EFETnet and major London based Energy Brokers take the lead on REMIT reporting by Organised Market Places (OMPs) – www.griffinmarkets.com

News: EFETnet and major London based Energy Brokers take the lead on REMIT reporting by Organised Market Places (OMPs)

December 8th, 2014

The European Federation of Energy Traders (EFET), through its industry owned company EFETnet and the major London energy brokers have come together to take the lead on the implementation of new European Union regulations that require energy trades, contracts and some orders to be reported to the Agency for the Cooperation of Energy Regulators (ACER).

The vast majority of transactions eligible for reporting under REMIT are executed on Organised Market Places (OMPs) which include exchanges, auction platforms and, most significantly, the energy broker platforms and/or their voice brokering and voice assisted services. The London Energy Brokers account for the lion’s share of the ‘standard’ transactions in which ACER is interested.

To best meet their customers’ needs for REMIT reporting, these major London based brokerages are engaging with potential solution providers, including EFET’s own EFETnet, to implement an open industry standard for regulatory reporting under various regulatory structures, including Dodd-Frank, EMIR and now REMIT. This open standard was created by the European Federation of Energy Traders (EFET) and is known as eRR: electronic Regulatory Reporting.

Further detail can be found in the full press release here:

 EFETnet and major London based Energy Brokers take the lead on REMIT reporting by Organised Market Places (OMPs)