REMIT Reporting Services and Solutions - July 2015 updated March 2016
6.3 Using a service
There are many ways in which one can define a regulatory reporting service, but in this case we will define it as one
which:
-
Operates off the site of the market participant,
Provides facilities that are over and above what a “standard” RRM or other repository provides.
Usually a service will be combined with an existing offering. There are two primary such services on offer to the
market at the moment:
1. Combined with a confirmations matching service
2. Combined with a trading portal offering.
Each provides value in a different manner:
6.3.1
Combining with a confirmations service
A confirmations service takes in appropriate trade details from counterparties that have executed OTC trades and
“matches” them in order to confirm them. This is accomplished by each counterparty sending in a message to a
centralised matching service. The terms are then compared and if they are the same they are matched.
The primary such service in the energy industry offers a facility which extends the original message format and can
the