'''Electronic Regulatory Reporting''' ('''eRR''') is a universal regulatory reporting solution based on legal and technical standards governed by the Energy Traders Europe (formerly European Federation of Energy Traders) that allow users to report transactions and lifecycle events to multiple regulatory reporting regimes via a uniform interface and a single message submitted in the Commodity product Markup Language (CpML).
eRR standardizes workflows and message flows to notify multiple regulatory databases independent of their data formats, codification schemes, transmission protocols and technical interfaces. eRR supports reporting as a counterparty to a transaction or on behalf of a counterparty or as a third-party reporting agent.<ref name=":0" /> eRR is an open standard,<ref name=":83">{{Cite web |author-link=European Federation of Energy Traders|date=11 February 2014|title=eRR, the new EFETnet service to support regulatory reporting needs is live!|url=https://pr.euractiv.com/pr/err-new-efetnet-service-support-regulatory-reporting-needs-live-103963|access-date=|website=euractiv.com}}</ref> i.e., openly accessible and implementable by anyone. The eRR technical standard is complemented with reporting scheme-specific legal standards, which are technology-agnostic and thus eRR-independent, to warrant compliant regulatory reporting by all involved parties.<ref name=":12" /> eRR aims to facilitate the automation of reporting processes and thus to minimize risks and costs.<ref name=":0" />
eRR overcomes several regulatory reporting challenges of energy traders, such as monitoring of data reported by other parties to fulfil their obligation to check completeness, accuracy, and timelines of the data,<ref name=":9" /> without the need to sign into different systems to check what has been reported;<ref name=":10" /> using CpML as a standardised electronic representation of trades, masking the varying deal representations in different reporting repositories;<ref name=":11">{{Cite web |last=Farrington |first=Stella |date=21 July 2014 |title=Bespoke OTC reporting a struggle for energy firms |url=https://www.risk.net/commodities/energy/2356035/bespoke-otc-reporting-struggle-energy-firms |website=risk.net|access-date=28 February 2026}}</ref> and finally, clearly defining which party has responsibility for reporting which pieces of information by means of a standard agreement for delegated reporting.<ref name=":9" />
== History == EFETnet, the operational services arm of the European Federation of Energy Traders, started work on universal reporting services in 2011<ref name=":6">{{Cite web |date= |title=EFETnet history |url=http://www.efetnet.org/About/EFETnet-history |url-status=dead |archive-url=https://web.archive.org/web/20170610113537/http://www.efetnet.org/About/EFETnet-history |archive-date=10 June 2017 |access-date= |website=EFETnet}}</ref> when it won a joint bid with DTCC to build a global solution for commodity repositories for ISDA.<ref>{{Cite web |author-link=International Swaps and Derivatives Association |date=14 June 2011 |title=ISDA Announces Commodity Derivatives Trade Repository Selection |url=https://www.isda.org/a/9mDDE/commodityrepositoryselection.pdf |access-date= |website=ISDA}}</ref> The collaboration was perceived to "bring together EFETnet's secure data communications and post trade processing capabilities with DTCC's repository and regulatory reporting infrastructure"<ref>{{Cite news |date=1 November 2011 |title=DTCC Applies To Register Swap Data Repository For Multiple Asset Classes With CFTC - Application To Operate Commodities SDR Also Made Through Alliance With EFETnet |url=https://mondovisione.com/news/dtcc-applies-to-register-swap-data-repository-for-multiple-asset-classes-with-cf-2011111/ |access-date=20 February 2026 |work=mondovisione.com}}</ref> and delivered the first operating global repository for OTC commodity swaps, called ''Global Trade Repository for Commodities'' (''GTRfC'').<ref>{{Cite web |last= |date=19 April 2012 |title=DTCC and EFET.net Receive First Trades for OTC Commodity Swaps Repository |url=https://www.globalcustodian.com/dtcc-and-efet-net-receive-first-trades-for-otc-commodity-swaps-repository/ |website=globalcustodian.com}}</ref><ref>{{Cite web |date=19 April 2012 |title=DTCC, EFETnet launch global trade repository for commodities derivatives |url=https://www.hedgeweek.com/dtcc-efetnet-launch-global-trade-repository-commodities-derivatives/ |website=hedgeweek.com}}</ref> After golive of ODRF reporting for oil swaps in 2012,<ref name=":6" /><ref>{{Cite web |date=15 June 2012 |title=OTC Derivatives Market Reforms, Third Progress Report on Implementation |url=https://www.fsb.org/uploads/r_120615.pdf |url-status= |access-date=20 February 2026 |website=Financial Stability Board |page=28}}</ref> services of ''GTRfC'' were integrated into the ''DTCC Data Repository''<ref>{{Cite web |author-link=Depository Trust & Clearing Corporation |date=9 October 2012 |title=Withdrawal of Application for SDR registration on behalf of Global Trade Repository for Commodities (U.S.) LLC |url=https://www.cftc.gov/sites/default/files/stellent/groups/public/@otherif/documents/ifdocs/globaltradesdrwithdraw100912.pdf |website=U.S. Commodity Futures Trading Commission}}</ref> before full Dodd-Frank reporting for commodities went live in 2013.<ref name=":6" /><ref>{{Cite web |date=15 April 2013 |title=OTC Derivatives Market Reforms - Fifth Progress Report on Implementation |url=https://www.fsb.org/uploads/r_130415.pdf |access-date=20 February 2026 |website=Financial Stability Board |page=64}}</ref>
In response to EMIR and REMIT, EFETnet kicked-off a project with energy traders, brokers, and exchanges in 2013 to extend the electronic regulatory reporting solution to Europe.<ref>{{Cite news |date=2 July 2013 |title=New EFETnet service to support regulatory reporting needs: the eRR Pilot project |url=https://pr.euractiv.com/?q=pr/new-efetnet-service-support-regulatory-reporting-needs-err-pilot-project-93096 |access-date=20 February 2026 |work=euractiv.com}}</ref><ref name=":6" />
In 2014, EFETnet launched its regulatory reporting service under EMIR, including portfolio reconciliation,<ref>{{Cite web |title=ePR the new EFETnet service to support regulatory reporting needs is live! |url=http://efetnet.org/Media/News/detail/ePR-the-new-EFETnet-service-to-support-regulatory-reporting-needs-is-live- |url-status=dead |archive-url=https://web.archive.org/web/20160415045040/http://efetnet.org/Media/News/detail/ePR-the-new-EFETnet-service-to-support-regulatory-reporting-needs-is-live- |archive-date=15 April 2016 |access-date=20 February 2026 |website=EFETnet|date=2 April 2014}}</ref> valuation, and collateralisation, providing a standard interface to DTCC, REGIS-TR and UnaVista trade repositories.<ref name=":82">{{Cite web |author-link=European Federation of Energy Traders |date=11 February 2014 |title=eRR, the new EFETnet service to support regulatory reporting needs is live! |url=http://efetnet.org/Media/News/detail/eRR-the-new-EFETnet-service-to-support-regulatory-reporting-needs-is-live- |access-date= |website=EFETnet|archive-url=https://web.archive.org/web/20160415022058/http://efetnet.org/Media/News/detail/eRR-the-new-EFETnet-service-to-support-regulatory-reporting-needs-is-live-|archive-date=15 April 2016|url-status=dead}}</ref> Major challenges of EMIR implementation were related to ambiguities concerning how fields should be populated in reporting templates, as well as how UTIs should be generated.<ref>{{Cite web |last=Carr |first=Gillian |date=17 February 2014 |title=Emir reporting date sparks 'mad rush' in energy derivatives market |url=https://www.risk.net/commodities/energy/2326050/emir-reporting-date-sparks-mad-rush-energy-derivatives-market |website=risk.net|access-date=28 February 2026}}</ref><ref>{{Cite web |last=Maxwell |first=Fiona |date=6 February 2014 |title=Missing UTIs will cause reporting chaos, corporates warn |url=https://www.risk.net/regulation/emir/2326870/missing-utis-will-cause-reporting-chaos-corporates-warn |access-date=28 February 2026 |website=risk.net}}</ref><ref>{{Cite web |last=Farrington |first=Stella |date=15 August 2014 |title=Energy firms rely on patched-up solutions for reporting |url=https://www.risk.net/commodities/energy/2358670/energy-firms-rely-patched-solutions-reporting |website=risk.net|access-date=28 February 2026}}</ref> Additionally, deal representations in reporting repositories differed, which EFETnet counteracted by using CpML as uniform data representation.<ref name=":11" />
Implementing reporting under REMIT caused challenges due to the fragmentation of data across the parties involved in a transaction: Some information is held only by the trading venue, while other information only resides with the counterparty.<ref name=":1">{{Cite web |last=Barros |first=Roberto |date=24 February 2015 |title=Remit delegated reporting leaves unanswered questions |url=https://www.risk.net/commodities/energy/2396599/remit-delegated-reporting-leaves-unanswered-questions |access-date=28 February 2026 |website=risk.net}}</ref> Moreover, some parties are only involved at specific times in the deal lifecycle, which causes challenges for consistent reporting of lifecycle events.<ref name=":8">{{Cite web |last=Aviv |date=9 March 2015 |title=REMIT Organised Market Place reporting – how will this really work? |url=https://energytradingregulation.com/2015/03/09/remit-organised-market-place-reporting-how-will-this-really-work/ |access-date=20 February 2026 |website=energytradingregulation.com}}</ref> Finally, while parties are obliged to report their data,<ref name=":2">{{Cite web |date=17 December 2014 |title=COMMISSION IMPLEMENTING REGULATION (EU) No 1348/2014 |url=https://eur-lex.europa.eu/eli/reg_impl/2014/1348 |access-date=20 February 2026}}</ref> each party is free to chose their preferred reporting mechanism.<ref name=":1" /> Still, the responsibility of completeness, accuracy and timeliness of the reported data remains with the trader,<ref name=":2" /><ref name=":5">{{Cite web |last=Aviv |date=20 January 2015 |title=Trayport and EFETNet to connect for REMIT – More RRM news |url=https://energytradingregulation.com/2015/01/20/trayport-and-efetnet-to-connect-for-remit-more-rrm-news/ |access-date=20 February 2026 |website=energytradingregulation.com}}</ref><ref name=":3">{{Cite web |last=O'raghallaigh |first=Fionn |date=9 March 2015 |title=REMIT trade reporting opens compliance questions |url=https://www.icis.com/explore/resources/news/2015/03/09/9866686/remit-trade-reporting-opens-compliance-questions/ |access-date=20 February 2026 |website=Independent Commodity Intelligence Services}}</ref> while no means are provided to monitor the data that is sent to the regulator by the involved parties.<ref name=":7">{{Cite web |date=4 December 2014 |title=EFET and London Brokers take the lead on REMIT reporting |url=https://www.marex.com/news/2014/12/efet-and-london-brokers-take-the-lead-on-remit-reporting/ |access-date=20 February 2026 |website=Marex}}</ref><ref name=":1" />
In response to that, EFET made the first major version of the ''electronic Regulatory Reporting'' (''eRR'') data processing standard public in 2015<ref name=":4">{{Cite web |author-link=European Federation of Energy Traders |date=6 March 2015 |title=Electronic Regulatory Reporting Standards |url=http://www.efet.org/Standardisation/IT-And-Electronic-DataExchange-Standards/eRRelectronicRegulatoryReporting/Standards |url-status=dead |archive-url=https://web.archive.org/web/20170511002904/http://www.efet.org/Standardisation/IT-And-Electronic-DataExchange-Standards/eRRelectronicRegulatoryReporting/Standards |archive-date=11 May 2017 |access-date= |website=European Federation of Energy Traders}}</ref> and released standard agreements that define data exchange and data protection obligations between counterparties, trading venues, and reporting mechanisms.<ref name=":9">{{Cite web |last=Barros |first=Roberto |date=15 January 2015 |title=Energy traders seek deal on Remit delegated reporting |url=https://www.risk.net/commodities/energy/2390148/energy-traders-seek-deal-remit-delegated-reporting |access-date=28 February 2026 |website=risk.net}}</ref><ref name=":12">{{Cite web |title=Regulatory Contracts & Materials |url=https://www.energytraderseurope.org/our-contracts-overview/regulatory-contracts-materials |access-date=20 February 2026 |website=Energy Traders Europe}}</ref> EFETnet developed "a single ‘viewing window’"<ref name=":7" /> linking trades, orders, and contracts reported from trading venues like MarexSpectron,<ref name=":7" /><ref>{{Cite web |last=Aviv |date=7 December 2014 |title=Broker links to EFETNet for REMIT reporting |url=https://energytradingregulation.com/2014/12/07/broker-links-to-efetnet-for-remit-reporting/ |access-date=20 February 2026 |website=energytradingregulation.com}}</ref> Tradition Financial Services, and Griffin Markets<ref>{{Cite web |last=Aviv |date=18 May 2015 |title=Griffin/EFETNet connection announced |url=https://energytradingregulation.com/2015/05/18/griffinefetnet-connection-announced/ |access-date=20 February 2026 |website=energytradingregulation.com}}</ref> to provide traders with a control point to monitor the data that others report on their behalf.<ref name=":7" /> EFETnet was amongst the first fully approved ''Registered Reporting Mechanisms'' (''RRM'') under REMIT.<ref>{{Cite web |last=Aviv |date=24 July 2015 |title=ACER publishes first list of approved RRMs and updated schemas |url=https://energytradingregulation.com/2015/07/24/acer-publishes-first-list-of-approved-rrms-and-updated-schemas/ |website=energytradingregulation.com}}</ref><ref>{{Cite web |date=4 September 2013 |title=Registered Reporting Mechanism (RRM) |url=https://www.emissions-euets.com/registered-reporting-mechanism-rrm |access-date=5 July 2025 |website=Emissions-EUETS.com}}</ref>
In the course of 2015, the eRR solution was connected to other RRMs like Trayport's electronic trading platform<ref name=":5" /><ref name=":3" /> and EEX.<ref>{{Cite web |last=Aviv |date=30 June 2015 |title=EEX publishes REMIT data reporting agreement and confirms connection to REGIS-TR and EFETNet |url=https://energytradingregulation.com/2015/06/30/eex-publishes-remit-data-reporting-agreement-and-confirms-connection-to-regis-tr-and-efetnet/ |access-date=20 February 2026 |website=energytradingregulation.com}}</ref> Other major exchanges refused the cooperation.<ref name=":10">{{Cite web |last=Barros |first=Roberto |date=29 September 2015 |title=Vendors slam ‘uncooperative’ energy exchanges over Remit |url=https://www.risk.net/commodities/energy/2427706/vendors-slam-uncooperative-energy-exchanges-over-remit |access-date=28 February 2026 |website=risk.net}}</ref> In 2016, eRR had already over 1000 licensed users.<ref name=":6" />
Latest versions 2.4 were released in 2024 in response to EMIR Refit and UKMIR.<ref name=":0" />
== Characteristics == [[File:ERR Message Flow.svg|thumb|Message flows and processing steps in eRR<ref>{{Cite web |title=electronic Regulatory Reporting (eRR) {{!}} EFETnet |url=http://www.efetnet.org/Products/Electronic-Regulatory-Reporting |url-status=dead |archive-url=https://web.archive.org/web/20180601143726/http://www.efetnet.org/Products/Electronic-Regulatory-Reporting |archive-date=1 June 2018 |access-date=25 February 2026 |website=EFETnet}}</ref><ref name=":0" />]] On top of the message choreography for receiving messages from different market participants, the eRR workflow defines a standard set of rules and filtering criteria that reflect the regulatory clauses of the supported reporting regimes which are applied to an incoming CpML message. Based on that, the eRR workflow generates a report with all regulatory regimes that the transaction is eligible for and submits messages to the respective trade repositories in the required format and way.<ref name=":0" />
For REMIT, eRR also accepts native ACER XML messages which allows for data exchange with other market participants to overcome the data ''fragmentation''<ref name=":8" /> problem where reporting data is scattered across several market participants.<ref name=":1" /> ACER XML messages are passed through without enrichment and mapping.<ref name=":0">{{Cite web |date=30 September 2024 |title=Electronic Regulatory Reporting, Version 2 Release 4 (v2.4.1) |url=https://cms.energytraderseurope.org/storage/uploads/media/240930-efet-err-v241.docx |access-date=20 February 2026 |website=Energy Traders Europe}}</ref>
In addition to reporting as a counterparty to a transaction, eRR supports reporting on behalf of a counterparty and reporting as an agent<ref>{{Cite web |date=16 March 2016 |title=EFETnet opens RRM functionality for REMIT reporting of external trades |url=https://web.archive.org/web/20170414124945/http://efetnet.org/Media/News/Detail/EFETnet-opens-RRM-functionality-for-REMIT-reporting-of-external-trades |access-date=20 February 2026 |website=EFETnet}}</ref> that is commercially unconnected with the transaction. Therefore, eRR defines different roles, such as the '<nowiki/>''process user''<nowiki/>' which uses the eRR process to report a transaction, the '<nowiki/>''counterparty''<nowiki/>' from whose perspective the transaction is reported, and the ''<nowiki/>'other counterparty''<nowiki/>'. Reporting agents can be either of the counterparties ('<nowiki/>''counterparty agent''<nowiki/>'), the operator of the venue where the transaction was executed ('<nowiki/>''execution agent''<nowiki/>'), the clearer of the transaction ('<nowiki/>''clearing agent''<nowiki/>'; only applicable for cleared transaction), or a member of the corporate group that the counterparty belongs to ('''internal agent''<nowiki/>').<ref name=":0" />
Up to version 2.3, eRR incorporated rules to generate Unique Transaction Identifiers (UTIs) on behalf of process users. With release of version 2.4 in response to EMIR Refit which comes with own rules to generate UTIs, UTI generation is no longer part of the eRR process.<ref name=":0" /> === Scope === eRR offers a uniform interface to the following reporting regimes for the following asset classes, transactions types and actions.<ref name=":0" /> {| class="wikitable" |+ !Asset Classes !Transaction Types !Actions !Reporting Regimes |- | * Commodity * Interest rate * Foreign exchange | * OTC transactions * Cleared transactions | * New trades * Amendments (modifications, nullifications, revisions, cancellations)
* Positions * Compression events | * EMIR and UKMIR * MiFID II * REMIT |}
== Document structure == eRR documents are specified using CpML and contain two root level sections:<ref name=":0" />
* '''Reporting''' (mandatory), indicating the reporting agent, the reporting scheme(s), the reporting action and event type, as well as the regulatory details depending on the reporting scheme(s); * '''Transaction''' (mandatory choice), which must be either '''ETDTradeDetails''' for cleared transactions, '''FXTradeDetails''' for foreign exchange swaps, '''IRSTradeDetails''' for interest rate swaps, or '''TradeConfirmation''' or '''BrokerConfirmation''' for OTC commodity transactions where '''BrokerConfirmation''' provides additional broker-specific data fields.
=== Example document === <syntaxhighlight lang="xml"><CpmlDocument> <Reporting> <Europe> <ProcessInformation> <ReportingRole>Internal_Agent</ReportingRole> <EMIRReportMode>Report</EMIRReportMode> <REMITReportMode>NoReport</REMITReportMode> <Position>false</Position> <Backload>false</Backload> </ProcessInformation> <Action> <ActionType>N</ActionType> <EventType>TRAD</EventType> <EventDate>2022-12-15</EventDate> </Action> <EURegulatoryDetails> ...regulatory details... </EURegulatoryDetails> </Europe> </Reporting> <ETDTradeDetails> ...trade details... </ETDTradeDetails> </CpmlDocument></syntaxhighlight>
== See also ==
* Trade Repositories * CpML * XBRL used in financial reporting
== References == <references />
== External links ==
* [https://www.energytraderseurope.org/data-standard-overview/err-electronic-regulatory-reporting-1 Energy Traders Europe] * [https://www.acer-remit.eu/portal/list-of-rrm List of Registered Reporting Mechanisms (RRMs)] * [https://www.acer.europa.eu/remit-documents/remit-reporting-guidance REMIT Reporting Guidance (ACER XML)] * [https://www.esma.europa.eu/data-reporting/emir-reporting EMIR Reporting Rules and Guidance (ISO 20022 XML)]
Category:Energy markets Category:Financial regulation Category:Regulation in the European Union Category:Data interchange standards Category:Industry-specific XML-based standards