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The Central Matching Services (CMS) is a central platform offering straight through processing to energy trading market participants including trades, brokers, clearing houses, and trade repositories. The CMS provides a simple interface via a web-based Graphical User Interface (GUI), allowing uses to monitor activity in real-time.
Through the CMS, users can access electronic Confirmation Matching (eCM), electronic eXchange Related Processing (eXRP), and electronic Regulatory Reporting (eRR).
For further information about each service, please visit Products
Equias provides a locally installed messaging component. This interfaces with your relevant local software (ETRM system, reporting warehouse, etc.) and provides a secure, guaranteed interface to the CMS.
When implementing CMS modules, you may need to refer to a standard set of codes as defined in the EFET Standards. All these codes are listed (and available for download) on the EFET Static Data site
Unless requested by a Licensed User the eCM CMS will retain all Licensed User data while the service remains offered by Equias.
The CMS is hosted by a top tier hosting partner, recommended by the UK Ministry of Defence, for the level of security they deliver, with a full resilient plan for any DR situation, including a full failover installation at a separate location.
Organisations joining Equias and connecting to CMS eCM must complete the CMS Accession Agreement. Organisations migrating from the legacy Equias Peer to Peer eCM solutions to CMS eCM must complete the CMS Addendum.
All Legal documentation is available in Contracts
Implementation can vary significantly based on an organisation’s readiness; both in terms of technical set up and business processing. Organisations must first connect to UAT environment for testing and assurance, prior to migrating to CMS Production.
As a minimum we recommend an organisation to plan for 6 weeks for end-to-end implementation.
The EFET eCM Standard provides a list of products which can be confirmed in CMS eCM.
The CMS GUI is accessible to users showing real-time data flow through CMS eCM. Access to the CMS GUI is controlled by our firewall, granting access only to users from recognised IP addresses of licensed users.
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
Unless requested by a Licensed User, the CMS eCM will retain all Licensed User data while the service remains offered by Equias. No eCM data is purged from CMS.
eCM lite is 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 European electronic confirmation community. With eCM lite your company will comply with regulatory rules for timely confirmation.
The CMS eCM lite fee schedule is available on the Equias website
eRR is currently connected to DTCC, Regis-TR, and UnaVista for EMIR trade reporting with an interface to ICE TradeVault in progress, plus the DTCC for Dodd-Frank and ODRF reporting. When reporting to ACER under REMIT is live, eRR will support this also.
Equias are keen to broaden the reporting scope through eRR and are happy to investigate requests to connect to additional TRs if required. Please contact the Equias Support Team for further discussion.
The CMS GUI is accessible to users showing real-time data flow through CMS eRR. Access to the CMS GUI is controlled by our firewall, granting access only to users from recognised IP addresses of licensed users.
eRR supports straight through processing to enable users to integrate real-time status changes to be reflected in internal systems.
There are no initial connection costs and the CMS eRR fee schedule is available on the Equias website.
eXRP provides a universal interface to brokers to connect to clearing services, and vice versa, for the registration of off-exchange cleared and clearable products. eXRP also offers a simple portal for participants (traders, brokers, exchanges) to view and monitor the progress of their cleared deals from execution through to clearing.
The CMS eXRP fee schedule is available on the Equias website.
Eligible energy market transactions need to be reported under regulatory regimes such as EMIR and REMIT. Both these regimes permit one counterparty (or an agent like a broker or exchange) to report on behalf of the other counterparty (or the agent’s clients). Bilateral trades executed directly between two counterparties are typically reported by only one party, who report on their own behalf and report on behalf of (ROBO) the other counterparty. In this ROBO relationship the reporting party is referred to as the Reporter and the other party as the Reportee.
An SMT is a market participant whose is typically not directly active in the wholesale trading market but who is probably a consumer or producer of significant amounts of energy requiring a relationship with one or more energy trader(s) who is active in the wholesale energy market. SMTs use their relationships with wholesale energy market participants to help to balance and manage their energy needs without the need to become active themselves in the wholesale energy market. There are a large number of SMTs in the European energy market, together SMTs form a market segment of their own called the SMT market segment or SMTs for short.
Equias wants to increase market participation and trading activity as this benefits the whole European energy market. Equias’ services to SMTs aim to minimize the costs and complexities associated with trading to encourage greater activity in the largest segment (the SMT market segment) of the European energy market. One barrier to participation is regulatory compliance and the reporting obligations associated with it. Equias initial service offers SMTs access to trade data reported on their behalf so that an SMT can efficiently and easily meet their compliance obligations – for free. However regulatory reporting is just one barrier to market for SMTs, for more information on Equias’ other SMT services please contact firstname.lastname@example.org
The service is offered free of charge, please see the Fee Schedule (page 8, CMS - SMT Pricing Schema 2019)
The Reportee is the end customer to the transactions or events which are logged and reported on their behalf by the Reporter. Nonetheless, under the various regulatory reporting regimes, the Reportee remains legally responsible for the correctness of all data reported under their name. By using the service as offered, you will be in the position to view what has been reported on your behalf, can query results and show to your external auditors that you have process controls in place.
You can become a user in any of the following three ways:
- Ask your Reporter to contact Equias Service Team to follow up with you
- Contact the Equias Service Team directly at email@example.com
- Receive an on-line account and free access to the regulatory data being reported on your behalf, by signing up using our registration service https://www.portal.equias.org
An autonomous, efficient and effective way to monitor reporting of your trading activities in real time:
- Clear straightforward overview of your reported trades, per reporter and per jurisdiction, including regulatory results
- Overview including regulatory results accessible online and easy to download
- Full access to underlying details of both reported trades and status of all submitted reports within reporting process
- Easy access to reported files (XML) for compliance purposes
- No IT integration project required
Users sign Equias’ standard Accession Agreement and the Annex 1 (being the Data Processing Agreement according to GDPR (DSVGO)). Both documents can be found here.
By signing the Accession Agreement, your company adheres to Equias GTCs which govern Equias services, including SMT services. You will need to complete your company name, address and contact information and check the services you wish to sign up for, eg, Central Matching Service SMT Services Phase 1 – Full Service (CMS SMT). All users of all Equias’ services sign-up to the exact same terms hence there are no special arrangements with any user – see further below for more detail.
Equias’ Data Processing Agreement (DPA) is a mandatory document for GDPR compliance and forms part of Equias’ standard terms signed with all Licensed Users of Equias’ services. The DPA contains information in relation to processing of personal data of Licensed Users by Equias as part of its service performance.
To explain this we need to go back to the history of Equias, leading to the background of Equias’ approach to services, terms and pricing.
Equias, formerly known as EFETnet B.V., was set up in 2004 by the European Federation of Energy Traders (EFET)to deliver the benefits of electronic data exchange standardisation which was first pioneered by EFET and its members. Since 2011 Equias has offered the Central Matching Service (CMS), a central platform offering Straight Through Processing to over 700 energy trading entities. The CMS, a one-stop-shop solution, simplifies operations, reduces internal support effort and costs and improves business usage by offering a fully outsourced set of services for electronic Confirmation Matching (eCM) and electronic Regulatory Reporting (eRR) for mandatory reporting. Equias was set up as a cost sharing vehicle for the energy trading industry and develops and offers advanced software for automated energy trading at the lowest cost, based on open market standards.
Regarding Equias contractual terms (GTCs), these were drafted at their inception in consultation with the industry and to ring-fence liability of Equias as a cost-sharing industry vehicle and were under German law to keep these terms back-to-back with Equias ´s main providers and liability cover arrangements. These GTCs have been generally accepted by the industry, including traders, brokers or exchanges over the years. Hence, Equias is not able to deviate or amend such contractual terms since, it needs to treat all Licensed Users equally and apply consistent pricing to all Licensed Users. This principle applies to all Equias’ services.
In relation to eRR REMIT reporting, Equias worked over several months with different stakeholders, including OMPs and MPs to standardize its terms and align them to standard reporting agreements published by industry associations (eg, the JEAG-LEBA REMIT Reporting Agreement). Reporters and Reportees (who sign up to Equias’ regulatory reporting service for SMTs) are subject to the same GTCs and sign the exact same Accession Agreement.
In summary, given our historic structure as industry cost-sharing vehicle we have a strict governance that prevents us from having any special arrangements with a Licensed User to ensure GTCs and pricing apply equally to all Licensed Users underpinned by a standard non-negotiable set of GTCs, schedules, annexes, fees or Accession Agreement
No. All customers are governed by the same contractual rights and obligations as set out in the Accession Agreement, thus all use the same contract. You will receive a pre-filled version of the AA and DPA upon registering – which we ask that you sign and return.
Equias’ regulatory reporting service for SMTs comes at no cost to you. Should Equias decide to introduce a cost, Equias is bound to announce this to you in writing, giving you 14 days’ time to terminate the agreement. After that period, standard termination rights are still available (three-month notice period and no additional hidden costs), should you wish to end your subscription to the service you can do so at any time.