Meet your REMIT Responsibilities with Regis-TR s Added Value Reporting Services

Transcription

1 REGIS-TR Meet your REMIT Responsibilities with Regis-TR s Added Value Reporting Services

2 New Regulatory Reporting Requirements Today December 2011: Entry into force of inside information disclosure 7 January 2015: Entry into force of the Implementation Acts PHASE I 7 October 2015: Start of Transaction reporting of OMP* traded reportable contracts and ENTSO s fundamental data 5 January 2016: Backloading of transactions traded at OMP before reporting obligation applies and outstanding on that date PHASE II 7 April 2016: Start of Transaction reporting of outside OMP traded reportable contracts and all fundamental data 6 July 2016: Backloading of transactions traded outside OMPs before reporting obligation applies and outstanding on that date Who? All Market participants (EU, EEA, non-eu and non-eea participants), comprising transmission system operators, who enter into wholesale energy market transactions including the placing of orders to trade To whom? ACER (Agency for the Cooperation of Energy Regulators), who will notify the concerned National Regulatory Authorities (NRAs). A collaboration at regional level will be in place between ACER and NRAs What? Two types of data need to be reported: Inside information: information related to the capacity and use of facilities for production, storage, consumption or transmission of electricity and natural gas Transactional data: pre and post trade information (including orders to trade) such as identification of the wholesale energy products bought and sold, price and quantity agreed, dates and times of execution, parties to the transaction, beneficiaries of the transaction as contracts for: Physical transactions: The supply and transportation of gas and electricity where delivery occurs in the European Union Financial transactions: The derivatives of contracts relating to the supply and transportation of electricity and natural gas in the European Union, irrespective of where and how the derivatives are traded Upon ad-hoc request by ACER: Contracts for balancing services, contracts between different members of the same group of companies and contracts for the sale of the output of small energy production facilities When? For standard contracts and orders to trade T+1 T+30 For non-standard contracts 03 November

3 Phase II Phase I New Regulatory Reporting Requirements For Transactional Data: Dual reporting: both parties to the contract should report the required details of the contract. To facilitate reporting, parties should be able to report on each other s behalf or use the services of third parties for this purpose (delegation is allowed) 3 OMP Reporting through RRM OMP transferring data to RRM Reporting through OMP 2 How? Market Participant 1 RRM generates Transaction Report RRM authenticates / signs file (s) RRM uploads file via selected data submission channel ARIS (ACER s REMIT Information System) NRAs ESMA Competent Authority Direct reporting only accepted for transactions executed outside OMPs but requiring increased effort Market Participant 1 RRM generates Transaction Report RRM authenticates / signs file (s) RRM uploads file via selected data submission channel ARIS (ACER s REMIT Information System) NRAs ESMA Competent Authority Market participants should be aware that reporting through their OMP(s) should be complemented by off exchange transactions (Phase II) 03 November

4 REMIT: a fragmented reporting landscape 7 Oct April 2016 INCREASING FRAGMENTATION Start of transaction reporting of standardised contracts traded on OMPs Start of transaction reporting of outside OMP traded reportable contracts Client Client OMP OMP OMP Most trade on multiple OMPs: difficult to meet regulatory reporting requirements efficiently Bilateral Bilateral OMP OMP OMP trade trade Additional reporting of non-standardised contracts traded on a bilateral basis: an even more fragmented reporting landscape Reporting data across multiple OMPs increases complexity in terms of: Data management (handling data in different formats), data monitoring across multiple reporting relations, regulatory compliance Delegation to OMPs does not imply the delegation of responsibilities. Clients remain responsible for the reporting produced One OMP acting as a single point of consolidation is not optimal either because: Market participants do not feel comfortable sending all their strategically sensitive data traded across multiple OMPs to a single OMP Reportable data such as lifecycle events and modifications may not be taken into account OMPs are not considered a natural home for reporting non-standardised contracts traded on bilateral basis REGIS-TR RRM product is modular clients can use us as part of their reporting solution for only Phase 1, only Phase 2 or both 03 November

5 Ensure REMIT compliance with a TR-RRM partner Single hub for REMIT reporting How can REGIS-TR help you with REMIT? REGIS-TR: Recognised by ESMA as a Trade Repository and by ACER as a full Registered Reporting Mechanism for REMIT reporting Operates the highest standards of data segregation Market neutrality Robust complian ce oversight Meets and exceeds the necessary regulatory requirements necessary to be registered under the REMIT RRM regime Focuses its core business on trade reporting Provides proven expertise in the regulatory environment Provides unique solution to be compliant both with EMIR and REMIT, ensuring avoidance of double reporting Regulatory Hub Proven TR expertise Operational efficiency Ensures operational efficiency and competitive pricing 03 November

6 REGIS-TR s REMIT Reporting Service Participants can use REGIS-TR directly or through delegation to one or more OMPs Connectivity/ Data gathering Enhancement and treatment of data Exchange Management with ARIS EMIR DDBB Reporting messages REMIT DDBB Reporting messages SFTP Integrate multiple data sources and reporting format SFTP Web Portal Web Service Choose amongst the most flexible suite of connectivity channels Normalize data Validate data with required information and format Timely submission of transaction reports to ACER Web Portal Web Service DB Reporting Status Dashboard Exception handling Market participants can access accepted and rejected messages (ACK/NACK) from ACER related to reported items Receipt will be issued by ACER to the reporting party to confirm acceptance/rejection of the submitted file 03 November

7 REGIS-TR s REMIT Account Structure REMIT USER PROFILES Reporting Participant DATA SUBMISSION ALLOWANCE Market Participant Non-Reporting Participant READ-ONLY ACCESS Reporting Third Party Organised Market Place Third Party Account (Internal & External) GRANTED ACCESS TO REPORTS GRANTED ACCESS TO REPORTS All entities reporting directly or through a third party to the RRM, will have to open an account at REGIS-TR All data (contracts as well as orders) will be kept in an aggregated form and associated to a market participant based on a unique identifier Each market participant can view the reports sent on their behalf based on the account s identification number 03 November

8 A Single Aggregated Source For REMIT Reporting Interoperability: a core element of REGIS-TR s value proposition: One single interface covering all your reporting activity Further OMPs/ RRMs Customers may direct their OMP to route their data or direct their data directly - to REGIS-TR REGIS-TR supports interoperability for both Phase 1 and Phase 2 EEX have dropped the 100 surcharge to for users to aggregate their data with REGIS-TR REGIS-TR has signed a legal agreement with EFETnet to allow EFETnet users to have their date routed to REGIS-TR EFETnet do not levy a surcharge for doing this i.e. REGIS-TR has established links with two of the biggest market players so that its participants can have their data routed to REGIS- TR free of charge Trayport and other OMPs are also linked - establishment of further links with partners based on client needs and demand Client benefits of choosing REGIS-TR as a single reporting agency: Consolidated view across all reporting activity by directly accessing REGIS-TR s platform Efficient trade data reconciliation Mitigated disaggregation risk Ensured regulatory compliance Reduced complexity of relying on multiple venues Minimized operational and financial burden 03 November

9 Transactional data Inside information Offering an Integrated REMIT Solution with Eex A COMMON VALUE PROPOSITION WITHIN THE DEUTSCHE BÖRSE GROUP REGIS-TR and its sister company EEX, the leading European energy exchange together with its group exchanges*, offer an integrated flexible REMIT solution enabling customers to comply with all REMIT regulatory obligations and choose their channel of preference which best corresponds to their long term needs As a recognised Trading Platform, EEX provides services for the disclosure of inside information via its Transparency platform and forwards those data to ACER and ENTSO-E. Beyond that, EEX also acts as a RRM for REMIT Possibility to consolidate all your REMIT data with REGIS-TR s RRM solution by requesting REGIS-TR to collect data from EEX, enabling clients to have all their regulatory reporting data (i.e. EMIR, REMIT/ ElCom and in due course FinFraG, SFTR and MiFIR) reconciled and reported via one single agency, mitigating risk of disaggregation and complex oversight. Off-exchange data can be directly reported to REGIS-TR or through EEX All data routing services between EEX and REGIS-TR will be free of charge Directly or through service providers Collection and validation of inside information Publication via Transparency Platform Data extraction of OMP traded data and reporting of transactional data to ACER REMIT DATA ROUTING** Validation checks of data input and output in order to ensure complete and accurate submission Reporting of transactional data to ACER Consolidation across all reporting activities and data monitoring via interactive interface Directly or through service providers Transactional data Coverage of the whole REMIT reporting landscape * Including EPEX SPOT, Gaspoint Nordic and Powernext ** EEX Group OMP data, OTC, and non-eex Group OMP data 03 November

10 Interoperability with EFETnet The REGIS-TR EFETnet connectivity allows users to report trade data collected by EFETnet directly to REGIS-TR s REMIT solution: Electronic matching system for commodity related trades Enrichment and reconciliation Transformation into report standards Single interface consolidating all trade activity across venues Complete, accurate and timely submission to ACER Benefits from the connectivity between the EFETnet and REGIS-TR platforms: Address REMIT market fragmentation in an efficient way Ensure data completeness and accuracy by including report fields and events not taken into account by several venues Manage all your reporting relationships through one single interface No charge by EFETnet for routing your data to REGIS-TR 03 November

11 Interoperability with TRAYPORT Market participants, exchanges, brokers etc. EUROPEAN ENERGY TRADING NETWORK Consolidation and enrichment of data EMIR DDBB REMIT DDBB REGIS-TR s partnership with Trayport benefits clients: Mitigate market fragmentation Meet reporting obligations in an efficient manner Easy monitoring and verification of data reported Ensure regulatory compliance 03 November

12 Fee Schedule User profile Reporting Participants Reporting Third Parties Licence fee 350 / month (*) 0 Trade allowance 100 trades / month N/A Fee per trade above threshold 0,05 0 Order allowance 1000 orders / month N/A (*) The first Reporting participant set up within a Family Group will be charged 350 per month as a regular License fee. Any further Reporting Participants within the Family Group will be charged 100 per month as License fee. Special fee model for Third Party groups A Third Party agent is entitled to create a Third Party group. A minimum of 10 market participants are required to come through a Third Party aggregator. Trade allowance Licence fee (per account) Reduced fee 40 trades / month 100 / month Super reduced fee 20 trades / month 40 / month Fee holiday: REMIT services will be free of charge until 7 July We ensure full transparency of our pricing structure. Being a registered trade repository by ESMA, we guarantee no price bundling for our different product lines as well as no discretionary pricing among clients We strongly encourage market participants to look closely at all Registered Reporting Mechanism s (RRM) pricing tariffs in order to get a clear understanding of the real cost 03 November

13 How to get started 1 Contact REGIS-TR s regional teams to receive support and information regarding the onboarding procedure 2 Check for terms and conditions and specific REMIT requirements (legal documentation) 3 Receive detailed technical guidance and documentation from our support teams 4 Access REGIS-TR s free REMIT test environment to ensure easy data submission 03 November

14 Disclaimer "This presentation is prepared for general information purposes only. The information contained herein is not intended to provide professional legal advice and should not be relied upon in that regard. Readers should seek appropriate professional advice where necessary before taking any action based on the information contained in this document. REGIS-TR, S.A. makes no guarantees, representations or warranties and accepts no responsibility or liability as to the accuracy or completeness of the information, and under no circumstances will it be liable for any loss or damage caused by reliance on any opinion, advice or statement made in this document. Information in this document is subject to change without notice." 03 November

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