Sapient Global Markets and the European Energy Exchange to Enable REMIT Regulatory Reporting
Sapient Global Markets to help market participants connect to the EEX for REMIT reporting to ACER
FRANKFURT--(BUSINESS WIRE)-- Sapient Global Markets, a division of Sapient (NAS: SAPE) , today announced it has become a certified implementation partner of the European Energy Exchange (EEX), the leading energy exchange in Europe, to facilitate regulatory reporting in the European energy wholesale markets.
Sapient Global Markets and the EEX will work together to help firms comply with new wholesale energy market reporting requirements to the Agency for the Cooperation of Energy Regulators (ACER), which was mandated by the Regulation on Energy Market Integrity and Transparency (REMIT).
REMIT requires wholesale energy market participants to disclose insider information relevant for pricing in power and natural gas trading. The rules were designed to prevent market abuse and reinforce the transparency and integrity of wholesale energy markets. Information that is required to be reported by market participants includes data on the capacity, utilization and availability of facilities for the production, consumption, storage and transport of power, natural gas and LNG.
As a "Certified Service Provider", Sapient Global Markets will work with energy trading firms to facilitate connectivity to the EEX Transparency in Energy Markets portal, a centralized platform built to assist firms with REMIT disclosure and reporting obligations. The platform provides an industry-wide regulatory disclosure and reporting utility that enables firms to comply without having to build proprietary solution including connectivity to ACER.
"The new reporting requirements under REMIT have presented the industry with not only an operational challenge but also a data management challenge," said Steffen Köhler, Chief Operating Officer at EEX. "The EEX Transparency Platform was designed to reduce that burden through the centralization of reporting facilities and standardization of the data reported. We are pleased to be working with Sapient Global Markets, a firm with a unique blend of financial and commodities market infrastructure and regulatory reporting expertise, to facilitate a rapid yet smooth adoption of the platform."
Dr. Stefan Naumann, Director at Sapient Global Markets, said: "REMIT represents a significant reporting obligation with which energy trading firms must now be ready to comply. We look forward to applying our deep understanding of the energy markets and regulations to help market participants fulfill their REMIT reporting obligations via the European Energy Exchange."
The "Transparency in Energy Markets" platform operated by EEX is the neutral platform for energy market data which fulfills the statutory publication requirements and implements the market participants' voluntary commitments. Currently, 47 companies from Germany, Austria and the Czech Republic report data on the transparency platform www.transparency.eex.com.
About Sapient Global Markets
Sapient Global Markets, a division of Sapient® (NAS: SAPE) , is a leading provider of services to today's evolving financial and commodity markets. We provide a full range of capabilities to help our clients grow and enhance their businesses, create robust and transparent infrastructure, manage operating costs, and foster innovation throughout their organizations. We offer services across Advisory, Analytics, Technology, and Process, as well as unique methodologies in program management, technology development, and process outsourcing. Sapient Global Markets operates in key financial and commodity centers worldwide, including Boston, Chicago, Houston, New York, Calgary, Toronto, London, Amsterdam, Düsseldorf, Frankfurt, Geneva, Munich, Zurich, and Singapore, as well as in large technology development and operations outsourcing centers in Bangalore, Delhi, and Noida, India. For more information, visit www.sapientglobalmarkets.com.
Sapient is a registered service mark of Sapient Corporation.
Sapient Global Markets
Matt Pennacchio, +1-646-520-2737
KEYWORDS: United Kingdom Europe Germany
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