REGIS-TR has submitted their application to the EU Agency for the Cooperation of Energy Regulators (ACER) to become a Registered Reporting Mechanism (RRM) in order to ensure the required coordination and consistency in monitoring activities under Regulation (EU) on wholesale energy market integrity and transparency (REMIT). The regulation aims to provide transparency and reduce market abuse and manipulation by facilitating the reporting of financial derivatives, spots and orders in the wholesale energy market.
The application is a response to significant demand from REGIS-TR’s existing participant base and prospects. More than 10 percent of REGIS-TR’s participants are directly involved in the wholesale energy markets and it is estimated that a much wider set of the trade repository’s 50 percent corporate participant base will also have REMIT reporting obligations.
Irene Mermigidis, Managing Director at REGIS-TR, commented “we are delighted to have submitted our application to ACER. The REMIT trade reporting landscape is more fragmented than EMIR. Most of our participants and prospects use multiple Organised Market Places (OMPs) and trade non-standardised contracts bi-laterally. It is not easy for participants like this to delegate their reporting and even if one OMP could provide a full RRM service, most participants see this data as strategically sensitive. REGIS-TR is a neutral player whose sole raison d’etre is trade reporting and is already regulated to the highest European regulatory standards. This makes us the natural choice for our participants, and the REMIT reporting only underlines REGIS-TR’s position as the pre-eminent “one-stop-shop” for all European regulatory reporting requirements.”
Participants wishing to use REGIS-TR’s REMIT services should contact firstname.lastname@example.org or their REGIS-TR relationship manager. Set-up documentation and technical guides will be made available to customers in the coming weeks, along with a non-obligation test environment. REGIS-TR has also set up a technical support helpdesk in order to assist customers with the pre- and post-implementation phases. A Q&A document can be found on REGIS-TR’s public website www.regis-tr.com.
REGIS-TR is a central trade repository for derivatives transactions across multiple product classes. It facilitates administrative tasks and helps improve the operational management of these transactions. REGIS-TR collects and administers details of derivatives transactions reported by users, giving market participants and regulators access to an unprecedented consolidated view of these derivative positions.
REGIS-TR complies with all new regulatory proposals that have been made public to date and serves both financial and non-financial institutions. The trade repository delivers flexible participation levels that adapt to the diverse profiles and needs of all stakeholders and actors in the derivatives market.
Further information: www.regis-tr.com