London, 11 March 2015 Trayport today announced that over 40 companies were using its prototype online REMIT reporting tool. Introduced in February 2014, the REMIT reporting prototype is now in testing with small and large trading firms and some of the industry's largest utilities. In response to market participant requests, Trayport has also developed a REMIT reporting frequently asked questions document.
The 7 October 2015 REMIT reporting deadline will require market participants to report standard physical power and gas orders and transactions to ACER timely and accurately and no later than T+1. One of the key challenges to meet these deadlines is aggregating trades completed across multiple different venues and reporting to ACER-approved standards.
Elliott Piggott, CEO at Trayport, said, "Since our 2 March announcement we have seen a hugely positive reaction from companies affected by REMIT. There is a clear need and urgency in the market to find a robust, all-encompassing solution to meet REMIT reporting requirements. Companies are seeing the value in having a single aggregated source for their REMIT reporting. They want to manage the disaggregation risk and remove the complexity of having to set up and manage reporting relationships across multiple venues."
Paul Rennison, Trade Services Management at Trayport, added, "Companies are seeing the value in shortening the potentially long and complex process of collecting this data themselves or relying on multiple venues to do this for them. There is an inherent risk when you need to successfully manage multiple venues and using Trayport's single common platform helps manage this. By simplifying this process companies will be able to focus on their interactions with regulators and not on the heavy lifting required to get to the reporting stage.' He added, ' Our prototype clearly shows how you can simply capture, enrich, report and reconcile orders and transactions and then pass these onto a firms' preferred Registered Reporting Mechanism (RRM). We are in discussions with EFETnet and Regis-TR to include using them as an option.'
Please contact Tania Griffith, Commercial Manager at email@example.com or call
+44 (0) 20 7960 5500 for details of how you can access the REMIT reporting prototype.