22 October 2017
visit www.avoka.com

Sapient Global Markets teams up with EEX to enable Remit regulatory reporting

30 July 2013  |  4237 views  |  0 Source: Sapient Global Markets

Sapient Global Markets, a division of Sapient (NASDAQ: SAPE), today announced it has become a certified implementation partner of the European Energy Exchange (EEX), the leading energy exchange in Europe, to facilitate regulatory reporting in the European energy wholesale markets.

Sapient Global Markets and the EEX will work together to help firms comply with new wholesale energy market reporting requirements to the Agency for the Cooperation of Energy Regulators (ACER), which was mandated by the Regulation on Energy Market Integrity and Transparency (REMIT).

REMIT requires wholesale energy market participants to disclose insider information relevant for pricing in power and natural gas trading. The rules were designed to prevent market abuse and reinforce the transparency and integrity of wholesale energy markets. Information that is required to be reported by market participants includes data on the capacity, utilization and availability of facilities for the production, consumption, storage and transport of power, natural gas and LNG.

As a "Certified Service Provider", Sapient Global Markets will work with energy trading firms to facilitate connectivity to the EEX Transparency in Energy Markets portal, a centralized platform built to assist firms with REMIT disclosure and reporting obligations. The platform provides an industry-wide regulatory disclosure and reporting utility that enables firms to comply without having to build proprietary solution including connectivity to ACER.

"The new reporting requirements under REMIT have presented the industry with not only an operational challenge but also a data management challenge," said Steffen Köhler, Chief Operating Officer at EEX. "The EEX Transparency Platform was designed to reduce that burden through the centralization of reporting facilities and standardization of the data reported. We are pleased to be working with Sapient Global Markets, a firm with a unique blend of financial and commodities market infrastructure and regulatory reporting expertise, to facilitate a rapid yet smooth adoption of the platform."

Dr. Stefan Naumann, Director at Sapient Global Markets, said: "REMIT represents a significant reporting obligation with which energy trading firms must now be ready to comply. We look forward to applying our deep understanding of the energy markets and regulations to help market participants fulfill their REMIT reporting obligations via the European Energy Exchange."

The "Transparency in Energy Markets" platform operated by EEX is the neutral platform for energy market data which fulfills the statutory publication requirements and implements the market participants' voluntary commitments. Currently, 47 companies from Germany, Austria and the Czech Republic report data on the transparency platform www.transparency.eex.com. 

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related company information

Sapient

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.niceactimize.com

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
13137 views comments | 17 tweets | 28 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
12204 views comments | 22 tweets | 28 linkedin
satelliteGates Foundation backs Ripple collaboratio...
9535 views comments | 13 tweets | 10 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
9057 views comments | 11 tweets | 22 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8557 views comments | 9 tweets | 18 linkedin

Featured job

Find your next job