Types of market players
Please note there are two types of market players on the I-REC(E) Product Code Standard:
- The party representing the device owner is known as the registrant.
- The party representing the consumer is known as the participant.
End-users however generally interact with the I-REC(E) market and redeem I-REC(E) certificates through a participant or if they become a participant themselves.
Role of the registrant
A registrant is the only entity that is able to request device registration or certificate issuance. They can do this on behalf of a device owner or on their own behalf (if they themselves are device owners). The registrant has direct contact with the issuer authorised to conduct issuance in a specific country/region. Once device registration is approved, the registrant can request certificate issuance. To request certificate issuance the registrant will choose their device and request issuance for a specific period. The registrant must always request I-RECs be issued into the account (trade account) of a participant. The registrant can also be a participant but this could also be a third-party. Registration as a registrant is free.
Role of the participant
The participant is the market player, trader or potentially a consumer with an account in the I-REC(E) Product code. They work to redeem certificates on behalf of their clients and can trade certificates from their primary account to the primary account of another market player. The participant has three main account types,
- Primary account,
- Sub-account(s)
- Redemption account(s).
In general participants have one primary account and an unlimited number of sub accounts and redemption accounts. Registration as a participant has associated fees.