Reporting complete transaction, in this scenario:
- 2 counterparties agree a bilateral trade, type standard contract, with hourly quantities for a delivery day several days ahead;
- The agreed price is the X market place prices for this delivery day; prices issued by the X market place, only the day before the delivery day.
According to the ACER document “REMIT - Transaction Reporting User Manual”, §3.2.6, both counterparties report the trade only the day before the delivery day, once the prices are known (transaction complete). Is that correct?
If two counterparties agree a bilateral trade, type standard contract (we understand in this case the contract is listed in the Agency’s List of Standard Contracts), with hourly quantities for a delivery day several days ahead and they agree on an “X market place price” for this delivery day, when the price issued by the X market place is published the day before the delivery day, they should report the contract with the index which fixes the price (e.g. X market place prices) on a T+1 working day basis.
For the sake of completeness, in case the above mentioned contract is not of the type of a standard contract, but a non-standard contract, the following scenarios can apply:
1. If the contract is a non-standard contract, this has to be reported on a T+1 month basis and therefore by the time of the reporting the price and the quantity are known and the contract can be reported as a non-standard contract (BILCONTRACT) with Table 1 on a T+1 month basis.
2. If the market participants report the non-standard contract before the delivery and the publication of the price, the contracts can be reported in two phases: the non-standard contract with table 2 indicating the index which fixes the price (e.g. X market place prices) and an execution in Table 1 under that non-standard contract, both on a T+1 month basis.