NASDAQ REMIT REPORTING

Transcription

1 NASDAQ REMIT REPORTING

2 AGENDA Nasdaq Nordic Exchanges and Nasdaq members obligation Nasdaq as by ACER approved Registered Reporting Mechanism (RRM) Reporting to other RRMs Agreement and fees Technical set up of the done by Nasdaq Nasdaq system TRACK Customer testing Backloading Next steps Questions

3 REMIT, EMIR AND NASDAQ OMPs Two Nasdaq Exchanges included on ACER s list of Organized Market Places (OMPs) Nasdaq OMX Oslo ASA (norwegian company) Nasdaq OMX Stockholm AB (swedish company) All products listed on those Nasdaq OMPs and which are covered by REMIT reporting obligation are cash settled derivatives no spot products All those products and contracts are today cleared by the Nasdaq CCP, and covered by EMIR reporting obligation, and are therefore reported to Trade Repository by Nasdaq CCP and its clearing members Nasdaq OMPs offer REMIT Trade Reporting Facility via Nasdaq OMX Broker Services as the RRM and Nasdaq regulatory reporting system TRACK The customers to the service may be Nasdaq OMPs trading members, but also other market participants

4 NASDAQ OMPS AND THEIR RRM Nasdaq OMPs will not register themselves with ACER to become RRMs Nasdaq OMPs will use Nasdaq owned entity Broker Services as their RRM Nasdaq OMX Broker Services is a wholly-owned subsidiary of the Nasdaq Group, is today performing MIFID Transaction Reporting (TRS) and EMIR Trade Reporting on behalf of the Nasdaq Exchanges, CCP, and the Nasdaq trading and clearing members. Nasdaq OMX Broker Services has been approved RRM with ACER as a Third Party RRM (i.e. not being a Market Participant itself) Every member requesting of their Nasdaq OMPs reportable data will need to enter into legal agreement with Nasdaq Broker Services

5 THIRD PARTY RRMS Connection to other or even multiple third party RRMs is not a regulatory obligation for any OMP Nasdaq plans to offer forwarding the REMIT reports to other third party RRMs. Every connection to a Third Party RRMs is costly and technically complicated, and demands Nasdaq entering legal agreements and setting up secure data transfer mechanisms subject to monitoring and surveillance There is no harmonization yet between RRMs as to the legal or technical aspects! (as there is no between TRs in EMIR ) Right now EFETnet as the target appointed third party RRM, hopefully by the start of the reporting in October pending both the legal and technical set up A few questions received from Nasdaq members interested in REGIS TR, Trayport, and NPS as the possible alternative RRMs. No decision taken.

6 FEE SCHEDULE No start up fees ORDERS Reporting of Nasdaq OMP orders through Nasdaq RRM to ACER (The Customer is pointed as Principal and the beneficiary is left blank) 3000 SEK/month Reporting of Nasdaq OMP orders to Third Party RRM (The Customer is pointed as Principal and the beneficiary is left blank) 4000 SEK/month Additional Service of using Nasdaq TRACK functionality and order reference data to build up and use beneficiary data for Agent orders 3000 SEK/month TRADES Additional service; reporting of all the Customer Nasdaq REMIT trades (to ACER or to Third Party RRM) 3000 SEK/month

7 TECHNICAL SET UP

8 REPORTING PROCESS Nasdaq creates reports on T+1 at 5 a.m. CET Reports are available on the Customer TRACK webpage immediately after creation Beneficiary field will be blank on all reports if no corresponding reference found in the beneficiary registry (or registry not used) The Customer can downlaod, edit and lock the reports, e.g. add/change the beneficiary, agent/principal marking etc. Download/Upload is done in csv format At noon TRACK will send the reports to ACER or to the Third Party RRM. Feedback from the Receiver is registered real time in TRACK. Copy of the sent report will be sent to Nasdaq FTP server (optional). This copy is in ACER XML format ( ftp.nordic.nasdaqomxtrader.com) After Nasdaq has received feedback TRACK generates status reports that are sent to the Customer pre-registered (number of sent, received, accepted, and failed) To see the failure details the Customer will need to log into TRACK Nasdaq monitors sending and failures, and will correct those that are caused by internal reasons

9 STATUS ALERTS BY

10 REPORT STATUS IN TRACK

11 FAILURE DETAILS

12 EDITABLE REPORT DETAILS IN TRACK

13 REPORTABLE DATA BATCH UPDATE

14 BENEFICIARY CONNECTION TO ORDER REFERENCE FIX message (example) 8=FIX.4.4 9=309 35=8 49=GENIUM_TEST 56=NCOM13 34=1 52= :20: =5AE80A F7 11=NONE 453=1 448=SEFP 447=D 4 52=1 17=1 150=0 39=0 1=LJCLIENT 20009=LJFREETXT 70=LJCUSINF 55=EN OPLQ = =M 54=1 38= =2 44= =0 528 =A 151= =0 6=0 60= :20: =Y 10=249 Mapping FIX fields track profile trade settings FIX -field TRACK - profile trade settings 1 Account Beneficiary account OrderReference Beneficiary reference 70 AllocID Beneficiary AllocID

15 BENEFICIARY MAPPING IN TRACK

16 GENERATED REMIT REPORT

17 NEW FIELDS FOR BENEFICIARY SEARCH

18 REMIT REPORTING SERVICE AGREEMENT SET UP General Terms Service Application Form Fee Schedule Service Description Master user form

19 SERVICE APPLICATION FORM

20 MASTER USER FORM Nasdaq sets up customer master user in TRACK Customer master user sets up customer s own users in TRACK

21 SET UP CUSTOMER USERS IN TRACK

22 END CUSTOMERS AND/OR BENEFICIARIES? It is the Agency s understanding that all contracts traded at organised market places are reportable records of transactions of wholesale energy products and should be reported in line with Article 8(1) of REMIT and with the rules defined in the Commissions Implementing Regulation (EU) No 1348/2014. Having said that, final customers contracts traded at organised market places should be reported to the Agency and the final customer is required to register in line with Article 9(1) of REMIT Nasdaq CCPs Clearing Clients as final customers- have to register as market participants and get the ACER code

23 BACKLOADING No real guidance yet from ACER regarding backloading of ETD data Contracts outstanding on the 7 th of October have to be reported ORDERS; Our understanding right now no backloading of order data (eg. open orders entered before the 7 th of October). Open orders entered prior the 7th and that are modified on the 7 th will be reported on the 8th TRADES; Our understanding all Nasdaq REMIT covered trades are cleared and already reported under EMIR. Brokers who always give up the trades on T and never report them under EMIR - have no obligation to report those trades. Deadline for backloading 90 days after reporting starts. Hopefully more guidance by then!

24 NASDAQ ACER AND LEI CODES Nasdaq OMX Broker Services codes used in are ACER code: test: B X.SE prod: B X.SE LEI: OJDZ5EI8HQVB61 Nasdaq OMPs are identified in reporting with MIC codes, Nasdaq OMX Oslo ASA NORX Nasdaq OMX Stockholm AB - XSTO

25 NEXT STEPS Member testing available from the 4 th September. Nasdaq test environment (Genium External Testsystem) EXT1 connected to reporting system TRACK test In order to get access to EXT1 contact Nasdaq Member Services To get access to TRACK test, send to tradereporting@nasdaq.com To access the agreement and service forms contact tradereporting@nasdaq.com