Research European Commodity Market Regulations - Part 1 | Page 8

European Energy Market Regulations V3.1

Key Themes
There are four key “themes” identifiable across all of these new initiatives and these are explored in
the body of this report:
-

Trade and Position Reporting – reporting of trades under EMIR and REMIT and also position
reporting under MiFID II
Clearing - OTC Clearing as mandated under EMIR
Risk Management – Rules such as Portfolio reconciliation and compression under EMIR as
well as CRD IV rules
Trade Monitoring and Surveillance – Under REMIT as well as MAD II

The following table above summarizes the regulations and the four key themes.

Regulation

Reporting

Clearing

EMIR

To Trade
Repositories

To applicable
OTC derivatives
for FC and
NFC+

REMIT

MiFID II

Risk Management
Timely Confirmation
Portfolio,
Reconciliation,
Dispute Resolution,
Portfolio
Compression,
Daily mark to market
(FC, NFC+)

Power and gas
physical and
financial to RRMs
Fundamental data
to RISs
Real time position
reporting and limits

Trade
Monitoring

Manipulation
rules apply to
physical and
financial gas
and power
Various

MAD II

Extends MAD

Although linked, each stream requires a different set of process and IT changes. We will be
addressing them separately, with this particular report focused on trade reporting and risk
management.

© Commodity Technology Advisory LLC and ETR Advisory Ltd, 2013, All Rights Reserved.

v3.1

November 13th, 2013

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