An order, either in an auction or on a continuous market, is always considered within the REMIT legal framework as a bid or offer for the purchase or sale of the contract for the delivery of the product.


REMIT generally uses 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 "order" is relevant for the reporting scheme.


As the ACER's Trade Reporting User Manual (TRUM) explains, 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.



ACER's clarification on orders to trade


The reporting of orders to trade is an important requirement that enables the Agency and the NRAs to detect possible cases of market manipulation. The Agency understands that, under the REMIT transaction reporting regime, all orders that are visible to market participants on organised markets shall be reported to the Agency.


The financial market legislations suggest that the notion of order for the purpose of Article 25 MiFIR includes quotations on trading venues. This is consistent with the approach taken in Article 17(2) MiFID. In particular 'order' includes quotations on RFQs (Request for Quotes) and voice broking systems operated by a trading venue where such quotations are advertised through the trading venue's system.


Therefore, the Agency is of the understanding that the reference to orders includes quotations on trading venues such as Indication of Interest (IOI) advertised on the screens of the organised market places, while according to Article 7(3) of the REMIT Implementing Acts, orders placed in brokers' voice operated services are not reportable, unless they appear on electronic screen or other devices used by the trading venue. These orders shall thus only be reported at request of the Agency.


With regard to orders to trade in auction markets, Article 7(2) of the REMIT Implementing Acts states that "In the case of auction markets where orders are not made publicly visible, only concluded contracts and final orders shall be reported. They shall be reported no later than on the working day following the auction." This indicates that only orders that are admitted to the final auction have to be reported. For example, in the situation where an order is placed in an auction platform and then modified, the initial order is not a reportable order but the latter order is, if it is valid when the actual auction takes place.


Orders on spreads


Orders on spreads are orders that are placed by market participants on the screen of the organised market place with the intention to enter into a transaction made up of more than one contract (leg) at the same time. An example of such orders is those placed on the broker platforms to trade a dirty spark spread. Only orders on spreads that consist of wholesale energy products are reportable under REMIT.


As the REMIT reporting obligation encompasses both gas and electricity contracts, any spread trade which includes an underlying which is outside the scope of the REMIT reporting obligations (e.g. coal, oil, carbon emissions) falls outside the scope of orders on spreads reportable under the REMIT reporting regime. If a market participant places an order on a spread different than the dirty spark spread (electricity and gas), that order should not be reported to the Agency. In this case, only the individual transactions falling under the scope of REMIT will be reported to the Agency.


Furthermore, organised market places or trade matching systems may advertise spread trade opportunities for their clients on their screens. These types of advertised spreads such as spark, dark, inter period, inter product, ratios, cleared vs. non-cleared spreads should not be considered orders to trade as these are not placed by their client, the market participant. Trades which results from such spread are not different from trades that are executed manually by the market participant and should be reported as two or more separate transactions.


Source: TRUM



In turn, the rules of the organised market place determine whether the market participant's submission of orders results in a transaction. In the case of a continuous market, an order placed by a market participant will result in a sequenced set of events that may produce a transaction.


In the case of an auction market, the organised market place will produce all trade results at the close of the auction period.


An order report is a representation of orders submitted by a market participant or by an execution venue on behalf of a market participant and represents the willingness to trade a contract with a determinable price and volume.


Orders' reporting


The distinction between REMIT and EMIR should be noted, where under the former legislative framework orders must be reported while under the EMIR reporting scheme do not.


Under REMIT orders have to be reported only:

(i) when the order was placed on an organised market place or

(ii) in connection with proceedings on primary explicit capacity allocation.


Data fields of the REMIT reporting format related to order details (standard supply contracts)


REMIT implementing acts include the following fields when it comes to orders' reporting:

13. Order ID

14. Order type

15. Order condition

16. Order status

17. Minimum execution volume

18. Price limit

19. Undisclosed volume

20. Order duration.



Order type - Data Field No 14 of the REMIT reporting format


BLO=Block: an order which is linked to one or more other orders for the purpose of trading (same price) irrespective of whether the periods (e.g. half hours, hours) are contiguous.


CON=Convertible: an order which under market conditions may be converted from a block order to a single hourly order.


COM=Combination: an order which refers to two or more orders concerning different series and where the respective orders are executed simultaneously.


EXC=Exclusive: a complex order type where the linked order is the exclusive order, i.e. only one of the orders can be transacted.


FHR=Flexible Hour: a specific order that can trade at any hour provided that the price and volume are matched.


IOI=Indication of Interest: quotations on trading venues such as Indication of Interest advertised on the screens of the organised market places.


LIM=Limit: an order submitted with a specified limit price; the order executes either in part or in full at its limit price or better.


LIN=Linked: an order where there is a dependency on/from another order for choosing to trade either one or the other or both orders.


LIS=Linear Step: an order where the specified step range is matched linearly.


MAR=Market: an unpriced order that will execute against the best priced orders.


MTL=Market to Limit: a market order that executes at the best price, with any unexecuted portion stored in the book as a limit order.


SMA=Smart Order: an order can be either against a financial or physical contract.


SPR=Spread: an order where the order contains more than one contract e.g. taking either long or short position in different contracts.


STP=Step: an order which defines a specific step range or step price.


VBL=Variable Block: an order in which the block quantity can vary, i.e. different quantity at different hours.


OTH=Other: an order that has not been identified by one of the existing order types.


Source: TRUM




Order condition - Data Field No 15 of the REMIT reporting format


AON=All or None: an order which must fill in full otherwise it will remain on the book until the entire volume has been matched.


FAF=Fill and Float: an order which will be killed immediately after matching with any available volume on the order book; if not filled at all, it stays in the market.


FAK=Fill and Kill: an order which must be filled as much as possible immediately upon entry; otherwise, it is removed from the order book.


FOK=Fill or Kill: an order which must fill immediately in full when it is entered into the book; otherwise, it will be removed without trading.


HVO=Hidden Volume: an order that has a hidden quantity, which is part of the total quantity of the order.


MEV=Minimum Execution Volume: an order which specifies a minimum volume of the order that has to be matched to allow trading.


OCO=One Cancels Other: an order which if triggered cancels another order.


PRE=Preference: an order which will trade with a specific participant or participants in preference of others.


PRI=Priority: an order which has a priority obligation for trading, i.e. it cannot trade with a participant within its own group.


PTR=Price Trigger: an order which will not be available for execution unless a specific trigger price is reached, similar to a Stop Loss, but may be triggered across product pricing, i.e. the price trigger may be based on a different contract or index.


SLO=Stop Loss Order : an order that is submitted to the market as a limit order or market order once a certain price condition of an instrument is met.


OTH=Other: an order that has not been identified by one of the existing order condition.


Source: TRUM





Expired orders' reporting


There is no need to report the order report for Order status EXP (Expired) if this can be derived from Field (20) Order duration and expirationDateTime available in the schema.


Referring to seven accepted values to be populated in Field (20) Order duration ACER in the FAQs on Transaction Reporting made the following breakdown:


DAY=Day - No need to report Order status EXP


GTC=Good Till Cancelled - No need to report Order status EXP


GTD=Good Till Date - No need to report Order status EXP if Expiration Date Time is be reported in the XML report


GTT=Good Till Time - No need to report Order status EXP if Expiration Date Time is be reported in the XML report


SES=Session - No need to report Order status EXP


OTH=Other - No need to report Order status EXP if Expiration Date Time is be reported in the XML report




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