Energy Traders Organisation Successfully Reporting to UnaVista Trade Repository
EFETnet, the operational service organisation of European Federation of Energy Traders (EFET), is successfully live on UnaVista Trade Repository for the reporting of commodity trades. EFETnet´s customer base of over 100 users have the option to report their trades through UnaVista´s trade repository enabling them to meet their reporting requirements under EMIR. EFETnet began reporting transactions from 12 February 2014.
Under EMIR all derivatives trades, including commodities, involving EEA counterparties must be reported to an approved trade repository. The EFETnet electronic Regulatory Reporting (eRR) service is connected to UnaVista Trade Repository, using the Open Standard reporting format CpML (Commodity product Markup Language) created for the commodities market by EFET. Reporting firms have access to UnaVista’s interface to view their data, as well as dashboards that provide graphic overviews of their reports and exceptions. Mark Husler, CEO of UnaVista said: “We are delighted that the EFETnet community is able to benefit from UnaVista’s flexible interface with advanced reporting enabling them to ensure full compliance under the new EMIR reporting regulations. We have been closely with EFETnet to enable a smooth transition to the new rules for their customers and we are pleased with the levels of matching being achieved just weeks into the implementation of the regulation.” Hugh Brunswick, Managing Director at EFETnet said: “The cooperation with UnaVista has gone very well. Our members were able to utilise the UnaVista Trade Repository ahead of the 12 February go-live, enabling them to complete sufficient testing ahead of the 12 February go-live date." UnaVista Trade Repository went live for EMIR ahead of schedule and received circa 10 million reports on behalf of over 2,500 counterparties with a national value of more than £370 trillion on day one.