FAQs

There is no manual upload functionality for EMIR reporting. Clients are able to send EMIR CpML documents via our XP Messenger to eRR to meet their EMIR reporting obligations. 

eRR is currently connected to DTCC, Regis-TR, and UnaVista for EMIR trade reporting.  eRR is also a Registered Reporting Mechanism (RRM) for reporting under REMIT to ACER and to Elcom for Swiss clients. It is also possible to report transaction under MiFID II to Una Vista in its capacity as an ARM.

Any eRR client can see a real time view of what has been reported for their company via the eRR application, regardless of who has reported the trade – the trader, their OMP, or their counterparty.

For more information on pricing and the fee schedule, please contact Equias at support@equias.org, or call us on +44(0)1372365760. 

Equias’ mission is to increase market participation and trading activity as this benefits the whole European energy market. Equias’ services to smaller traders aims to minimise the costs and complexities associated with trading to encourage greater activity in the largest segment of the European energy market. One barrier to participation is regulatory compliance and the reporting obligations associated with it. Equias enables smaller traders to access trade data which has been reported on their behalf in a simple real-time application. This ensures they can efficiently and easily meet their compliance obligations – for free.

You can sign up to the Equias service at https://www.equias.org

Spot markets have been included in eTM since 2018. The white paper Energy Spot Market Data in Trade Monitoring includes a more detailed investigation of the issues involved. If you are interested in participating in the Spot Data Special Interest Group or learning more about their work please contact support@equias.org

eTM includes all client data that Equias has reported to regulatory authorities on behalf of the client through Equias' eRR service, including OTC brokered trades and orders, exchange executed trades and orders and bilateral trade data. Additionally, clients can augment the dataset with: 

• Additional REMIT client data that has been reported through other routes and has not been reported through Equias' eRR service (e.g. exchange data that the client may have opted to report via the exchange).
• Additional non-REMIT client data for markets the client trades on ICE, including oil, emission and coal trade and order data, using eTM's direct ICE data feed. 

The eTM interest group has identified the critical abuse patterns for the European energy trading market. This is the core set which includes:
Insider Trading, Wash Trades A2A and A2B, Spoofing, Market Cornering, Off Market Pricing, Layering, Marking/Slamming the Close etc. 

eCM implements standardised business processes compliant with the EFET eCM Standard that automates the exchange and processing of data between traders and brokers. The EFET eCM standard is available here

Yes, eCM facilitates confirmation matching bilaterally, either between two counterparties or between a trader and a broker; and trilaterally between two trading organisations and a broker.
Processing for each scenario is described in the EFET eCM Standard

The EFET eCM Standard provides a list of products which can be confirmed in eCM. The eCM service also provides a detailed break down of all permitted products allowing users to define which products they want to include in electronic confirmation matching on the live service.

Organisations signing up with Equias and connecting to eCM must complete the Equias Accession Agreement or the Abridged Addendum to add eCM to their portfolio of Equias services, if they already have an Accession Agreement in place. Equias also provides clients with a standard Data Processing Agreement (DPA) which should also be executed in conjunction with the other contractual documentation if it has not already in place. For more information on the necessary legal documentation, please contact support@equias.org

Implementation can vary significantly based on an organisation’s readiness; both in terms of technical set up and business processing.  Clients should first connect to UAT environment for testing and assurance, prior to migrating to production.

As a minimum we recommend a client plan for 6 weeks for end-to-end implementation.

Any eCM client can see a real-time data flow of the confirmation process through eCM.

For more information on pricing and the fee schedule, please contact Equias at support@equias.org, or call us on +44(0)1372365760. 

For more information on pricing and the fee schedule, please contact Equias at support@equias.org, or call us on +44(0)1372365760. 

For more information on pricing and the fee schedule, please contact Equias at support@equias.org, or call us on +44(0)1372365760. 

Equias offers eCM lite –an on-line tool aimed at small trading companies without the time or resources to implement full end to end electronic confirmation matching. eCM lite gives your company access to the complete European electronic confirmation community. With eCM lite your company will comply with regulatory rules for timely confirmation.

The scope of eSM includes: fixed and floating price, physically delivered electricity and natural gas OTC contract settlement as well as settlement of purely financially delivered swaps.

Invoices and netting statements can be uploaded by direct file upload via the CMS or automatically using the same mechanism used for other Equias services like eCM and eRR (the XP Messenger). The automatic connection requires invoice and (optionally) netting documents to be submitted in the CpML standard format. The manual upload function accepts CpML formatted documents, it also accepts invoices in the CSV format making it easy to use eSM without the need for technical integration. 

eSM includes the matching of invoices and the (optional) matching of netting statements between counterparties. The current scope of trade types that can be invoiced using eSM includes fixed price and floating price physical forwards and fixed for electricity and natural gas and floating swaps for any underlying within the scope of the CpML data format.

The main purpose of eSM is to achieve end to end automated settlement and payment. The matching result from eSM are fed into a companies internal finance system (such as SAP) in order to automate the triggering of payments out and the monitoring of payments in.

eSM is an electronic settlement process meaning that invoice and netting documents are electronic and that they replace ‘physical’ invoice and netting documents, which consequently are no longer issued. 

Equias’ eSM service is already live and in use with counterparties who together account for over 1/3 of the electronically confirmed EU energy market OTC trade volume. The manual invoice upload capability means that anyone interested in joining eSM can do so. If you are interested in testing invoice matching with another counterparty then please contact the Service Team (support@equias.org) and they will be glad to help by setting up a test account on the eSM service for you so that you can start test matching with other users and learn about the service before potentially going live yourself.

The eSM service must be fed with invoices and the matching results can be uploaded to your organisation’s finance system to complete the payment process. However both these processes can be operated manually. The business case for integration of eSM with the other systems within your organisation depends on the volume of invoices you process each month and the savings that fully automation would bring. Since OTC settlement currently operates on a monthly cycle, manual usage of eSM is feasible especially for organisations with lower volumes of invoices each month. Equias’ eBO service, provided through certified partners, means that the partner products come with ‘Equias inside’ and support eSM, eRR and eCM. With these products already integrated eBO offers the possibility of ‘out of the box’ automating your back office processes with no technical integration effort and no manual uploading or data entry required.

Yes, invoice documents can be uploaded manually into the matching process, so there is no need to integrate your source systems technically, unless your invoice volume justify the investment. Equias’ eBO service, provided through certified partners, means that the partner products come with ‘Equias inside’ and support eSM, eRR and eCM already integrated ‘out of the box’ automating your back office processes with no technical integration effort and no manual uploading or data entry required.

Invoices are tax documents and can be issued electronically within the EU, however for compatibility with the broader settlement process within companies some organisations choose to store human readable versions of the invoice documents as well. It should be noted however that once live with a counterparty using eSM the ‘physical’ invoice or netting documents must not be issued to the counterparty, otherwise the counterparty may feel obliged to continue processing the paper invoices received in parallel with the electronic matching achieved through eSM, thereby losing the efficiency benefits of automation.

Invoices are tax documents and can be issued electronically within the EU, however for compatibility with the broader settlement process within companies some organisations choose to store human readable versions of the invoice documents as well. The eSM service from Equias also provides pdf invoice outputs, which should be strictly used for purposes within the local organisation. The pdf documents produced by the Equias eSM service must not be issued to the counterparty, otherwise the counterparty may feel obliged to continue processing the paper invoices received in parallel with the electronic matching achieved through eSM, thereby losing the efficiency benefits of automation. 

In Italy electronic invoices are centrally collected and distributed by law, but they are not matched. eSM is a bilateral electronic invoicing matching solution meaning that counterparties in any country can match their invoices electronically. In order to comply with the local legal requirements in Italy, a version of each eSM invoice must be provided to the Italian central electronic invoicing system, but this requirement extends only to organisations within the jurisdictional scope of the Italian authorities.