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  ACER starts receiving data for the surveillance of the energy markets

Today, 7 October 2015, the obligation established by REMIT, the EU Regulation on wholesale energy market integrity and transparency, to report records of wholesale energy market transactions, including orders to trade, executed at organised market places, has come into force. As a result, the EU Agency for the Cooperation of Energy Regulators (ACER) has started to receive the first reports through its REMIT Information System (ARIS). In fact ACER already opened ARIS on Monday this week for the reporting of outstanding long-term contracts executed at organised market places (the so called "back-loading").

The requirement to report records of wholesale energy market transactions, including orders to trade, is part of the new monitoring framework established by REMIT to detect and deter market abuse in wholesale energy markets. This framework anticipates a shared responsibility between the Agency and National Regulatory Authorities (NRAs). The Agency will collect trade and fundamental data and will perform monitoring and an initial analysis and assessment of these data. Any detected suspicious instance will be notified to National Regulatory Authorities for investigation and, if necessary, enforcement.

ACER Director, Alberto Pototschnig, said: “This is a very important milestone in the implementation of REMIT. It has been a formidable challenge for the Agency, as the monitoring framework we are putting in place is unprecedented in its scope and detail. In this respect, I would like to thank all stakeholders who have worked with us over the past years to make this possible, as well as my colleagues in the Agency who were able to overcome the serious lack of resources to deliver this landmark result. With the data that we are collecting from today, the Agency and national regulatory authorities, with whom these data will be shared, will have for the first time a full picture of trading in European wholesale energy markets, which can be used to detect, and thus deter, market manipulation and insider trading. In this way, market participants can be reassured that they all trade on the basis of the some information and consumers that the energy prices they pay reflect market fundamentals and are not distorted by market abusive behaviour”. Find out more here and on web page www.okte.sk.

source:
added: 9.10.2015
 
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