LSE's UnaVista applies to become a Registered Reporting mechanism for Remit
- REMIT requires energy contracts to be reported to a RRM
- Clients able to report for EMIR, MiFID and REMIT through one interface
- Provides firms with a consolidated view of their direct and indirect reported trades
- UnaVista platform helps clients reduce regulatory and operational risk
UnaVista, London Stock Exchange Group’s global regulatory reporting platform, has applied to be a Registered Reporting Mechanism (RRM) ahead of the introduction of REMIT* in October 2015.
REMIT will require any firm who trades wholesale energy contracts to report details of these trades to a RRM. The trades will then be sent on to the Agency for Cooperation of Energy Regulators (ACER) for monitoring purposes and market abuse controls.
UnaVista’s REMIT solution will be built using the same technology as its EMIR Trade Repository and MiFID Approved Reporting Mechanism (ARM), giving clients the unique opportunity to see all of their reportable transactions through a single provider and one interface.
Mark Husler, CEO UnaVista said: “This will provide another opportunity for customers to benefit from our industry leading reporting solutions. UnaVista captures clients’ transactional data from multiple sources, using its Rules Engine technology to determine which trades need to be reported under each regulation. UnaVista provides a centralised transaction collection, validation and enhancement platform, whilst also giving clients access to a wide range of business insight to improve their efficiency. Firms using UnaVista can be confident they only need to connect to one platform for all of their future reporting regulations, including the implementation of REMIT this year and MiFIR reporting in 2017.”
UnaVista’s RRM will allow firms to have one consolidated view of their direct and indirect reported trades. UnaVista will have a UAT system in place for clients to test with by summer 2015 and will also be providing a number of preparation webinar sessions for clients who want to fully understand their reporting obligations.
UnaVista is London Stock Exchange Group’s hosted matching and reconciliation platform. It provides a range of services designed to help firms reduce their regulatory and operational risk. Services include regulatory solutions including the award-winning EMIR Trade Repository, MiFID Approved Reporting Mechanism, AIFMD and short-selling reporting services. Trade confirmation matching, reconciliation and data solutions such as LEI allocation and lookup are also available.
* Regulation on Wholesale Energy Markets Integrity and Transparency (REMIT)