EFETnet officially fully registered as a RRM by ACER
ACER announced today that EFETnet has been officially and fully registered as a Registered Reporting Mechanism (RRM) for the reporting of records of transactions, including orders to trade under REMIT Phase 1 as of 7 October 2015. The EFETnet RRM has been assigned the ACER Code B00001014.NL by ACER.
On 3 June 2015, ACER had published a “List of pre-registered RRMs”, which in its first version included EFETnet among 25 pre-registered RRMs. Now, EFETnet is again among the first 5 RRMs to clear this final hurdle for RRM registration.
EFETnet has successfully enhanced its electronic Regulatory Reporting solution (eRR) to incorporate RRM functionality creating a single reporting solution for Dodd-Frank, EMIR and now REMIT regulations. eRR won the Excellence in Risk Exposure Mitigation category at the 2014 Commodity Business Awards. eRR was launched in 2012 and already supports commodity reporting under Dodd-Frank and EMIR.
The eRR system provides customers with a REMIT dashboard to allow them to monitor submissions made to ACER on their behalf and download data if required.
eRR also provides market participants with the option of taking a more active approach to REMIT compliance by enabling them to upload their own trade data records from their ETRM or through a web form into the eRR system and reconcile it against data submitted by the OMP’s and to modify reports or report lifecycle events. EFETnet’s eRR REMIT service is free of charge for all users for REMIT Phase 1 reporting.
Hugh Brunswick, Managing Director of EFETnet said: “We are extremely pleased to be one of the first RRMs certified by ACER. This reflects the work we have been doing with the industry since April 2014 and the extensive testing we have done in partnership with ACER and several OMPs.”
OMPs Griffin and Marex Spectron have already succesfully tested with EFETnet’s electronic Regulatory Reporting Systems. More OMP’s have committed to connect to EFETnet’s RRM to meet their reporting obligations.
Simon Davidson, COO of leading commodity broker Griffin Markets said: “We have a well-established relationship with EFETnet and the early release of a RRM test system has helped us to make sure our systems will be ready for go-live in October. As the industry leading solution, we expect EFETnet to be our dominant RRM for REMIT reporting”
All Market Parties can request their OMPs to send data to EFETnet’s eRR Service as their choice of RRM. Testing with eRR and ACER is ongoing in preparation for go live on 1 October 2015.
EFETnet is already live with e-Control, submitting OMP data under the Austrian version of REMIT (EGHD-VO) since May of this year.