History of the Department

The Commerce Department of the Velocity Interoperability Network is a young institution. The milestones below record its establishment and will be extended as its licensing, inspection and competition work proceeds.

1. Before September 2026

   Markets and trading regulated by member organisations

   Before the Department existed, each member organisation of the Network made its own arrangements for the markets at its sites and for the traders who used them. Twelve markets operated under six different sets of rules, traders were registered on differing terms or not at all, and there were no common competition rules within the Network.

2. 10 August 2026

   The transition period begins

   Member organisations began transferring their market and trading functions to the Department under interim arrangements. Traders were invited to register provisionally so that their licences would be in force from the day of establishment, and complaints and merger notifications were received under the interim arrangements for the first time.

3. 10 August to 5 September 2026

   Review of the markets and registration of traders

   The arrangements of each of the twelve markets were reviewed and their market days and hours recorded for the register. 3,412 applications for provisional registration were received, of which 3,146 were accepted, 48 refused and 218 left under assessment. Seven merger notifications and 23 complaints were received.

4. 6 September 2026

   Department established

   The Commerce Department of the Velocity Interoperability Network was formally established, with responsibility for the licensing of markets and traders and for the competition rules of the Network. Provisional registrations were converted to full licences and the twelve markets entered on the register.

5. 6 September 2026

   Official website launched

   The Department launched commerce.gov.vin, carrying press releases, the register of licensed markets, guidance on trader licensing, the schedule of fees and charges, the competition rules and the Department's first statistical release.

6. 6 September 2026

   Register, licensing and competition rules published

   On the day of its establishment the Department published the register of twelve licensed markets, confirmed that trader licence applications would be accepted from 7 September, and published the competition rules, the merger notification thresholds and the complaints procedure.

7. Forthcoming

   Decisions, the first market study and the first quarterly bulletin

   Decisions on the 218 applications under assessment are due by 18 September 2026. The first market study, into the supply of pitches at licensed markets, and the first quarterly statistical bulletin, covering the quarter ending 30 September 2026, will be announced in the Newsroom.

Announcements are published in the Newsroom. For the Department's present responsibilities, see About the Department; for its figures at establishment, see Statistics.