Marex Spectron remit service ready to goJuly 7, 2015
The REMIT Implementing Acts are new European Union regulations that require energy trades, contracts and orders to be reported to the Agency for the Cooperation of Energy Regulators (ACER). They are designed to ensure that regulators have a single resource for monitoring and recording activities in the energy trading markets. It is anticipated that reporting for ‘standard’ transactions arranged by voice or executed on an electronic platform or marketplace, including all orders, contracts and trades, to ACER will start in October 2015.
EFETnet eRR is the industry’s response to comply with regulatory reporting requirements under REMIT. EFETnet, the operational service organisation of EFET (European Federation of Energy Traders), has developed and successfully launched eRR, its new electronic Regulatory Reporting Service for Europe.
Jeremy Elliott, Managing Director, Energy at Marex Spectron said: “At the end of last year, we promised our clients that we would be ready to help them meet REMIT requirements well ahead of the reporting deadline, and we have made good on that”.
“We have been at the heart of the industry’s response to REMIT and a major part in working alongside ACER, MPs’, OMPs’ and EFET in shaping the reporting standards and technical solution. We have now tested and proved that our reporting solution meets the ACER and eRR standard in full and we are ready to give access to our clients so that they can ensure they will be compliant well ahead of the deadline.”
For further information, please contact:
Head of Corporate Communications
+44 (0)20 7650 4091
About Marex Spectron’s REMIT solution
Q. Will Marex Spectron register as an Registered Reporting Mechanism (RRM)?
A. Marex Spectron will not register as an RRM: we have been working extensively with EFETnet on their eRR solution and will use that standard
Q. Will Marex Spectron support more than one RRM?
A. Marex Spectron will consider supporting additional RRM’s who adhere to the ACER XML standard although this may be on a post-box mechanism.
Q. Will Marex Spectron charge for this service?
A. No charges are anticipated for standard services
Q. Will the market participants be able to access the data sent to ACER on their behalf?
A. EFET clients will be able to access their data on the EFET portal.
Q. Will Marex Spectron require a Data Reporting Agreement between the Market Participant (MP) and the Organized Market Place (OMP)?
A. Marex Spectron require a BI Lateral Data Reporting Agreement based on the EFET/LEBA format to be completed between the MP and OMP
Q. Regarding changes of transactions traded at an organized market place that occur after an agreement between the two counterparties outside of the market, do you plan to provide the service to submit updates of the information on behalf of the market participants.
A. We can support amendments on T and class amendments on T+1 as lifecycle events, that are not supported.
Q. Will Marex Spectron offer a back-loading service?
Q. Can we receive the UTI in electronic format?
A. The UTI is present on all deals arranged via Trayport and therefore is made available to you via the Trayport API for client consumption
Q What is the Marex Spectron OMP code?
A. We have both MIC and LEI codes
Q. Do you have a list of fields in TRUM that you will populate?
A. We will populate all the fields on the TRUM as this conforms with the ACER standard
Q. Will the data require enrichment by the MP’s
A. No, although lifecycle events and potentially Beneficiary ID will need to be updated, the MP will need to send lifecycle events directly to the RRM
About Marex Spectron Group Limited
Marex Spectron is a leading independent global commodities brokerage headquartered in London but with a global network spanning Asia and North America, and dominant market shares in many major Agricultural, Metal and Energy products.
Our mission is to ensure that we offer our clients unequalled access to liquidity in global commodity markets, on-exchange or off-exchange. Our business is integrated, truly global and prudently managed.
We offer electronic and voice broking services, with state of the art networks to facilitate complex trading strategies. We offer insight and know-how, based on decades of experience, a vast market data set and the latest analytic tools.
While commodity markets form the core of our business, we have responded to client demand for broader services and have active, successful, teams broking financial futures and options, and fixed income and equity securities.
We also have a division that provides a full suite of services to trading firms who need to outsource infrastructure, support operations and the management of electronic trading solutions.
We have a broad range of clients including commodity producers and consumers, banks, hedge funds, asset managers, brokers, commodity trading advisors and professional traders.
We are members of the London Metal Exchange (LME; where we are a Ring Dealer), the CME Group exchanges, ICE Group exchanges and many others.
We are regulated in the UK by the FCA, in the US by the NFA and CFTC, in Hong Kong by the SFC, and in Singapore by the MAS.