eRR service for REMIT reporting is live today
Today EFETnet’s electronic Regulatory Reporting service (eRR) for REMIT reporting went live. The go-live is in time for the REMIT Phase 1 reporting requirement, mandatory as of today. EFETnet has thus successfully enhanced eRR to incorporate Registered Reporting Mechanism (RRM) functionality. As of today, eRR creates a single reporting solution for both EMIR and REMIT Phase 1 regulations.
This achievement is the successful result of a period of extensive testing in partnership with the Market Participants (MPs), Organised Market Places (OMPs) and ACER.
EFETnets eRR solution gives companies better control over their regulatory reporting, in a simple straightforward and standardised tool. eRR won the Excellence in Risk Exposure Mitigating category at the 2014 Commodity Business Awards.
Hugh Brunswick, Managing Director of EFETnet said: ‘We are extremely pleased to announce the successful go-live of eRR for REMIT reporting. eRR already enables more than 450 MPs to meet their regulatory reporting requirements, with more than 50% of REMIT OMPs connected, and we look forward to the remaining OMPs joining as REMIT reporting settles down post go-live.’
EFETnet was officially appointed a Registered Reporting Mechanism (RRM) for the reporting of records of transactions, including orders to trade under REMIT Phase 1 in the first group of RRMs announced by ACER. All Market Parties can request their OMPs to send data to EFETnet’s eRR service as their choice of RRM.
EFETnet underlines the importance of Market Participants having the right to choose their RRM. Market Participants are responsible for the accuracy, completeness and timeliness of reporting even when delegated to OMPs. The freedom to select their preferred RRM for all reporting traffic allows them to fulfil their control and monitoring obligations under the legislation most efficiently. In EFETnets view the fact that an MP cannot choose its RRM has been a fundamental issue that has made REMIT far more complicated and difficult for MPs and OMPs to implement and one that will continue to increase operational risk post go-live.