Digital transformation of regulatory reports for EEX

Complex duties that take care of themselves

The situation

It goes without saying that the European Energy Exchange AG (EEX) must comply with regulatory reporting obligations. One of the services it provides is less self-evident: It discloses transaction data that must be reported on behalf of its clients. The legal and technical requirements for these reports are complex, the details are well-defined and the reporting window is short (day +1). Violations of these requirements are associated with costly investigations and severe penalties, making it necessary to ensure that absolutely nothing can go wrong with the reports.

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The challenge

When processes are as complex and thoroughly regulated as those required by EEX, even the most elaborate bureaucracy doesn’t help. Especially when several hundred thousand data sets are generated daily. The situation was quickly clear to us: what EEX needed here was a fully automated reporting platform that reports transactions in a regulatory-compliant manner – on an end-to-end basis and in a way that can be relied on under all circumstances.

The solution

In close cooperation with EEX, we developed a software solution that takes care of all legal and procedural requirements within the narrow time window that is permitted. It collects transaction data, converts it into the prescribed data format and transmits it to the appropriate body, such as ACER or BaFin. At the same time, it monitors the reporting processes. EEX receives confirmation and error messages, along with any warning messages, via a web-based reporting system.
It is a complex process with high professional, technical and security requirements that need to be met. The good thing about this is that EEX does not need to concern itself with this any further. The system does everything automatically.

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The benefits

  • Compliance with the law is ensured
  • Data security
  • Can be relied on under all circumstances
Logo of European Energy Exchange AG

Project facts

Client:

European Energy Exchange AG | www.eex.com

Project duration:

1.5 years

Industry:

The energy industry

Project results

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Digital transformation of a highly critical business process

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Compliance with all regulatory obligations, including EMIR, REMIT and MiFID II/MiFIR

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On-time processing of more than 300,000 data records per day

Trading room of EEX AG
Trading room of EEX AG