Who is responsible for the backloading of trades executed at the organised market places? Is there an obligation for organised market places to offer a data reporting agreement to the market participants?
Answer: The ultimate responsibility for reporting of wholesale energy contracts under REMIT is always with the market participant. This is also the case for the backloading of outstanding contracts. The reporting of details of contracts in wholesale energy products which were concluded before the date on which the reporting obligation becomes applicable and remain outstanding on that date shall be reported to the Agency by market participants through the third-party RRM(s) of their choice. According to the Agency’s understanding, the obligation for organised market places to offer a data reporting agreement to the market participants does not relate to the backloading of outstanding contracts executed at organised market places. In line with Recital 5 of Commission Implementing Regulation (EU) No 1348/2014, since market participants cannot be expected to record such data with ease, organised market places are considered best placed to report order book data to the Agency in order to enable the Agency to effectively uncover market abuses. Since there is no obligation to backload orders to trade, the obligation for organised market places to offer a data reporting agreement on the request of the market participants does not apply to the backloading of outstanding contracts executed at organised market places. However, organised market places may nevertheless be willing to assist the market participants with the backloading reporting.