Sapient Global Markets and the European Energy Exchange to Enable REMIT
Sapient Global Markets to help market participants connect to the EEX for
REMIT reporting to ACER
FRANKFURT -- July 29, 2013
Sapient Global Markets, a division of Sapient (NASDAQ: SAPE), today announced
it has become a certified implementation partner of the European Energy
Exchange (EEX), the leading energy exchange in Europe, to facilitate
regulatory reporting in the European energy wholesale markets.
Sapient Global Markets and the EEX will work together to help firms comply
with new wholesale energy market reporting requirements to the Agency for the
Cooperation of Energy Regulators(ACER), which was mandated by the Regulation
on Energy Market Integrity and Transparency (REMIT).
REMIT requires wholesale energy market participants to disclose insider
information relevant for pricing in power and natural gas trading. The rules
were designed to prevent market abuse and reinforce the transparency and
integrity of wholesale energy markets. Information that is required to be
reported by market participants includes data on the capacity, utilization and
availability of facilities for the production, consumption, storage and
transport of power, natural gas and LNG.
As a “Certified Service Provider”, Sapient Global Markets will work with
energy trading firms to facilitate connectivity to the EEX Transparency in
Energy Marketsportal, a centralized platform built to assist firms with REMIT
disclosure and reporting obligations. The platform provides an industry-wide
regulatory disclosure and reporting utility that enables firms to comply
without having to build proprietary solution including connectivity to ACER.
“The new reporting requirements under REMIT have presented the industry with
not only an operational challenge but also a data management challenge,” said
Steffen Köhler, Chief Operating Officer at EEX. “The EEX Transparency Platform
was designed to reduce that burden through the centralization of reporting
facilities and standardization of the data reported. We are pleased to be
working with Sapient Global Markets, a firm with a unique blend of financial
and commodities market infrastructure and regulatory reporting expertise, to
facilitate a rapid yet smooth adoption of the platform.”
Dr. Stefan Naumann, Director at Sapient Global Markets, said: “REMIT
represents a significant reporting obligation with which energy trading firms
must now be ready to comply. We look forward to applying our deep
understanding of the energy markets and regulations to help market
participants fulfill their REMIT reporting obligations via the European Energy
The “Transparency in Energy Markets” platform operated by EEX is the neutral
platform for energy market data which fulfills the statutory publication
requirements and implements the market participants’ voluntary commitments.
Currently, 47 companies from Germany, Austria and the Czech Republic report
data on the transparency platform www.transparency.eex.com.
About Sapient Global Markets
Sapient Global Markets, a division of Sapient® (NASDAQ: SAPE), is a leading
provider of services to today’s evolving financial and commodity markets. We
provide a full range of capabilities to help our clients grow and enhance
their businesses, create robust and transparent infrastructure, manage
operating costs, and foster innovation throughout their organizations. We
offer services across Advisory, Analytics, Technology, and Process, as well as
unique methodologies in program management, technology development, and
process outsourcing. Sapient Global Markets operates in key financial and
commodity centers worldwide, including Boston, Chicago, Houston, New York,
Calgary, Toronto, London, Amsterdam, Düsseldorf, Frankfurt, Geneva, Munich,
Zurich, and Singapore, as well as in large technology development and
operations outsourcing centers in Bangalore, Delhi, and Noida, India. For more
information, visit www.sapientglobalmarkets.com.
Sapient is a registered service mark of Sapient Corporation.
Sapient Global Markets
Matt Pennacchio, +1-646-520-2737
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