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Market Surveillance

The REMIT data reporting services are charged according to the IBEX charges schedule below:

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Trading on IBEX market segments is governed by the Power Exchange Operational Rules (PEOR).

Market Surveillance Department monitors the IBEX market segments and checks that members comply with IBEX Market Rules and the Code of Conduct. The work is carried out with market indicators and if necessary completed by investigations. In case of a suspected breach of market rules, Market Surveillance Department is entitled to request information from the exchange members, including documents and the beneficiary of a transaction. The Market Surveillance acts as a central point of contact that cooperates with the regulatory authorities.

If you have questions or you would like to notify irregular market behaviour, please don’t hesitate to contact us at: market.surveillance@ibex.bg

All correspondence will be handled confidentially.

Reporting transactions concluded on organized market
 

In accordance with art. 6, paragraph 1 of Implementing Regulation 1348/2014 implementing article 8, paragraphs 2 and 6 of REMIT, market participants shall report to the Agency for Cooperation of Energy Regulators (ACER) details of transactions with wholesale energy products executed at organised market places including matched and unmatched orders  through the organised market place concerned, or through trade matching or trade reporting systems. The obligation referred to above has been effective since 07.10.2015. 

Upon request by the market participant, the organized market where the transaction for a certain wholesale  energy product has been concluded or the order has been placed shall offer a data reporting agreement.

Independent Bulgarian Energy Exchange EAD (IBEX) holds the license for organizing a power exchange market for electricity in the Republic of Bulgaria.  Pursuant to REMIT, in its capacity of an organized market, IBEX is under an obligation, upon a request by the power exchange market participants, to conclude a data reporting agreement in accordance with art. 8, par. 1 REMIT. When IBEX provides this information, this shall be considered as compliance with the obligation of the participant pursuant to art. 8, par. 1 REMIT.  

Executing the abovementioned obligation, IBEX  offers the  service for reporting the  data from trading on the power exchange market pursuant to art. 8, paragraph 1 REMIT.  Each market participant, willing to take advantage of the service offered by IBEX, has to sign an  Agreement for reporting data on transactions concluded on the power exchange market for electricity organized by IBEX.
In accordance with this agreement 
  • IBEX undertakes to provide reporting of the data, which is subject to reporting, from trading on the power exchange market of the market participant and that has been generated in the trading platform used by the power exchange operator.  The data shall be considered reported to the Agency for Cooperation of Energy Regulators /ACER/ when they enter their information platform ARIS (ACER REMIT Information System). 
  • IBEX undertakes to report the data of the market participant on the orders submitted and transactions concluded on the power exchange market for electricity with the level of completeness and accuracy required in accordance with Commission Regulation № 1348/2014 of 17.12.2014.  
  • IBEX undertakes, within two weeks after concluding the agreement, to provide to the market participant access to the data reported in accordance with item 7 of the Agreement.  
  • IBEX undertakes not to provide to any third party the data under item 6 of the Agreement as well as not to use this information for purposes other than related to its obligations under REMIT. This obligation shall not restrict the Operator to submit information to regulatory authorities or where required by law.
 

Data reporting for contracts concluded outside the Organised Market Places
 
In accordance to Article 8 (1) of  Regulation No 1227/2011 of the European Parliament and of the Council of  25 October 2011 on wholesale energy market integrity and transparency (REMIT), all market participants or third parties acting on their behalf shall report details of the transactions they concluded with wholesale energy products to ACER, including orders to trade.

In order to implement Article 8(2) and Article 8(6) of REMIT, Commission Implementing Regulation (EU) No 1348/2014 of 17 December 2014 was adopted. This Regulation gives exact information about the particular details of reporting information on wholesale energy products that are subject to reporting, the appropriate reporting channels for transactions and the timing of reporting of transactions.  

In accordance to Article 12 of the Commission Implementing Regulation the obligation for transaction reporting is divided into two phases. Phase one has started on 7 October 2015 and it covers the reporting of trades taking place on the organized energy markets, and phase two, starting on 7 April 2016 that covers the reporting of all other transactions.

According to Article 6 of the Commission Implementing Regulation, the market participants or third parties acting on their behalf are obliged to report detailed data of the contracts for wholesale energy products, concluded outside the organized energy markets as described in Article 3 of REMIT.
 
Contractssubject to reportingin relation to the supply of electricity

  •  Intraday or within-day contracts for the supply of electricity where delivery is in the Union irrespective of where and how they are traded, in particular regardless of whether they are auctioned or continuously traded.
  • Day-ahead contracts for the supply of electricity where delivery is in the Union irrespective of where and how they are traded, in particular regardless of whether they are auctioned or continuously traded.
  • Two-days-ahead contracts for the supply of electricity where delivery is in the Union irrespective of where and how they are traded, in particular regardless of whether they are auctioned or continuously traded.
  • Week-end contracts for the supply of electricity where delivery is in the Union irrespective of where and how they are traded, in particular regardless of whether they are auctioned or continuously traded.
  • After-day contracts for the supply of electricity where delivery is in the Union irrespective of where and how they are traded, in particular regardless of whether they are auctioned or continuously traded.
  • Other contracts for the supply of electricity with a delivery period longer than two days where delivery is in the Union irrespective of where and how they are traded, in particular regardless of whether they are auctioned or continuously traded.
  • Contracts for the supply of electricity to a single consumption unit with a technical capability to consume 600 GWh/year or more.
  • Options, futures, swaps and any other derivatives of contracts relating to electricity produced, traded or delivered in the Union.
 
Timing of reporting of transactions in accordance with Article 7 of the Commission Implementing Regulation
  • Details of standard contracts and orders to trade, including for auctions, shall be reported as soon as possible but no later than on the working day following the conclusion of the contract or placement of the order.
Any modification or the termination of the concluded contract or order to trade shall be reported as soon as possible but no later than the working day following the modification or termination.
  •  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..
  • Orders placed in brokers’ voice operated services and not appearing on electronic screens shall be reportable onlyupon request of the Agency.
  • Details of non-standard contracts including any modification or the termination of the contract and transactions referred to in the second subparagraph of Article 5(1) shall be reported no later than one month following the conclusion, modification or termination of the contract.
  • Details of wholesale energy contracts which were concluded before the date on which the reporting obligation becomes applicable and remain outstanding on that date shall be reported to the Agency within 90 days after the reporting obligation becomes applicable for those contracts.

Details of reportable contracts by IBEX, including orders to trade

Standard contract“, means a contract concerning a wholesale energy product admitted to trading at an organized market place, irrespective of whether or not the transaction actually takes place on that market place. The information to be reported pursuant to Article 3 shall include the details is set out in Table 1 of the Annex to the Commission Implementing Regulation.
„Non-standard contract“, means a contract concerning any wholesale energy product that is not a standard contract. The information to be reported pursuant to Article 3 shall include the details is set out in Table 2 of the Annex to the Commission Implementing Regulation.

 
Servicesoffered by IBEX starting 7 April 2016

IBEX offers the following services for transaction reporting in accordance to Article 6 and Article 5(1) letters A and B, with regard to Article 3 of the Commission Implementing Regulation:

Service 1:
Direct reporting of trading data by accessing the RRM platform, provided by IBEX. The market participant reports the data from his own account by submitting sample files directly into the RRM platform. IBEX does not have access to the account of the market participant and the trading data. The receipt files from ACER are received by the market participant on his own account.
Monthly fee:  BGN 400 (VAT excl.)

Service 2:
Reporting of trading data by IBEX. The market participant sends sample files, containing his transactions’ data to IBEX and afterwards IBEX is submitting the data into the RRM platform. The market participant has no account in the RRM platform. The receipt files from ACER are received by IBEX and then forwarded to an e-mail address provided by the market participant.
Monthly fee:  BGN 200 (VAT excl.)
The market participants will be entitled to access the services as described above after signing a contract with IBEX
 
Should you require any additional information or if you have any questions please contact IBEX via e-mail: remit@ibex.bg or phone: +359 2 90 20 127.