IT expert group for the implementation of REMIT

IT expert group for the implementation of REMIT

Scope of the group

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This group was active in 2012 with the goal of providing expert support to the Agency during the REMIT implementation phase on IT-related issues. ​​

Documents

IT expert group for the implementation of REMIT

Members

  • Hugh Brunswick, EFETnet

  • Filip Sleeuwagen, EFET

  • Volker Reinhoff, CEDEC

  • Mathias Ponnwitz, EEX

  • Joao Manuel Rebelo da Cruz Morais, OMIP

  • Lars-Johan Furborg, Nasdaq OMX Commodities

  • Daniel Smith, Trayport

  • Mark Earthey, Triple Point Technology

  • Martin Reisner, ENTSOG

  • Dalius Sulga, ENTSO-E

Minutes

Deter

ACER’s surveillance activities contribute to causing deterrence against market abuse at European level. ACER’s efforts in creating deterrence are reinforced by the community of surveillance experts across Europe. 

Specifically, ACER cooperates with surveillance experts from NRAs, energy exchanges, brokers, and financial authorities, in the effort of raising awareness about insider trading and market manipulation. This aims to ultimately contribute to the deterrence of market abuse. In addition, ACER discusses surveillance topics in ​​Roundtable meetings with ACER’s stakeholders.

For further details on the venues used for ACER’s cooperation with surveillance experts and discussion of surveillance topics, consult our section on cooperation​.

On a more global level, ACER also collaborates with the Federal Energy Regulatory Commission (FERC). Meetings with FERC are organised on an annual basis in order to discuss and exchange ideas on surveillance topics affecting both US and EU markets.

A global cooperation deterring against market abuse
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Market Surveillance
Detect
Analyse
Notify

Notify

ACER notifies the National Regulatory Authorities (NRAs) of suspicious behaviour in two main ways:

  • by sharing the screened alerts on a monthly basis; and

  • by sharing an Initial Assessment report, which includes details about the suspicious behaviour by one or more market participants. 

The first figure provides a rounded monthly average of the alerts triggered (in thousands) manually assessed (in hundreds), and shared with the NRAs for the years 2017 - 2024. 

Note: the monthly average is calculated taking into account only the months for which alerts were shared with the NRAs.

 

The second figure provides an overview of the number of Initial Assessment reports shared with NRAs (in total per year since 2015).

 

The map provides an overview of the number of alerts shared per country for the year 2023.

 

Looking at the total records reported to ACER since the beginning of data reporting​, the alerts statistics indicate the amount of resources required in order to assess the REMIT data.​

Notifying a suspicious behaviour: an overview
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Market Surveillance
Detect
Analyse
Deter

Detect

ACER uses a holistic approach to detect potential suspicious behaviour. 

The different kinds of suspicious behaviour presented in ACER's Guidance Notes are translated into logic that creates bespoke alerts. 

A surveillance tool, tailor-made for EU wholesale energy markets, is used to construct, trigger, prioritise and screen the alerts.

The detection of suspicious behaviour happens on two levels:

  • the first level of detection already happens when the alerts are triggered, as they automatically screen the REMIT data and trigger when they detect instances of behaviour that meet the alert logic and parameters.

  • The second level happens when the surveillance analysts screen the triggered alerts and assess the gravity of the suspicious behaviour.

ACER aims to revise the alert logic and parameters on a regular basis to enhance their effectiveness and efficiency, and to make sure they are adjusted to the latest market developments. 

ACER always keeps an eye out for potential data quality issues and acts appropriately to resolve them. ​​

ACER holistic approach
Documents
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Market Surveillance
Analyse
Notify
Deter

Data Quality

​​ACER is committed to ensuring high-quality transaction and fundamental data reporting, and will continue to devote specialist supervisory efforts to this endeavour to further advance its market monitoring capabilities.

As part of its data quality framework, ACER assesses and ensures the data received under REMIT and the Implementing Regulation are complete, accurate and timely. These data quality assessments are performed regularly on different data sets, covering transactions executed either at different organised market places or bilaterally.​

The REMIT data quality assurance is based on a two-stage approach​.

ACER’s data quality assurance at a glance
Documents

​During the data collection stage, data is inserted into the ACER's REMIT Information System (ARIS), where the validation rules are applied to the data. 

T​here are two levels of data validation: the first is performed on a technical level, while the second, more in-depth, is managed at the database level. Here, integrity checks are undertaken across the reported and reference data. Any invalid data is rejected and flagged.

Data validation ensures the quality of the collected data, so they can be stored in ACER's REMIT database. ​

​The data quality assessment stage applies other methods to confirm the quality of the data and ensures a timely follow-up.

Non-compliant data at either stage can lead to the enforcement of Article 8 of REMIT. ACER seeks to solve any data quality issues by cooperating with reporting parties, but enforcement action will be initiated if necessary.​

 

Dimension Description Example
Completeness Have all data sets and items been reported? The proportion of the stored data against the required 100% completeness.
Uniqueness Is there a single view of the data set? Every record should be reported only once. If reported twice, the system should detect it.
Timeliness Is the data reported within the timeline defined by the Regulation and IAs? The time difference between the timestamp of when a record was reported and when the business event occurred.
Validity Does the data comply with schemas and passes the validation rules? The extent to which the received data is valid. The number of records that have been rejected compared to the total dataset.
Accuracy Does the data reflect the actual business event? The degree to which the record correctly describes the business event reported (correct price, volume, units, time-stamps, identifiers).
Consistency Can we match the data set throughout the various RRMs? No differences when comparing more representations of the same or similar business event.

​​

1. Data collection stage
2. Data quality assessment stage
Data Collection
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Related Documents

Academia and institutions

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​​​​​ACER is committed to establishing and maintaining a strong working relationship with European academics and researchers. 

Collaboration with academia is necessary in preparing ACER for future challenges and opportunities created by advances in science and technology.​

A forward-looking engagement

​Academics and researchers can participate in the work of ACER in several ways:

  • as members and experts of ACER's ad hoc expert groups

  • as seconded national experts

  • as short-term visiting experts

  • by contributing to ACER's public consultations

  • by taking part in ACER's conferences and workshops

  • by proposing REMIT data research projects for scientific purposes, subject to confidentiality requirements​​​
     

ACER is working to make non-sensitive data available for scientific purposes to further expand its collaboration with academia and contribute to effective knowledge sharing.​

How do we cooperate?
Cooperation
Traineeship programme
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REMIT Expert Groups

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​​​​ACER can set up expert groups to provide ad hoc support and advice on REMIT topics.

In appointing the expert groups' members, ACER seeks to ensure a balanced representation of market participants, organised markets and other persons professionally arranging transactions, users and distributors of wholesale energy market information (e.g. information providers, analysts), and ENTSOs.​

On 1 December 2022, a call was launched for an expert group on LNG price assessment/benchmarks. This expert group will provide advice and contribute to ACER’s new tasks related to LNG price assessment and/or benchmarks.

On 23 October 2023, a call was launched for two new REMIT expert groups. One expert group on wholesale energy market integrity and transparency and one expert group on wholesale energy market data reporting. These expert groups will advise and contribute to ACER’s work on issues related to REMIT surveillance, conduct, integrity, and transparency and REMIT data reporting.

The groups meet on an ad hoc basis, at least twice per year.​

Fostering market integrity and transparency
Documents

​Since 2012, there have been seven other ad hoc REMIT expert groups which were established and discontinued after the expiration of their terms:

Previous REMIT expert groups
Cooperation
National regulatory authorities (NRAs)
Reporting parties
Academia and institutions
See Also
Related Documents

Reporting parties

​​​Since the entry into force of the European Commission's Implementing Regulation, market participants and third parties acting on behalf of market participants are obliged to provide ACER with a record of their wholesale energy market transactions, including orders to trade.

ACER registers market participants and third parties reporting on their behalf as registered reporting mechanisms (RRMs) to ensure efficient, effective and safe exchange and handling of information. ​

Find out more about the process of data collection and data reporting.

What's the role of ACER?

​Roundtable meetings

​To discuss the views and practices of the reporting parties on REMIT data collection, ACER regularly organises Roundtable meetings in Ljubljana. These meetings are attended by: 

-          Associations of energy market participants (AEMPs)​

AEMPs represent registered market participants in communication with ACER during Roundtable meetings.

-          Inside information platforms (IIPs)​

IIPs enable market participants to share inside information with the wider public, in accordance with the minimum quality requirements listed in the ACER Guidance.

-          Organised market places (OMPs)​

OMPs include electricity and gas exchanges, brokers and other persons professionally arranging transactions, and trading venues.

-          RRMs​ 

RRMs represent all registered reporting entities, and include market participants, OMPs, ENTSOs, and third party reporting on behalf of entities under the data reporting obligation. ​​

Webinars

​To dynamically address any operational topics and ad hoc issues the reporting parties may be facing, ACER also holds periodic webinars with RRMs and OMPs.

These webinars are organised on ad-hoc basis, and the attendees can propose discussion topics via dedicated forms.

​Public consultations

ACER regularly launches public cons​ultations​ to invite all interested parties to provide their views on specific data collection issues.

Access ACER closed public co​​nsultations​.

How do we cooperate?
Cooperation
How to register as a registered reporting mechanism?
How to register as an inside information platform?
How to submit questions related to REMIT?
See Also
Related documents

National regulatory authorities (NRAs)

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National regulatory authorities (NRAs) have a key role to play in ensuring that each European country meets its targets for energy markets and implements the relevant EU regulatory policy. 

In order to maintain the proper functioning of the single European market in gas and electricity, ACER supports NRAs in performing their regulatory function at European level and coordinates their contributions. ​

The key role of NRAs
Documents

​ACER Working Groups are established based on a Direc​​​tor's Decision​ and can advise on the Agency's regulatory activities. They are composed of representatives from ACER, from NRAs, and from the European Commission.

To facilitate knowledge sharing and support the NRAs in the implementation of REMIT, ACER has established dedicated working groups, committees and task forces:

The ACER REMIT Committee (ARC) convenes on a quarterly basis.

There are currently two REMIT task forces reporting to the ARC. Task forces (TF) are informal, ad hoc groups, set up by the ACER Working Groups Chairs to provide expert support on specific topics.

Provides guidance to the NRAs on the application of REMIT policies and monitors the NRAs' progress. Convenes approx. five times a year.

The following committees report to the ARC:

Focuses on the analysis of REMIT data collected via the data reporting process and the improvement of data quality. The MD SC convenes on a quarterly basis.

  • Market Coupling Project Team (MC PT)

Focuses on the efficient integration of market coupling data in the data reporting process. The MC PT convenes virtually on a biweekly basis.

Provides a forum to debate the application of REMIT to specific market abuse cases, on the surveillance of wholesale energy markets and the coordination on REMIT cases. Convenes approx. 5 times per year.

  • REMIT Information Security Implementation Group (RISIG)

Provides support, advice and coordination on the definition and implementation of ACER's REMIT information security policy. Convenes on a quarterly basis and carries out, upon request, ad hoc peer reviews of NRAs' compliance with the policy.​

  • ARIS NRA User Group (ANUG)

Provides support to the end users of ACER's REMIT Information System (ARIS). Convenes virtually on a bimonthly basis.

ACER-NRA groups, committees and task forces
Cooperation
Coordination on cases
Events
See Also

Cooperation

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​​ACER works closely with various authorities and institutions to ensure proper implementation of REMIT. In particular, ACER strives to enable a coordinated and consistent approach to the execution of REMIT tasks, as well as the effective investigation of the wholesale energy markets.

Who do we cooperate with?

  • national regulatory authorities (NRAs) 

  • reporting parties 

  • field experts through the REMIT Expert Group 

  • academia and institutions 

Who do we cooperate with?
Documents

​Events

To further enhance interaction and exchange of ideas, ACER has been holding its annual Energy Market Integrity and Transparency (EMIT) Forum each September/October in Ljubljana since 2017. The event is attended by policy experts from the Member States, energy traders and consumers, transmission system organisations and NRAs.

ACER periodically meets with energy exchange surveillance technical experts and financial authorities via the Market Surveillance Forum (MSF) and the Energy Trading Enforcement Forum (ETEF).

ACER also regularly cooperates with the European​ Securities and Markets Authority (ESMA), the competent financial market authorities of the Member States and, where appropriate, national competition authorities. ACER also engages in international cooperation.

Memorandums of Understanding (MoUs)

The scope and practical terms of implementing the cooperation foreseen in REMIT is defined in a Memorandum of Understanding (MoU).

ACER has signed MoUs with NRAs, ESMA, organised market places (OMPs), and the US Federal Energy Regulatory Commission (FERC).

Whilst the MoU with the NRAs is a multilateral one, the MoUs with organised market places are bilateral. This allows organised market places to set out the content and procedures for the cooperation on more specific issues related to market monitoring under REMIT. ACER had signed MoUs with eight organised market places across the European Union.  ​

How do we cooperate?
National regulatory authorities (NRAs)
Reporting parties
REMIT Expert Group
Academia and institutions
Find out more about ACER’s Cooperation with:
Related Documents
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