One of the key directives under the EU Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) is the obligation for market participants to report wholesale energy market contracts, including orders to trade, within the EU, to the Agency for the Cooperation of Energy Regulators (ACER).
According to REMIT, the wholesale energy market encompasses both spot markets and derivative markets. The reporting obligation includes both exchange traded and OTC contracts.
Reporting to ACER can be made by the market participant itself or by a third party acting on behalf of a market participant.
Nasdaq REMIT Reporting Service
Under REMIT, Nasdaq has been approved as a Registered Reporting Mechanism (RRM) with ACER, in order to facilitate reporting of trades and orders on behalf of those Nasdaq market participants that wish to use the service.
Nasdaq offers REMIT reporting of trades and/or orders executed/placed on the Nasdaq Organized Market Places (OMPs), i.e. Nasdaq Oslo ASA and Nasdaq Stockholm AB.
This service enables Nasdaq market participants to delegate the transmission of reportable data to the Nasdaq RRM, which will thus be responsible for sending the reports to ACER.
As an add-on service, Nasdaq can provide the validated REMIT reports to EFETNet. EFETNet is in turn submitting the records of transactions to ACER using its electronic Regulatory Reporting solution (eRR).
The service is provided using the Nasdaq TRACK system, which is also used for the Nasdaq EMIR Trade Reporting Service.
Regulatory Reporting Solution
Nasdaq’s REMIT reporting service is part of our Regulatory Reporting solution. The Regulatory Reporting solution also includes Trade Repository reporting under EMIR and MiFID II Transaction Reporting to local Financial Supervisory Authorities (FSAs) through our data reporting service ARM (Approved Reporting Mechanism).