Question 1.1.20

Could ACER provide us with additional guidance on the distinction between standard contracts traded outside the organised market places and bilateral contracts that are non-standard contracts? It would be useful to have clear guidance on the reporting time line, e.g. T+1 day or T+1 month.

Answer

The Agency has already provided guidance on the definition of standard contract admitted to trade on organised market places in the TRUM. However, the Agency understands that there might be some circumstances where market participants may not have full visibility to the specifications of the standard contracts traded on organised market places.

Therefore, whenever two market participants enter into a bilateral contract agreed outside an organised market place and they do not have the certainty that their contract is the same as the one traded on organised market places, it can be assumed that the bilaterally agreed contract normally entails elements of customisation.

These elements of customisation distinct the bilateral contract from contracts concerning a wholesale energy product admitted to trading at an organised market place. They may therefore report such a contract on a T+1 month basis and, where the contract has a defined price and quantity, with Table 1 of the Annex to the REMIT Implementing Regulation.