EFETnet socialises the cost of regulatory reporting (eRR) beginning 2017
At the annual EFETnet User Meeting on May 31, 2016 in Hamburg a week ago, the new pricing for electronic Regulatory Reporting (eRR) was presented by EFETnet’s Managing Director Hugh Brunswick. The new pricing for eRR will become effective from 1 January 2017, and applies separately from other services offered by EFETnet.
eRR is the industry developed process that enables market participants to comply with European regulatory obligations including EMIR, REMIT, ElCom, and soon FinfraG. eRR is the compliance solution used by more than 400 groups of companies trading wholesale power and gas across Europe. For REMIT, EFETnet was one of the first four Registered Reporting Mechanisms (RRMs) recognised by ACER. EFETnet continues to be the market leader among Third-Party RRMs being used by dozens of OMPs and hundreds of MPs to report to regulators.
Initially provided free of charge for two years covering the introduction of REMIT phases 1 and 2, the functionality required and the user base have now stabilised sufficiently to permit EFETnet, a not for profit organisation, to socialise the costs of operation across the industry.
As of 1 January 2017, eRR fee scheme will be as follows:
I. MARKET PARTICIPANTS (MPs) FEES
- EUR 0.20 (20 cents) per New trade report accepted by a Trade Repository or Regulator or equivalent destination, with:
- A minimum annual fee of € 120 for availability of the service per MP, which will be offset with the first 600 New Trade reports of the year. Users with fewer than 600 reported per year would still be making this contribution to the availability of the service.
- Monthly cap of € 5,000 equating to 25,000 New trade reports above which New Trade reports are free of charge.
-Order reports and lifecycle event reports - free of charge
-Dual user discount for users of both eRR and eCM.
Dual users will enjoy a rebate each month of up to one half of the eRR fees, which will be off-set from the eCM invoice (not exceeding the full amount of their eCM fee that month)
-MPs/Service Company reporting on behalf of other MPs, will be billed the eRR fees that would otherwise apply (as per above) to the other MP upon whose behalf the report is made by the MP/Service Company.
II. ORGANISED MARKET PLACES (OMPs) FEES
Organised Market Places (OMPs) will not be charged any eRR fees, but the MP upon whose behalf the OMP is submitting the report will be charged as per the eRR fees above in I.
For more information you can contact Hugh Brunswick, Managing Director of EFETnet via:
Tel: +44 1372 365760