The European Energy Exchange (EEX) will expand the options for the timely and effective disclosure of insider information for market participants in the framework of the “Regulation on Market Integrity and Transparency” (REMIT). In this context, EEX will facilitate the publication as well as forwarding of this information to the competent authorities, such as the Agency for the Cooperation of Energy Regulators (ACER).
Under REMIT, the market participants are obliged to disclose information which is relevant for pricing in power and natural gas trading and to report such information to the competent national and European authorities. This regulation took effect at the end of 2011. The implementing acts connected with it are expected to be adopted by the summer of 2014. Reporting under REMIT must then be bindingly implemented by all market participants within a period of six months after the implementing acts have taken effect.
In order to fulfil the new requirements under REMIT, EEX will launch a new website for the transparency platform. This platform will be available by mid-2014 and it will enable reporting and the publication of transparency data for all European countries for the power and natural gas commodities. In addition to the forwarding of insider information to ACER, this will also facilitate reporting to ENTSO-E via the transparency platform.
Alongside the reporting of transparency data, EEX will also create an offer for forwarding of transaction data, which is another requirement for the market participants under REMIT. The concrete implementation of this will begin as soon as a sufficiently clear framework for the requirements has been created with the adopted implementing acts.
“With this step, EEX offers support for the market participants to facilitate compliance with all transparency requirements as a one-stop shop“, emphasises Peter Reitz, Chief Executive Officer of EEX. “As a result, our customers benefit from the tried and tested, stable processes which we have continuously developed since the launch of the transparency platform seven years ago.”
The EEX transparency platform is available at www.eex-transparency.com.