The Working Group on Financial Markets, Integrity & Transparency (WG FIT) has been created by a decision of the Europex Steering Committee of 3 March 2010.
Against the backdrop of the planned transparency & integrity regime of wholesale markets by the Commission, the working scope of the WG comprises the provision of advice on how to ensure market confidence in the European energy market, hereunder that the market:
- is operated in an efficient as well as neutral manner and that participants trade on equal terms;
- provides transparent information as the basis for price formation;
- ensures that the price formation reflects the market value of the traded products;
- provides market surveillance of the trading activity in order to detect possible market abuse;
- provides a regime that makes market abuse impossible.
During the past years, the main focus of the WG’s work has been on regulation in the context of improved and further developed transparency and integrity (e.g. REMIT, MAD/MAR) as well as on the sections in European Financial Regulation which particularly impact Energy Commodity Exchanges (e.g. MiFID II/ MiFIR).
WG FIT consists of 67 members from 24 exchanges. In the context of the WG, a small Task Force consisting of 12 members from 9 exchanges, exclusively focuses its work on MiFID II matters. Since 2014, Daniel Wragge (EEX) is Head of the WG.
Head of WG FIT: Daniel Wragge (Head of Political & Regulatory Affairs at EEX)