Research European Commodity Market Regulations - Part 1

European Energy Market Regulations V3.1 Which rules apply to a trade?...............................................................................................................20 Changing requirements ........................................................................................................................21 Risk Management .........................................................................................................................................22 Timely confirmation ..................................................................................................................................23 Portfolio Reconciliation and Dispute Resolution ......................................................................................23 The reconciliation process ........................................................................................................................23 Typical modes of operation ..................................................................................................................23 Bilateral reconciliation..........................................................................................................................24 Third Party Service Provider .................................................................................................................24 Agent ....................................................................................................................................................24 Contractual Changes required for Portfolio Reconciliation and dispute resolution ............................24 Portfolio Compression ..........................................................................................................................25 Bilateral Compression...........................................................................................................................25 Multilateral Compression .....................................................................................................................25 Is it worth compressing if it is not mandatory? ....................................................................................26 Daily mark to market/model ................................................................................................................26 European Regulatory Solutions Directory ....................................................................................................27 Types of service and software ..................................................................................................................27 Trade Repositories ................................................................................................................................27 Approved Trade Repositories ...............................................................................................................28 Applied To ESMA for Trade Repository approval .................................................................................30 Reporting Services ................................................................................................................................32 Specialist Reporting and aggregation software ....................................................................................34 E/CTRM offerings..................................................................................................................................40 Portfolio Reconciliation/Dispute Resolution ........................................................................................43 Portfolio Compression ..........................................................................................................................43 Trade Surveillance ................................................................................................................................44 About The Authors........................................................................................................................................47 Aviv Handler..............................................................................................................................................47 Dr. Gary M. Vasey .....................................................................................................................................47 ComTech Advisory ....................................................................................................................................48 ETR Advisory .............................................................................................................................................48 About the Sponsor ........................................................................................................................................49 TriOptima ..................................................................................................................................................49 © Commodity Technology Advisory LLC and ETR Advisory Ltd, 2013, All Rights Reserved. v3.1 November 13th, 2013 3

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