Reference to Article 5 of Implementing Regulation: details of transactions executed within the framework of non-standard contracts specifying at least an outright volume and price shall be reported using Table 1 of the Annex. Transaction Reporting User Manual (TRUM) (version of 7 January 2015), page 17.
We understand the difference between standard and non-standard contracts. However, we are unsure of when to use which xml schema with regards to article 5(1) of the Implementing Acts (“Details of transactions executed within the framework of non-standard contracts specifying at least an outright volume and price shall be reported using Table 1 of the Annex”). There is a diagram in the “Transaction Reporting User Manual (TRUM)” (version of 7 January 2015), page 17 trying to clarify the situation. In our understanding standard contracts have to be reported no later than the following business day of when they were agreed upon.
Non-standard contract have to be reported no later than 30 days from its execution. What is meant exactly by execution – the date they were agreed upon (both parties signed the contract) or the delivery? If 30 days after this execution date the price and volume of the non-standard contract are not known, it will be transmitted by using table 2 for non-standard contracts. If the price and volume are known by this point in time, then the contract is only transmitted by using table 1 for standard-contracts. In which case will the process on the right hand side in this diagram take place: first the non-standard contract is transmitted using table 2 for non-standard contracts and then at “execution” it is transmitted again using table 1 for standard-contracts?
On 30 September 2015 ACER published a new edition of the Transaction Reporting User Manual (TRUM) which answers this question. In particular a new illustration “Decision tree for the reporting of standard and not standard contracts and the use of Table 1 or Table 2” was added to the TRUM. In addition, an explanation of what is an “execution” can be found in Annex II to the TRUM. Please note that T+30 should be understood as T+1 month as indicated in REMIT Implementing Regulation.