London, 27 April, 2015 Trayport today announced the results of its latest market participant survey. The survey was sent to over 50 companies including small and large trading firms and some of the industry's largest utilities.
The results showed that ensuring REMIT data could be aggregated and managed in an accurate way was the number one priority. This ranked above the selection of a Registered Reporting Mechanism (RRM). All responders agreed that managing disaggregation risk by having an aggregated view of their reportable orders and transactions was important as was the ability to resolve issues such as rejected orders and incomplete data fields via one interface.
The companies, which are all users of Trayport's reporting prototype, are among the most advanced in terms of planning for REMIT. All of the responders agreed that having a fully supported solution was a key prerequisite and nearly all agreed that understanding and managing their reporting obligations in real time was a required component of a successful solution.
The survey also focused on market participants timeframes for choosing a RRM. The majority hadn't chosen their RRM yet and nearly half stated that this decision would be made around the end of May. This reflects an increasing awareness that to be REMIT compliant a trading firm needed to be sure that its RRM had an accurate aggregate data feed of its trading activity.
Paul Rennison, Trade Services Management at Trayport, said, "The high level of engagement and feedback we have seen from participants is very encouraging. Companies clearly see the value in having a single aggregated source of REMIT data to satisfy their reporting requirements. This removes the risk and complexity in having to manage reporting relationships across multiple venues, and enables a company to rapidly investigate and manage its regulatory data. The feedback also confirms our views that only a fully supported and proven robust solution will give market participants the confidence they need.' He added 'Trayport's prototype is constantly evolving to address data capture, data enrichment, life cycle event support and issue resolution and reporting requirements which are a core part of any successful and compliant solution.'
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.
Please contact Tania Griffith at email@example.com or call +44 (0) 20 7960 5500 for details of how you can access the REMIT reporting prototype.