REMIT Reporting Services and Solutions - July 2015 updated March 2016
However, while the physical spot/forward contract traded on an organised market place is reported with the
contracted volume and the fixing index (which most likely is publicly available), the transaction executed under the
framework of a non-standard contract has to be reported once the delivered quantity and the price are known, but
still using Table 1 of the Annex to the Implementing Acts”
In terms of dates only trades executed on an Organised Market Place need to be reported by 7th October 2015. Any
other trade (i.e. bilateral trades), no matter in which format, need to be reported only from 7th April.
4.14 Report timing
Data generally needs to be reported according to the following timing:
On Venue
T+1 day
NA
NA
NA
Off Venue
Format 1
T+1 day/T+1 month
Format 2
T+1 month
Format 3
T+1 day/T+1 month
Format 4
T+1 day/T+1 month
Fundamental data
T+1 day
Off venue trades are to be reported within one day if they “look like” a trade on a venue. Otherwise they are to be
reported within one month of the event.
4.15 Back loading
Like EMIR, REMIT has a back loading requirement, i.e. a requirement to report trades that were executed before the
reporting date. Unlike EMIR, the requirement only applies to trades that were still active on the reporting date. EMIR
also requires trades that were open on the day that the requirements came into force. If this were translated into
REMIT requirements, you would need to go back to December 2011.
For each reporting date, Market Participants have 3 months in which to backload the trades, i.e.:
-
On venue trades which were active on 7th October 2015 must be back loaded by 7th January 2016
Other trades, which were active on 7th April 2016, must be back loaded by 7th July 2016.
Note that OMPs will not necessarily back load trades for market participants.
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