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Pioneer Solutions Assists Customers with EU REMIT Reporting

Pioneer Solutions, a leading, global provider of energy portfolio and risk management solutions, announced today at the Energy Trading Operations & Technology Summit (ETOT) in London, an event focused on Back Office/Operations, Technology and Regulatory Reporting, that it actively works with its customers to comply with trade data reporting under the REMIT regulation of the European Union (EU).

REMIT is the Regulation of the wholesale Energy Market Integrity and Transparency. The main objective of REMIT is to outlaw market abuse in the wholesale gas and power market in Europe. Anyone who executes a trade for delivery inside the EU is subject to the rules, no matter where in the world they are based. In order to detect and deter market manipulation, energy trading is screened by the Agency for the Cooperation of Energy Regulators (ACER), and includes mandatory reporting of all physical and financial trades.

"Pioneer's Energy Trading and Risk Management (ETRM) platform was conceived with the back-office as a starting point and therefore offers the latest in data structure and processing capabilities", said Hugo Stappers, Directorof Sales & Marketing EMEA at Pioneer Solutions. "As a result, our TRMTracker and ComplianceTracker systems deliver superior output capabilities that position our customers to meet regulatory and compliance reporting requirements, such as REMIT."

Reporting of trades executed on Organised Market Places (OMP) started on October 7, 2015. All other trades, i.e. bilateral trades, need to be reported from April 7, 2016. While the October deadline was largely covered by the OMPs or other services to carry out the reporting on behalf of the market participant, the April deadline is more complex and requires to implement the right system solution to meet this challenge best.

Added Hugo Stappers, "It's not surprising that with today's increased regulatory requirements, market participants have a keen interest in Pioneer's TRMTracker system as their next ETRM solution".

About Pioneer Solutions 

Pioneer Solutions is a global provider of C/ETRM, environmental management and financial and regulatory compliance solutions. Serving utilities and trading companies across the globe, Pioneer’s Suite of flexible software applications deliver easy-to-use and integrated functionality for Trade Capture, Position Analysis, Portfolio Management, Risk Reporting and Settlement, thereby providing the insight and granularity to manage operations optimally. Our pioneering and award-winning software offers a user-configurable environment and designed for rapid deployment resulting in a lower total cost of ownership and enhanced customer satisfaction.