REMIT Reporting Services and Solutions - July 2015 updated March 2016
While these benefits may be attractive, becoming an RRM may be an onerous process. RRMs need to comply with
financial and technical requirements, including additional technical requirements, which may be expensive to put in
place. In addition, ACER will need certain information about the entity’s financial structure, which many may not
wish to share. To become approved as an RRM, it is also necessary to pass ACER’s tests, which need to be conducted
in line with their timetable. This may not suit the market participant. All of this needs to be considered when
deciding whether to apply. In addition, the ongoing changes likely to arise after the REMIT go live means that
becoming an RRM will require an ongoing investment.
Multi entity groups may choose to elect one entity to become an RRM, or to set one up separately, in order to report
on behalf of the others. This would mitigate the requirement to share financial information to a degree. It has been
suggested to ACER that a “self-reporting RRM” category be permitted, where the requirements are less onerous. It
may be the case that this will be available for off venue reporting. Note that according to answer III.2.25 of the
REMIT Questions and Answers document, market participants may not report OMP data directly, even if they are
also RRMs.
6.2.4
Using software
There are several software packages available, which can be used to collect data from across the organisation, and
from OMPs, and to send the data to one or more RRMs. Such software could also be built by a market participant on
a custom basis. The software is either installed on the site of the market participant or delivered as a “managed
service” and provides a connecting service to the reporting destination. The majority of such packages will cover
more than one rule set. For example, most packages that are planning to support REMIT will already cover EMIR in
some form.
Software packages (and builds) fall into two general categories:
-
ETRM adapters – where a connecter is built from a specific ETRM vendor’s packages straight to an RRM
Standalone software – software that is designed to take data from multiple sources and forward it to an RRM
Note that at least two ETRM vendors offer a standalone