REMIT legal architecture generally use the term "wholesale energy product" when referring to contracts for the supply and transportation of gas and electricity within the European Union, however the definition of the "transaction" is relevant for the reporting scheme.
ACER's Trade Reporting User Manual (TRUM) explains the term "transaction" indicating that transactions can only occur for a specific contract.
Market participants submit orders (bids and offers) to the organised market place as an indication of their willingness to trade the contract for the delivery of the product.
In the case of an auction market, the organised market place will produce all trade results at the close of the auction period.
The term "transaction" has to be differentiated for REMIT reporting purposes from the "contract". The said distinction is reflected with the standard and non-standard reporting forms (as laid down in the Tables in the Annex to REMIT Implementing Regulation No 1348/2014), where standard form (applying to organised market places reporting) requires to report data on the "transaction", while the non-standard form (used for reporting trades concluded outside organised market places) requires to report data on "contract".
The meaning of entering into transaction in REMIT is also different that the meaning of entering into transaction in EMIR, where the former refers to entering into transaction in "wholesale energy markets" and not to be counterparty to a contract, as CCPs or clearing members do.
Data fields of the REMIT reporting format related to transaction details (standard supply contracts)
REMIT implementing acts include the following fields when it comes to transactions' reporting:
30. Transaction timestamp
31. Unique transaction ID
32. Linked transaction ID
33. Linked order ID
36. Index value
37. Price currency
38. Notional amount
39. Notional currency
41. Total notional contract quantity
42. Quantity unit for field 40 and 41
43. Termination date