Research European Commodity Market Regulations - Part 1 | Page 11
European Energy Market Regulations V3.1
Timings
The following table summarizes the various timings of EMIR and REMIT:
15th March 2013
-
Daily Threshold Calculation
Confirms T+7/5
-
15th Sept 2013
-
Portfolio Reconciliation
Dispute Resolution
Compression
-
12th February 2014
-
EMIR OTC and Exchange Traded Derivative
Trade Reporting
-
th
12 May 2014
Q2
-
EMIR Backloading (Trades after 16th August
2012)
REMIT “Implemented”
-
Q3/4
-
OTC Clearing for FCs
-
15th September 2014
Q4
-
Remaining EMIR Risk Management
REMIT Trade Reporting
-
2016
-
All clearing rules applicable for NFC+
The timetable above shows a summary of the dates as at the time of this writing. However, it is
worth noting that many of these dates, particularly for trade reporting, have slipped, although the
date for EMIR trade reporting is now fixed given the announcement of November 7th. However the
RENIT dates and remaining EMIR dates may well slip again.
For example, originally, EMIR trade reporting was planned to go live in two batches:
1) Interest rate Swaps and Credit Default Swaps – July 2013
2) All other derivatives – January 2014
Over the course of the first half of 2013, the first date slipped, so that it became the same as the
second date, i.e. 1st January 2014. These then both moved to February 12th. The request by ESMA to
delay the reporting of Exchange Traded Derivatives to 1st January 2015 was denied.
Similarly, the REMIT dates have slipped. Originally, the rules were to have been “implemented” by
the European parliament by 29th June 2013. However this has not occurred. It is expected that they
will be implemented in Q2 2014.
Reporting is to start 6 months after implementation. However, this would require that the
infrastructure is ready. We recommend that participants keep a close eye on developments.
© Commodity Technology Advisory LLC and ETR Advisory Ltd, 2013, All Rights Reserved.
v3.1
November 13th, 2013
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