The scope of trading activity that is being monitored according to REMIT and according to Commission Implementing Regulation (EU) No 1348/2014 includes transactions as well as orders to trade. Concerning the reporting obligation of trade data, is it correct that orders to trade have to be reported only (i) when the order was placed on an organised market place or (ii) in connection with proceedings on primary explicit capacity allocation?
Answer: Yes, Article 6 of Commission Implementing Regulation (EU) No 1348/2014 defines the reporting of orders to trade explicitly in paragraph 1 (for wholesale energy products placed at organised market places) and paragraph 2 (for primary explicit capacity allocations placed at allocation platforms). Beyond that, there is no obligation to report orders to trade (see e.g. Article 6(3) of Commission Implementing Regulation (EU) No 1348/2014 for activities outside an organised market place). This is also in compliance with Recital 5 of Commission Implementing Regulation (EU) No 1348/2014 which clarifies the importance of monitoring orders to trade for an effective market monitoring, but refers exclusively to those orders placed at organised markets.