The tool, which will enable energy trading firms to meet their regulatory reporting requirements, is already being tested by a number of firms and following successful trials is now available for wider uptake.

With the first phase of REMIT reporting commencing on 7 October 2015, market participants will be obligated to ensure they are ready to report standard physical power and gas orders and transactions to ACER timely and accurately and no later than T+1.

Building on Trayport’s successful EMIR reporting tool that went live in early 2014, the REMIT reporting prototype shows energy trading firms how Trayport will capture, enrich, report and reconcile orders and transactions on behalf of clients. This data can then be passed onto the firms’ preferred Registered Reporting Mechanism (RRM), and Trayport is in discussions with EFETnet to include this as an option. Trayport has also registered to act as an RRM at a client’s request although it stresses that this is not a pre-requisite to use the tool.

Trayport’s REMIT prototype automatically aggregates and stores matched and un-matched orders across multiple venues into a single standardised database and data feed from sources available through Trayport trading software. This data is automatically enriched with the fields required by ACER from standardised reference data before being forwarded directly to the RRM of choice in the correct ACER format or in the case of the Trayport RRM, directly to ACER itself, with recorded receipts returned directly to the client.

Clients will also have the ability to see their regulatory exposure in real-time, set their own parameters and controls and be able to reconcile that information against their internal records to ensure compliance under REMIT. An end of day view feature is included to enable customers to ensure the data is correct before it is submitted to ACER, further reducing regulatory risk.

Elliott Piggott, CEO at Trayport, said “Disaggregation is a real challenge for reporting under REMIT. While firms can have their trading venue report directly for them, this means they won’t have any control or visibility over whether or not the firm’s reporting requirements have been met. Trayport’s REMIT prototype demonstrates how you can automatically pull all trading data into a single feed and enrich it to the format as mandated by ACER, so clients can focus on business as usual.” He added “With the 7 October deadline only a few months away, market participants need to act quickly to ensure they are prepared for the evolution of our markets.”

Paul Rennison, Trade Services Management at Trayport, added, “We have been testing the REMIT reporting prototype with a growing number of clients and are now opening up access to additional market participants who would like to view the tool. Our goal is to show how we can capture, enrich, report and reconcile reportable events into a single standardised and compliant aggregated data source, enabling firms to concentrate on other facets of complying with the new regulations affecting our industry.”