Dozens of energy traders with Direct Electronic Access now comply with registration requirement following ACM action

Businesses that trade on the European wholesale energy markets are required to register with the energy regulator of the European country in which they are established or – in case of non-EU companies – where they are active. In the Netherlands, that is the Netherlands Authority for Consumers and Markets (ACM). The requirement applies to businesses that trade on the European exchanges themselves with their own accounts, and to businesses that trade using the account of another market participant (so-called Direct Electronic Access). Over the past few months, ACM has reminded businesses that use Direct Electronic Access of this registration requirement. This has led to dozens of businesses that are active in the Netherlands registering with ACM. If ACM at this point encounters in its oversight efforts any market participants that wrongfully have not registered yet, ACM will take enforcement action.

The registration requirement for all businesses has been laid down in the European REMIT regulation for the promotion of integrity and transparency on the wholesale energy markets. The Dutch wholesale market for natural gas (TTF) is by far the largest in Europe. Many businesses therefore trade in the Netherlands. All of these businesses must be registered with ACM, unless they have already registered in another EU member state. Over 950 market participants have registered with ACM.

Registration of market participants in case of Direct Electronic Access is important

Various exchanges and brokers exist in Europe where natural gas and electricity are traded. Businesses can trade directly on the trading platforms themselves, or they can use other market participants that, in this case, facilitate access to the market. This is called Direct Electronic Access (DEA) of which Direct Market Access (DMA) is a form. ACM sees that a larger and larger share of trading on European exchanges takes place in this manner. Since businesses trade on European exchanges through these trading platforms, they are also required to register with the energy regulator. ACM enforces compliance with this requirement among businesses that are active in the Netherlands.

ACM sees the market participants that grant market access to others (Direct Electronic Access providers) as the gatekeepers that are able to see the trading activities of all their clients. The DEA providers are therefore ideally positioned to ensure that customers comply with all relevant regulations, including the registration requirement. That is why ACM has urged the DEA providers to remind their customers of the requirement to register as market participants. If ACM sees that a DEA provider grants unregistered businesses access to the European markets, ACM will confront those providers. In addition, ACM will take enforcement action if it still encounters in its oversight efforts any businesses that trade (directly or through a DEA provider) but wrongfully have not registered yet.

Figure: Schematic overview of the relationships between energy exchanges, members (some of which trade themselves, while others grant access to third parties as DEA providers), and the market participants that trade through Direct Electronic Access.

Besides the registration requirement, businesses that are active on the wholesale energy markets must also comply with other rules laid down in the REMIT regulation. ACM points out to businesses that, over the next few months, the European Commission will set a revised version of the REMIT Implementing Regulation. This regulation contains new rules, particularly with regard to the mandatory reporting of trading data. ACM urges all market participants, providers and clients, to keep up to date with the new regulations, and to continue complying with them.

Update to REMIT Indicators

ACM ensures that no insider trading or market manipulation takes place on the wholesale energy markets, and that market participants comply with the requirements to publish inside information, to register, and to report trading data. In those efforts, ACM works together with the Dutch Authority for the Financial Markets (AFM), the European Agency for the Cooperation of Energy Regulators (ACER), and other European energy regulators. Twice a year, ACM publishes an update to the indicators of ACM’s regulatory activities (in Dutch) under the REMIT regulation.

This update reveals that the number of reports on possible illegal trading activities remains at the same level. Over the past year, ACM received 17 reports on possible insider trading and possible market manipulation. The majority of these reports come from trading platforms, and a smaller share from individual market participants. ACM takes all reports seriously, investigates all suspicions it receives, and takes appropriate action in the situations in question. Where possible, ACM communicates about this as well.

Previously, ACM also received reports about extreme prices for the product “TTF Next Hour” during balancing actions from Dutch transmission system operator Gasunie Transport Services B.V. With the code decision on ending NextHour products in balancing actions, which went into effect on 1 January 2026, the risk of extreme prices in balancing actions has been minimized as much as possible.

In addition, the update to the indicators shows that, in the past six months, 45 new market participants have registered with ACM.