|„REMIT/Relaxed“ helps energy traders to relax|
A huge share of the energy industry’s trading transactions is reported through the EFETnet eRR platform – the REMIT RRM (Registered Reporting Mechanism) with the highest market share across Europe. Reporting is performed towards ACER, an EU agency representing European energy regulators. Organised marketplaces such as brokers and exchanges report their transaction data through EFETnet – this is in total a share of ca. 50% of the European trading volume.
At the same time, Ponton has integrated more than 40 larger European trading organisations with EFEtnet, using our tool Ponton E/A (Ponton ETRM Adapter), to reconcile marketplace data with their own. This enables trading organisations to submit transactions directly out of their trading systems to EFETnet and further to ACER. Also status updates and livecycle events are managed and reported through Ponton E/A.
With REMIT phase 2 – starting on April 7, 2016 – the situation looks different: all trading organisations have to report bilateral trades on their own. Also for this phase an increasing number of traders is using EFETnet: medium and large organisations just re-used their Ponton E/A connection over Ponton X/P for data communication. However, the lion’s share of the 5.000 European market participants has only a low transaction volume of each less than 1.000 trades per year. A manual low-cost solution is required here.
For this purpose, another Ponton Tool, Ponton R/R, comes into place. R/R stands for “REMIT/Relax”: staff of market participants enter trade data manually into an Excel sheet and use a generator to convert this into ACER XML – the data format that is accepted by ACER. This applies to the following cases:
Further, some traders face late REMIT implementation projects or are delayed by other changes in their organisation. As the reporting deadline approaches, they are looking for an interim solution which allows to fulfil their reporting requirement manually for a couple of months such that they can switch later-on to an automated solution using Ponton E/A. REMIT/Relax helps here as well: These traders build a quick solution to populate Excel tables with report data, generate ACER XML, and upload the data to EFETnet.
Finally, some larger EFETnet users use the possibility to perform “ROBO” (reporting on behalf of others) as a concentrator: They provide an EFETnet upload service to third parties (their own counterparties) or even fourth parties (counterparties of third parties that are not part of their own organisation). This is implemented in a very simple way: third and fourth parties fill out their Excel sheets and send them to the ROBO provider. Here ACER XML is created and uploaded. This way, effort is kept minimal for the small participants.
All in all, Ponton products such as „X/P“, „E/A“ and „R/R“ help market participants of any size meet their respective reporting requirements and relax facing their different REMIT reporting obligations.