Organization:European Federation of Energy Traders

From HandWiki
European Federation of Energy Traders
Logo (until 2024)
AbbreviationEFET
Formation1999; 27 years ago (1999)
TypeTrade association
Purposeto promote and facilitate European energy trading in open, transparent and liquid wholesale markets
Location
Region
Europe
FieldsWholesale energy trading
Membership (2025)
170
Board Chair
Giusi Squicciarini
CEO
Mark Copley
Websiteefet.org

The European Federation of Energy Traders (EFET) is a trade association of European energy traders in markets for wholesale electricity and gas. EFET advocates policies and regulatory measures which allow electricity and gas trading to develop freely while encouraging good risk management practices and responsible corporate governance. In its role as a standard setting body, EFET aims to provide standard solutions to common aspects of wholesale energy transactions, such as contracting and data exchange.[1]

EFET depends on the cooperation of grid operators, regulators, brokers, exchanges, and other relevant actors. Therefore, EFET maintains frequent contact and exchange with the European Commission, ACER, ENTSO-E, etc., and similar bodies at national/regional level. On national/regional level, EFET cooperates with other trading associations such as TOE for the Polish market[2] or Energy Traders Deutschland for the German market.

History

EFET was founded in 1999 in response to the liberalisation of electricity and gas markets within the European Union. As of 2024, the year of EFET's 25th anniversary, the association operates under the new name of Energy Traders Europe and has a new logo.[3]

Contractual standards

EFET has published standard contracts for physically settled energy wholesale transactions, which are available in many languages, and which are claimed to have had substantial influence on legal OTC-standards in the liberalised energy markets in Europe and beyond:[2]

  • General Agreement Concerning the Delivery and Acceptance of Electricity
  • General Agreement Concerning the Delivery and Acceptance of Natural Gas
  • Credit Support Annex (CSA)
  • Master Netting Agreements (MNA)
  • Carbon Emission Allowances Appendices
  • Individual Contracts for Biomass or Gas Capacity
  • Standard documentation to trade various Renewable Certificates

EFET's standard contracts adopt the document architecture of ISDA Master Agreements, consisting of a master agreement (General Agreement), a schedule (Election Sheet), confirmations (evidencing single transactions), and credit support documentation (CSA), plus possible further appendices.

Data Standards

EFET's data standards facilitate the integration of internal and external business processes, with the goal to enable straight-through processing. Applying the standards is promised to enhance process efficiencies, reduce operational risks as well as transactional costs.[2][4][5]

EFET's data standards are designed, maintained and released as open standards[6] with the intention to ensure interoperability.[4]

Data standards (listed in release order)

  • electronic Confirmation Matching (eCM) for the exchange and validation of electronic trade confirmations, October 2002[7]
  • electronic Position Matching (ePM), for the exchange and comparison of nomination data, Juni 2008[8]
  • eCredit Matrix Standard for the exchange of counterparty credit limits with brokers, July 2009[9]
  • Communications Standard for authenticated, confidential, unalterable, and undeniable message exchange, September 2010[10]
  • Commodity product Markup Language (CpML) as a vocabulary for exchanging standardized messages for commodity trading and reporting processes, April 2012[11] (released as version 4,[12] spun off from the work on eCM and eXRP standards[13]), CpML was governed by the CpML Foundation from 2013 (version 5.0) until 2023 (version 6.5)
  • electronic eXchange Related Processes (eXRP) for the registration of off-exchange clearable products, September 2012[14][15]
  • electronic Portfolio Reconciliation (ePR) for the reconciliation of portfolios under EMIR, March 2014[16][17]
  • electronic Regulatory Reporting (eRR) for reporting new trades and lifecycle events to regulatory databases, March 2015[18]
  • electronic Settlement Matching (eSM) for the exchange and comparison of settlement data and invoices, February 2019[19]

Maintenance of the ePM, eXRP, and ePR standards is suspended due to lack of market adoption (in 2025).

EFETnet

EFETnet was set up in 2003[20] as a cost sharing vehicle of EFET's member companies and turned into a subsidiary organisation in 2005[21] with the objective to realise and operate EFET’s data exchange and processing standards. In this role, EFETnet supported the development and maintenance of EFET's data standards and operated the central matching hub for electronic confirmation matching.

In 2011, EFETnet together with DTCC were selected by ISDA to build a global trade repository for commodity over-the-counter derivatives trade types with the objective to fulfil current and future regulations.[22] The Global Trade Repository for Commodities went live in January 2012[23] and received first trades in April 2012.[24][25] It was later integrated with other repositories of DTCC[26] to report under Dodd-Frank.[27][28] In 2014, EFETnet launched its regulatory reporting service under EMIR, providing a standard interface to DTCC, REGIS-TR and UnaVista trade repositories.[29] In 2015, EFETnet was amongst the first fully approved Registered Reporting Mechanisms (RRM) under REMIT.[30][31]

In 2017, EFET has divested its ownership in EFETnet to the subsidiary’s managing director.[32]

Members

As of January 2014, EFET had a total of 126 member companies, of which 37 were associate members.[33]

ISO country code Country Members (Regular and Associate)
AT Austria KELAG, E & T Energie, EconGas, Tiwag, Verbund Trading
BE Belgium GDF Suez Electrabel
BG Bulgaria NEK EAD
HR Croatia HEP Trade
CZ Czech Republic B.E.K. Group, MND, CEZ, Lumius, Vemex
DK Denmark Neas Energy, Danske Commodities, DONG
FI Finland Fortum, RAO Nordic
FR France EDF Trading, Société Générale, Engie Global Markets
DE Germany Bayerngas Energy Trading, Deutsche Bank, E.ON Energy Trading, EnBW, MVV Trading, RheinEnergie, RWE Supply & Trading, Stadtwerke München, Syneco Trading, Trailstone, Trianel, VNG, Wingas, aet, Commerzbank, Currenta, Dong Energy Markets, EWE Trading, Gas-Union, Securing Energy for Europe, Gelsenwasser, GETEC, Mark-E, Stadtwerke Hannover, Stadtwerke Leipzig
GR Greece Aegean Power, DEPA, Public Power Corporation
HU Hungary MOL Energy Trade, MVM Trade
IT Italy Acquirente Unico, TEI Energy, A2A Trading, Edison, Enel Energy Europe, Enel Trade, ENI, ENOI, Europe Energy, GALA Energia, Gas Plus Italiana, Hera Trading, Sorgenia, YouTrade Gruppo Innowatio
LU Luxembourg Enovos Luxembourg
NL Netherlands Delta, Eneco, GasTerra
NO Norway Statkraft Energi
PL Poland PGE, PGNiG, Tauron Polska Energia
PT Portugal EDP Energía, Galp Gás Natural
RO Romania SNGN Romgaz, Energy Holding
RS Serbia EPS, Rudnap group
SK Slovak Republic Slovenske Elektrarne
SI Slovenia Elektro Energija, GEN-I, HSE
ES Spain Endesa, Energya VM, Gas Natural Fenosa, Iberdrola
SE Sweden Vattenfall
CH Switzerland Alpiq, Axpo, Azienda Elettrica Ticinese, BKW FMB, Cargill International, CKW, DufEnergy Trading, Gunvor International, Mercuria Energy Trading, Novatek, NValue, Repower, SET Swiss Energy Trading, Vitol
GB United Kingdom Barclays Capital, BP, BG International, BNP Paribas, Centrica, Citigroup, ConocoPhillips, Credit Suisse, Drax Power, DTEK Power Trade, EFT Group, ExxonMobil, Freepoint Commodities Europe, Gazprom, Goldman Sachs, Koch Energy Europe, Macquarie Bank, Merrill Lynch, Morgan Stanley, Noble Clean Fuels, Petronas Energy Trading, Shell Energy Trading, Statoil, Total

See also

Notes

  1. ↑ EFET Statement of Activities , on the EFET Website (Retrieved in September 2014)
  2. ↑ 2.0 2.1 2.2 "Towards a single European energy market". 2012. http://www.efet.org/Cms_Data/Contents/EFET/Folders/Documents/Home/~contents/GPC2TV6X8L2STWT8/Highlights-II-Final.pdf. 
  3. ↑ "Energy Traders Europe, 25 years in the making.". TalkingTraders - A snapshot of the life of European Energy Traders. 25 January 2024. https://www.linkedin.com/pulse/energy-traders-europe-25-years-making-a8hle/. 
  4. ↑ 4.0 4.1 "eCM – Electronic Confirmation Matching Version 4 - Release 4 (v4.5)". 24 July 2024. https://cms.energytraderseurope.org/storage/uploads/media/240724-efet-ecm-v-45.docx. 
  5. ↑ González, José M.; Specht, Michael (2013), Uslar, Mathias; Specht, Michael; Dänekas, Christian et al., eds., "Market Communication" (in en), Standardization in Smart Grids: Introduction to IT-Related Methodologies, Architectures and Standards (Berlin, Heidelberg: Springer): pp. 211–228, doi:10.1007/978-3-642-34916-4_13, ISBN 978-3-642-34916-4, https://doi.org/10.1007/978-3-642-34916-4_13, retrieved 2025-07-05 
  6. ↑ "eRR, the new EFETnet service to support regulatory reporting needs is live!". 11 February 2014. https://pr.euractiv.com/pr/err-new-efetnet-service-support-regulatory-reporting-needs-live-103963. 
  7. ↑ "Electronic Confirmation Matching Standards". 8 October 2002. http://www.efet.org/Default.asp?Menu=6. 
  8. ↑ "Electronic Position Matching Standards". 23 June 2008. http://www.efet.org/Standardisation/IT-And-Electronic-DataExchange-Standards/ePM-electronic-Position-Matching. 
  9. ↑ "eCredit Matrix Standard". 20 July 2009. http://www.efet.org/Standardisation/IT-And-Electronic-DataExchange-Standards/eCredit-Matrix. 
  10. ↑ "Communications Standard". 1 September 2010. http://www.efet.org/Standardisation/IT-And-Electronic-DataExchange-Standards/Communications-Standard/Current-Versions. 
  11. ↑ "CPML - Commodity Product Market Language Standards". 31 March 2012. http://www.efet.org/Standardisation/CPML-Commodity-Product-Market-Language. 
  12. ↑ "Commodity product markup language Version 6 Release 6 (v6.6.3)". 30 September 2024. https://cms.energytraderseurope.org/storage/uploads/media/240930-efet-cpml-v663.docx. 
  13. ↑ "New EFETnet service to support regulatory reporting needs: the eRR Pilot project". 7 February 2013. https://pr.euractiv.com/pr/new-efetnet-service-support-regulatory-reporting-needs-err-pilot-project-93096. 
  14. ↑ "EFETnet history". http://www.efetnet.org/About/EFETnet-history. 
  15. ↑ "Four exchanges and four brokers 'go-live' with new EFETnet electronic clearing registration services". 31 August 2012. https://pr.euractiv.com/pr/four-exchanges-and-four-brokers-go-live-new-efetnet-electronic-clearing-registration-services. 
  16. ↑ "Portfolio Reconciliation Standards". 24 March 2014. http://www.efet.org/Standardisation/IT-And-Electronic-DataExchange-Standards/Portfolio-Reconciliation/Standards. 
  17. ↑ "electronic Portfolio Reconciliation (ePR) the new EFETnet service to support regulatory reporting needs is live!". 1 April 2014. https://pr.euractiv.com/pr/electronic-portfolio-reconciliation-epr-new-efetnet-service-support-regulatory-reporting-needs. 
  18. ↑ "Electronic Regulatory Reporting Standards". 6 March 2015. http://www.efet.org/Standardisation/IT-And-Electronic-DataExchange-Standards/eRRelectronicRegulatoryReporting/Standards. 
  19. ↑ "eSM - electronic Settlement Matching". 17 April 2019. https://efet.org/home/documents?id=51. 
  20. ↑ "EFETnet history". http://www.efetnet.org/About/EFETnet-history. 
  21. ↑ "Towards a single European energy market". 2012. http://www.efet.org/Cms_Data/Contents/EFET/Folders/Documents/Home/~contents/GPC2TV6X8L2STWT8/Highlights-II-Final.pdf. 
  22. ↑ "ISDA Announces Commodity Derivatives Trade Repository Selection". 14 June 2011. https://www.isda.org/a/9mDDE/commodityrepositoryselection.pdf. 
  23. ↑ "Global Trade Repository for Commodities and Operating Procedures". 23 January 2012. https://www.dtcc.com/-/media/Files/pdf/2012/1/23/GTRfC1.pdf. 
  24. ↑ "DTCC and EFET.net Receive First Trades for OTC Commodity Swaps Repository". 19 April 2012. https://www.globalcustodian.com/dtcc-and-efet-net-receive-first-trades-for-otc-commodity-swaps-repository/. 
  25. ↑ "DTCC, EFETnet launch global trade repository for commodities derivatives". 19 April 2012. https://www.hedgeweek.com/dtcc-efetnet-launch-global-trade-repository-commodities-derivatives/. 
  26. ↑ "Withdrawal of Application for SDR registration on behalf of Global Trade Repository for Commodities (U.S.) LLC". 9 October 2012. https://www.cftc.gov/sites/default/files/stellent/groups/public/@otherif/documents/ifdocs/globaltradesdrwithdraw100912.pdf. 
  27. ↑ "Swap Data Repositories (SDR) : 22609". 19 September 2012. https://www.cftc.gov/IndustryOversight/IndustryFilings/DataRepositories/22609. 
  28. ↑ "CFTC Approves DTCC'S Swap Data Repository". 24 September 2012. https://finadium.com/cftc-approves-dtccs-swap-data-repository/. 
  29. ↑ "eRR, the new EFETnet service to support regulatory reporting needs is live!". 11 February 2014. https://pr.euractiv.com/pr/err-new-efetnet-service-support-regulatory-reporting-needs-live-103963. 
  30. ↑ Aviv (24 July 2015). "ACER publishes first list of approved RRMs and updated schemas". https://energytradingregulation.com/2015/07/24/acer-publishes-first-list-of-approved-rrms-and-updated-schemas/. 
  31. ↑ "Registered Reporting Mechanism (RRM)". 4 September 2013. https://www.emissions-euets.com/registered-reporting-mechanism-rrm. 
  32. ↑ "Energy association EFET divests EFETnet to its managing director". 5 December 2017. https://www.consultancy.eu/news/84/energy-association-efet-divests-efetnet-to-its-managing-director. 
  33. ↑ EFET Member companies on the EFET website




Retrieved from "https://handwiki.org/wiki/index.php?title=Organization:European_Federation_of_Energy_Traders&oldid=4188328"