London, 14 June 2010

The European Federation of Energy Traders ( EFET) welcomes the initiative of DG Energy in launching this consultation. EFET will support EU level measures which help to improve transparency and guarantee integrity at reasonable cost. EFET has already worked closely with DG TREN, as the predecessor of DG Energy, and with ERGEG over several years, to improve transparency of data about the availability and use of infrastructure used in the European power and gas sectors (“fundamental data”).

EFET believes that binding rules dealing with fundamental data publication must form part of an overall package of measures addressing transparency and market integrity.

More recently we have cooperated with CESR and ERGEG to explore measures, which might improve market oversight. The goal here is greater post-trade transparency regarding wholesale dealings in energy, whether physical or financial, brokered or exchange-based. An EU wide regime is crucial, to ensure common application of transparency and market integrity rules, and to support the further development of integrated, robust and efficient wholesale markets.

The design of the institutional framework and the definition of responsibilities for regulators and any EU agencies must preclude duplication or overlap. The work of DG Internal Market on wider financial market reform, particularly its proposals affecting (commodity) derivative markets, will need to be taken into account.

EFET will now consider carefully the questions set out in the DG Energy consultation document and provide full answers.

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