Union and not reporting those derivatives under EMIR or MiFIR), shall be reported in accordance with Table 1 of Annex I of the Implementing Acts as regards contracts referred to in Article 3(1)(a)(ix) and Tables 3 or 4 as regards contracts referred to in Article 3(1)(b)(3).

For derivatives not reported under EMIR, including those that are reported under non-EU regulations but still reportable under REMIT, market participants shall refer to this manual on how to report transactions to the Agency. For example, if a U.S. counterparty enters into a transaction on a derivative admitted to trade at an exchange within the EU, most likely the U.S. firm reports that transaction under the U.S. Dodd Frank Act to the U.S. authorities. However, since the firm traded a wholesale energy product as defined in REMIT, the person is a REMIT market participant and must report that transaction to the Agency in order to comply with REMIT.

When a person only enters into transactions on derivatives traded outside the European Union that are only for financial settlement even though they are related to EU electricity or natural gas (for example a future or a swap that can only be financially settled) that person should not be considered a REMIT market participant and should not report those transactions, unless that person also enters into transactions, including the placing of orders to trade, in one or more wholesale energy markets.

For example, if a person enters into a transaction on a derivative contract related to EU gas and electricity (such as a futures contract only for financial settlement that is traded on exchange located outside the EU), that person will not be considered a REMIT market participant.

Another example is when a person enters into a transaction on an exchange traded (or bilaterally) financial swap on two floating gas prices for two monthly contracts i.e. (1) EU Natural Gas Futures contract and (2) U.S. Henry Hub Natural Gas Futures contract of the corresponding contract month, traded outside the EU, that person will not be considered a REMIT market participant.

However, if that person also enters into transactions, including the placing of orders to trade, in one or more wholesale energy markets, e.g. enters on a physical trade (or derivative) for the delivery of gas or electricity (or transportation of gas or electricity) within the EU, that person is a market participant and has to report all the transactions on wholesale energy products including those trades outside the EU that are only for financial settlement.

If a person trades only REMIT-related financially-settled derivative contracts traded at organised market places outside the EU, that person is not a market participant and should not report those transactions.

 

4. Wholesale energy products concluded outside an organised market place

Under Article 6(3) of the Implementing Acts, market participants or third parties acting on their behalf shall report details of supply contracts (whether standard or non-standard), derivatives contracts, and transportation contracts concluded outside an organised market.

This is, therefore, the only instance where trade data may be reported by market participants themselves. However, the reporting may also be delegated to third parties.

If a market participant is unsure if they are responsible for reporting specific transactions, please seek legal advice or contact us by e-mail at remit@acer.europa.eu.

Market participant registration

All market participants entering into transactions which are required to be reported to the Agency in accordance with Article 8(1) of REMIT are required to register with the competent NRA in accordance with Article 9 of REMIT. Market participants can seek information on the registration process here:

http://www.acer.europa.eu/remit/MARKET_PARTICIPANTS/Registration/Pages/default.aspx

The Agency will establish a European registry of market participants based on the national registers of market participants provided to the Agency by NRAs.

In their registration form, market participants must inform the Agency whether or not they wish to rely on third party RRMs reporting on their behalf and if so, identify the relevant RRM. This includes the organised market place or third party on which the market participant relies for the reporting of records of transactions, including orders to trade.


[1] Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (OJ L 173, 12.6.2014, p. 84)

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TRUM – Section 3.4

Start of reporting and reporting frequency

 
1. Start of reporting

According to Article 12 of the Implementing Acts, the following trade data shall be reported to the Agency nine months following the entry into force of the Implementing Acts:

a) Details of wholesale energy products in relation to the supply of electricity and gas executed at organised market places, including matched and unmatched orders.

Furthermore, according to Article 12 of the Implementing Acts, the following trade data shall be reported to the Agency fifteen months following the entry into force of the Implementing Acts:

a) details of wholesale energy products in relation to the supply of electricity and gas which have been concluded outside an organised market;

b) details of wholesale energy products in relation to the transportation of electricity and gas, including options, futures, swaps and other derivatives of contracts relating to the transportation of electricity or natural gas in the Union.

2. Frequency of reporting

According to the Implementing Acts, the following reporting frequency applies for trade data:

a) details of standard contracts, including orders to trade, shall be reported no later than on the working day following the conclusion of the contract or the placement of the order. Any modification or the termination of the concluded contract or the order placed shall be reported no later than the working day following the modification or termination;

b) details of non-standard contracts including any modification or the termination of the contract as well as transactions executed within the framework of non-standard contracts specifying at least an outright volume and price shall be reported no later than one month following conclusion, modification or termination of the contract;

c) details of contracts relating to the transportation of electricity or natural gas concluded as a result of a primary explicit capacity allocation shall be reported no later than the working day following the availability of the allocation results.

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TRUM – Section 3.5

How to send a transaction report

Article 10(3) of the Implementing Acts stipulates that the Agency shall, after consulting relevant parties, establish procedures, standards and electronic formats based on established industry standards for reporting of, inter alia, trade data. These procedures, standards and electronic formats are described in the Agency’s Manual of Procedures on transaction and fundamental data reporting.

Furthermore, according to Article 11 of the Implementing Acts, the Agency shall develop technical and organisational requirements for submitting data. The requirements shall ensure efficient, effective and safe exchange and handling of information. They shall:

a) ensure the security, confidentiality and completeness of information;

b) enable the identification and correction of errors in data reports;

c) enable authentication of the source of information;

d) ensure business continuity.

The Agency shall assess whether reporting parties comply with the requirements. Reporting parties who comply with the requirements shall be registered by the Agency.

Reporting entities complying with the RRM requirements defined by the Agency shall be registered by the Agency as such.

The transaction reporting will be done through the Agency’s REMIT Information System (ARIS)[1].


[1] See Section 3.1.

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