Article 11(2) of the REMIT Implementing Regulation
We would like to kindly ask you for a clarification regarding reporting of transactions made at an organised market place in case the transaction order is placed through a broker (which in Poland is a legal requirement for transaction done at the power and gas exchange in case the trading party is not an exchange member itself).
In case a market participant places an order on a power and gas exchange through a broker, than the broker is the counterparty to the transaction made at the exchange. In such a situation
a. is the broker a “market participant” as defined in Article 2(7) of REMIT and should the broker register itself as a market participant with the national regulatory authority?
b. who is the market participant responsible for reporting the transaction to ACER? Is it the market participant who placed the order through the broker or is it the broker?
With regard to the above question, if:
1) a market participant places an order on an electricity and/or gas exchange through a broker (usually an executing broker); and
2) the broker is the counterparty to the transaction made at the exchange
the executing broker is a REMIT market participant and has reporting obligations for all its trades and orders to trade placed on the exchange, including those that the broker gives up. Please see also Annex III to the TRUM.
Last update: 16/11/2015
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