Trayport extends its EMIR connectivity to REMIT by connecting to REGIS-TR’s Registered Reporting Mechanism (RRM).
Market participants using Trayport will be able to report their obligations under REMIT thanks to an extended collaboration between Trayport and the European trade repository REGIS-TR. The Regulation on Energy Market Integrity and Transparency (REMIT) requires market participants to report wholesale energy market contracts within the EU to a Registered Reporting Mechanism (RRM). REGIS-TR is a joint venture between Clearstream (Deutsche Börse Group) and Iberclear (BME Group) and one of a number of RRMs that Trayport will be connecting to.
Most market participants trade on multiple organised market places as well as bilaterally. This fragmentation makes it difficult to meet the regulatory reporting requirements in an efficient manner. The combination of Trayport’s trading platform with REGIS-TR’s Registered Reporting Mechanism enables participants to report trades executed at various marketplaces from a single source, thereby providing a comprehensive overview and consolidated reporting of their trades. This reduces the cost and operational burden associated with multiple counterparties and RRMs.
By instructing their REMIT reporting to Trayport, all relevant source data for trades on market places as well as bilateral trades is first consolidated and enriched by Trayport and then sent to REGIS-TR’s Registered Reporting Mechanism. Participants can use the comprehensive overview on REGIS-TRs interface to verify that the reporting is undertaken correctly on their behalf.
Standardised contracts on organised market places will need to be reported from 7 October 2015 onwards whereas the REMIT reporting obligation for all other contracts will enter into force on 7 April 2016.
Paul Rennison, Trade Services Management at Trayport, said: “We already have successful connectivity with REGIS-TR for EMIR and we are delighted to extend this for REMIT reporting. By strengthening our relationship, Trayport continues to clearly demonstrate how its solution will meet the data capture, data enrichment, life cycle event support, issue resolution and reporting requirements which are a core part of any successful and compliant REMIT reporting solution. Trayport connectivity to RRMs has been driven by client feedback and additional RRMs will be supported as required.”
David Retana, Managing Directorat REGIS-TR, said: “Thanks to this collaboration, Trayport participants benefit from a market-leading solution for their regulatory reporting requirements. The new service for REMIT reporting meets the same high standards participants have come to expect from the existing collaboration between Trayport and REGIS-TR for EMIR reporting. As an EMIR-registered trade repository, the regulatory supervision of REGIS-TR considerably exceeds the safety requirements of the REMIT RRM regime.”
Trayport is a leading provider of energy trading solutions to traders, brokers and exchanges worldwide. It develops, deploys and supports quality, resilient software for trading in multiple asset classes worldwide in cleared or OTC markets. Trayport’s GlobalVisionSM software is used by the world’s largest trading companies in high profile markets that include derivative and cash instruments. Founded in 1993, Trayport has offices in London, New York and Singapore. Trayport is a subsidiary of GFI Group Inc. (NYSE: GFIG).
Further information: www.trayport.com
For more information please contact:
On behalf of Trayport Limited
Tel: +44 (0)20 7959 2235
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 a consolidated overview of these positions.
REGIS-TR complies with all regulatory proposals that have been made public to date and serves both financial and non-financial institutions. Flexible participation levels cater to the diverse profiles and needs of all participants in the derivatives market.
Further information: www.regis-tr.com
Media Contact REGIS-TR
Oliver Frischemeier, +352-243-36606
Oscar Moya + 34 91 589 12 86