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FAQs on transaction reporting – Question II.3.5.4

Reference to Article 7 of the Implementing Acts.

Details of non-standard contracts including any modification or the termination of the contract and transactions referred to in the second subparagraph of Article 5(1) shall be reported no later than one month following the conclusion, modification or termination of the contract.

1)  In case of trade modification after end of delivery date, is there reporting obligation for market participants under REMIT?

2)  Would ARIS accept modification on a deal after end of delivery date? Is there any special process or guidance, which needs to be followed by Market Participants?

Business Case: Market Participant A is invoicing monthly settlements as part of standard processes. Occasionally a correction of settlement is required, due to price/volume adjustments or data collected by third party provider. In consequence, an existing invoice might need to be corrected or a new invoice generated relating to a previous period. It can be that such invoice correction / new invoice generation occurs after end of the delivery period.


Answer:

In the REMIT transaction reporting regime, nothing prevents a market participant from amending a report after the end of the delivery period.

The Agency recommends market participants to consider an amendment to the execution already reported in order to avoid that the discrepancy between the reported volume (or price) and the new information acquired may cause false positive signals to the market monitoring activity of the Agency and/or the National Regulatory Authorities.

Last update: 16/02/2016   RSS_Icon Subscribe to this Page’s RSS