Sapient Global Markets has become a certified implementation partner of the European Energy Exchange (EEX) to facilitate regulatory reporting in the European energy wholesale markets.
Sapient Global Markets and the EEX will work together to help firms comply with new wholesale energy market reporting requirements to the Agency for the Cooperation of Energy Regulators (ACER), which was mandated by the Regulation on Energy Market Integrity and Transparency (REMIT).
REMIT requires wholesale energy market participants to disclose insider information relevant for pricing in power and natural gas trading. The rules were designed to prevent market abuse and reinforce the transparency and integrity of wholesale energy markets. Information that is required to be reported by market participants includes data on the capacity, utilisation and availability of facilities for the production, consumption, storage and transport of power, natural gas and LNG.
As a Certified Service Provider, Sapient Global Markets will work with energy trading firms to facilitate connectivity to the EEX Transparency in Energy Markets portal, a centralised platform built to assist firms with REMIT disclosure and reporting obligations. The platform provides an industry-wide regulatory disclosure and reporting utility that enables firms to comply without having to build proprietary solution including connectivity to ACER.
“The new reporting requirements under REMIT have presented the industry with not only an operational challenge but also a data management challenge,” says Steffen Köhler, chief operating officer at EEX. “The EEX Transparency Platform was designed to reduce that burden through the centralisation of reporting facilities and standardisation of the data reported. We are pleased to be working with Sapient Global Markets, a firm with a unique blend of financial and commodities market infrastructure and regulatory reporting expertise, to facilitate a rapid yet smooth adoption of the platform.”
Stefan Naumann, director at Sapient Global Markets, says: “REMIT represents a significant reporting obligation with which energy trading firms must now be ready to comply. We look forward to applying our deep understanding of the energy markets and regulations to help market participants fulfil their REMIT reporting obligations via the European Energy Exchange.”