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Redefining Enterprise-Wide Compliance

17 June 2013

White Paper: EMIR, REMIT, MiFiD and more. ‘Big Compliance’ Meets Energy Trading

Trayport, a leading provider of energy trading solutions to traders, brokers and exchanges worldwide, today announced the launch of its European Regulatory Whitepaper: EMIR, REMIT, MiFiD and more. 'Big Compliance' Meets Energy Trading. The whitepaper explores and examines the extensive regulatory changes set to impact the energy trading industry and offers some practical guidance about how firms can prepare themselves.

The wholesale European energy markets will be subject to an array of regulatory and compliance obligations over the coming years, increasing the pressure of investment in IT to meet these obligations. The European Markets Infrastructure Regulation (EMIR), the Regulation for the wholesale Energy Markets Integrity and Transparency (REMIT) and the second Markets in Financial instruments Directive (MiFiD II) will introduce the concept of "big compliance" to the energy markets, in a way previously experienced mainly by the banks. Energy trading firms may face an uphill struggle. Deadlines are constantly changing, dependencies are often ill defined and future requirements are hard to determine and predict.

For market participants trading derivatives in Europe, EMIR outlines a set of rules focusing on trade confirmations, trade reporting, clearing and risk management, all of which are likely to come into effect between the summer of 2013 and early 2014. REMIT requires participants to report pre- and post-trade data to enable the Agency for the Cooperation of Energy Regulators (ACER) to detect potentially abusive behaviors; MiFiD II is still under negotiation, and will take effect in early 2015.

The road map to regulatory compliance starts with trading participants assessing their ability to develop the right systems to carry out the task of regulatory compliance internally, or evaluating whether a third party solution will be the best approach to simplify the confirmation, recording and reporting of trades.

The key factor influencing this decision will be the necessity to achieve the right end result - a platform that enables compliance, provides efficiencies whilst mitigating risks and is flexible in adapting to new rules as they emerge.

Dan Smith, Head of Market Development at Trayport, said, "With the first trade reporting deadline only months away, there is little time to lose in determining your route to compliance implementation, while getting it wrong could prove costly. The market wants a light touch, economically viable model and this is exactly what Trayport is delivering." He added: "The Trayport Complete suite of post-trade solutions including our new Complete Report product and Pilot Programme are already giving participants the confidence that they will be prepared for the evolution of our markets'.


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