Trayport has extended its partnership with European trade repository for derivative transactions REGIS-TR for REMIT reporting.

Users of energy trading solutions provider Trayport are now able to report their obligations under the Regulation on Energy Market Integrity and Transparency (REMIT).

"We already have successful connectivity with REGIS-TR for Emir and we are delighted to extend this for REMIT reporting," said Paul Rennison, Trade Services Management at Trayport. 

"Trayport connectivity to RRMs has been driven by client feedback and additional RRMs will be supported as required."

REMIT mandates the reporting of wholesale energy market contracts within the EU to a Registered Reporting Mechanism (RRM). 

Standardised contracts on organised market places will need to be reported from October 7 2015 onwards. The REMIT reporting obligation for all other contracts will enter into force on April 7 2016.

Many market participants trade on multiple organised market places as well as bilaterally. This fragmentation makes it difficult to meet the regulatory reporting requirements in an efficient manner, according to Trayport.

Trayport's trading platform combined with REGIS-TR’s Registered Reporting Mechanism enables participants to report trades executed at various marketplaces from a single source. The firm says that this provides a comprehensive overview and consolidated reporting of their trades, which reduces the cost and operational burden associated with multiple counterparties and RRMs.

"The new service for REMIT reporting meets the same high standards participants have come to expect from the existing collaboration between Trayport and REGIS-TR for Emir reporting. As an Emir-registered trade repository, the regulatory supervision of REGIS-TR considerably exceeds the safety requirements of the REMIT RRM regime," said David Retana, managing director at REGIS-TR.