The Trading Terms for Yearly Gas Forward Contracts

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1 The Trading Terms for Yearly Gas Forward Contracts Consolidated text approved by Resolution of the Management Board No 290/56/13 of October 9th enters into force on October 24th NOTE: Only the Polish version of this document is legally binding. This translation is provided for information only. Every effort has been made to ensure the accuracy of this publication. However, the POLPX does not assume any responsibility for any errors or omissions. page 1

2 Table of Contents Table of Contents... 2 Part 1 Terms and abbreviations used in the document Part 2 Introduction Section 1 Designation of the type of forward contracts and the description of the Forward Contracts Program Section 2 Starting date for the trade in Forward Contracts or the method of establishing such date Section 3 Dates for trading in Forward Contracts during individual cycles Section 4 Information about incorporating the Risk Factors into the Trading Terms... 6 Section 5 Date of preparing the Trading Terms Section 6 Place, form and time of public access to the Trading Terms... 6 Part 3 Persons responsible for the information provided in the Trading Terms Section 1 Business name and the registered seat and address of the party who drew up Parts 1 4 of the Trading Terms and Appendix no. 1 to the Trading Terms Section 2 Persons acting on behalf of the Polish Power Exchange... 6 Section 3 Responsibility representations... 6 Section 4 Business name and the registered seat and address of the party who drew up Appendix no. 2 to the Trading Terms... 7 Section 5 Persons acting on behalf of the Warsaw Commodity Clearing House... 7 Section 6 Responsibility representations... 7 Part 4 Details of the terms of trading in Forward Contracts Section 1 Description of risk factors for the buyers or sellers of Forward Contracts Section 2 Conditions to be met by the buyers and sellers of Forward Contracts... 9 Section 3 Rights and obligations resulting from Forward Contracts Section 4 Quotation dates of Forward Contracts Section 5 Method of establishing daily clearing prices as well as the mode and terms for publishing the quotation information Section 6 Date of delivery of a Forward Contract Section 7 Date of expiration of Forward Contracts Section 8 Basic rules for trading in Forward Contracts Section 9 Basic principles of trade in the continuous trading system Section 10 Basic principles of trade in the auction system Section 11 Basic principles of trade through OTC deals Section 12 The procedure for introducing potential changes to the trading terms Section 13 Information which could significantly affect the assessment of forward contracts and risks involved in buying such contracts Appendix 1. The Gas Forward Instrument standard Appendix 2 The Warsaw Commodity Clearing House Detailed clearing rules for the markets being run by POLPX page 2

3 Part 1 Terms and abbreviations used in the document. Exchange Member an entity that has got the Exchange Member status, according to the Exchange Rules, Day of Delivery corresponds to the gas day within the meaning of the TNCg and refers to consecutive hours starting from 6 a.m. on a given day until 6 a.m. on the next day, on which the gas contracted on the exchange on the Trading Day is delivered or received, Trading Day the day when a CFIM session regarding gas forward contracts takes place, Expiration Day the last day of trading, market the Commodity Market operated by the Polish Power Exchange in accordance with the Exchange Rules, Exchange, POLPX Polish Power Exchange (Towarowa Giełda Energii S.A.) forward instrument a forward commodity instrument within the meaning of the Exchange Rules, underlying instrument E-group high-methane natural gas conforming to the standard specified by the Exchange Management Board, the price of which is determined on the Day-Ahead Market in accordance with the principles set out in the Exchange Rules, TNCg means the Gas Transmission Network Code prepared by Gas Transmission Operator GAZ-SYSTEM S.A., in accordance with Article 9 g) of the Energy Law Act, Clearing House means the Warsaw Commodity Clearing House which operates a settlement and clearing house fulfilling the function of a clearing house in accordance with the Act on Trading in Financial Instruments (ustawa o obrocie instrumentami finansowymi), Shipper Code means the code used for the identification of a Shipper; Contract or Forward Contract means a transaction executed on the CFIM, which creates certain rights or obligations related to the possession of forward contracts, Yearly contract a forward contract with the delivery term of one year, Quarterly contract a forward contract with the delivery term of one quarter, Monthly contract a forward contract with the delivery term of one month, Forward instrument price the gas price at the delivery date set at the time of concluding a forward contract, Long position opening (a long position) buying (acquisition) of a forward contract, Short position opening (a short position) sale (disposal) of a forward contract, Long position on a forward contract delivery date a long position at the moment of expiration of a forward contract, Short position on a forward contract delivery date a short position at the moment of expiration of a forward contract, Opposite position a position being opposite to the short position is a long position concerning forward contracts of the same series; a position being opposite to the long position is a short position concerning forward contracts of the same series, Exchange Rules the Trading Rules for the Commodities Market of the Polish Power Exchange, page 3

4 Regulation Regulation of the Council of Ministers of 22 December 2009 on the specific mode and terms for introducing Property Rights to exchange trading (Journal of Laws of 2010, No. 6, item 30), Underlying market the underlying instrument market, the Day Ahead Market operated by the Exchange, DAMg the Gas Day-Ahead Market making a distinctive part of the DAM&IDM and operated by the Exchange, DAM&IDMg or Gas Day-Ahead Market and Intraday Market means the gas Day-Ahead Market and Intraday Market operated by the Exchange, CFIM the Commodity Forward Instruments Market with Physical Delivery operated by the Exchange; Forward instrument series forward contracts fulfilling standards determined by the Exchange and characterised in particular by the same underlying instrument and the same expiration date, Trading System means the electronic communications system, including all relevant hardware and software, and specifically the dedicated computer application that facilitates the trading on the CFIM, Order table tabulated summary of buy and sell orders, OTC deal a forward instrument sales contract concluded between Exchange Members outside a CFIM session, Act the Act of 26 October 2000 on commodity exchanges (consolidated text: Journal of Laws of 2010 No. 48, item 284, as amended), Act on Trading in Financial Instruments means the act of 29 July 2005 on trading in financial instruments ( ustawa o obrocie instrumentami finansowymi ) (Journal of Law No 183/2005, item 1538, as amended), Contract value the forward instrument price or clearing price multiplied by the number of hours on the contract delivery date, Trading Terms these Trading Terms for Yearly Gas Forward Contracts, Position closing taking a position opposite to the position being closed, Shipper means a Shipper as defined in the TNCg. page 4

5 Part 2 Introduction. Section 1 Designation of the type of forward contracts and the description of the Forward Contracts Program. A forward instrument should be understood as a commodity forward instrument mentioned in 84 of the Exchange Rules, the price of which depends directly on the price of gaseous fuels. Gas Forward Contracts shall make part of a property rights program within the meaning of 3(3) of the Regulation. A gas Forward Contract should be deemed as an agreement obliging the seller (the issuer of an instrument) to deliver gas at a specific point in time, at a specific price and obliging the buyer (the acquirer of an instrument) to take the gas at a specific point in time and a specific price. Gas Forward Contracts shall be quoted in series. Two series of yearly Forward Contracts shall be quoted simultaneously. Yearly Forward Contracts shall be subject to spitting. On the day preceding the beginning of the delivery term of a yearly contract, it shall be split into four quarterly contracts, provided that the contract for the first quarter shall be immediately split into three monthly contracts. On the splitting date of a yearly contract after the closing of the market session, positions opened on the yearly instrument being subject to splitting are converted to corresponding positions opened on four quarterly instruments. The positions assigned to the contract for the first quarter shall be converted to the corresponding positions opened on three monthly instruments. The beginning and the end of the delivery term of the four quarterly instruments shall coincide with the beginning and the end of the delivery term of the yearly instrument. The beginning and the end of the delivery term of the three monthly instruments shall coincide with the beginning and the end of the delivery of the instrument for the first quarter. The delivery date of yearly forward contract shall be established in accordance with the Calendar of Forward Contracts Quotations and the Execution of Contracts, starting from 6:00 a.m. on the first day of delivery until 6:00 a.m. on the first day following the end of the delivery period, specified in the Calendar of Forward Contracts Quotations and the Execution of Contracts. Section 2 Starting date for the trade in Forward Contracts or the method of establishing such date. The starting date for the trade in the first series of Forward Contracts shall be established by the Exchange Management Board upon the introduction of Forward Contracts to exchange trading. The Exchange Management Board shall establish the contract quotation and the execution dates for all introduced Forward Contracts in the Calendar of Forward Contracts Quotations and the Execution of Contracts mentioned in 15. The Calendar of Forward Contracts Quotations and the Execution of Contracts shall be set and announced to the public not later than 14 days before the trading starts. Section 3 Dates for trading in Forward Contracts during individual cycles. The Exchange Management Board shall establish the quotation dates for all introduced Forward Contracts in the Calendar of Forward Contracts Quotations and the Execution of Contracts mentioned in 15. page 5

6 Section 4 Information about incorporating the Risk Factors into the Trading Terms The risk factors for the buyers and sellers of Forward Contracts have been described in Section 1 of Part 4 in these Trading Terms. Exchange Members trading in Forward Contracts should analyse thoroughly the content of the aforementioned item. Section 5 Date of preparing the Trading Terms. These Trading Terms were prepared on 6 December Section 6 Place, form and time of public access to the Trading Terms. The Trading Terms shall be made available at least 7 days prior to the commencement of the trade in Forward Instruments and can be accessed at the offices of the Exchange and on its website. Part 3 Persons responsible for the information provided in the Trading Terms. Section 1 Business name and the registered seat and address of the party who drew up Parts 1 4 of the Trading Terms and Appendix no. 1 to the Trading Terms. Company name: Registered office: Address: The Polish Power Exchange Warsaw 23 Poleczki St, Building H Warszawa Communication details: Phone: Fax: address: Website address: tge@tge.pl Section 2 Persons acting on behalf of the Polish Power Exchange Ireneusz Łazor - President of the Board Adam Simonowicz - Vice-President of the Management Board The above persons are responsible for all information specified in Parts 1 4 of the Trading Terms and in Appendix no. 1 to the Trading Terms. Section 3 Responsibility representations We represent that the information specified in Parts 1 4 of the Trading Terms and in Appendix no. 1 to the Trading Terms is true and reliable and that it does not omit any facts or circumstances which have to be disclosed according to requirements specified in the applicable provisions of law... Ireneusz Łazor President of the Management Board.. Adam Simonowicz Vice-President of the Management Board page 6

7 Section 4 Business name and the registered seat and address of the party who drew up Appendix no. 2 to the Trading Terms Company name: Warsaw Commodity Clearing House Registered office: Warsaw, 80 Jana Pawła II Av, unit F 35 Address: Communication details: Phone: Fax: address: Website address: Section 5 23 Poleczki St, Building H Warszawa irgit@irgit.pl Persons acting on behalf of the Warsaw Commodity Clearing House Dariusz Bliźniak - President of the Management Board Andrzej Kalinowski - Member of the Management Board The above persons are responsible for all information contained in Appendix no. 2 to the Trading Terms. Section 6 Responsibility representations We represent that the information specified in Appendix no. 2 to the Trading Terms is true and reliable and that it does not omit any facts or circumstances which have to be disclosed according to requirements specified in the applicable provisions of law. Dariusz Bliźniak President of the Management Board Andrzej Kalinowski Member of the Management Board Part 4 Details of the terms of trading in Forward Contracts. Section 1 Description of risk factors for the buyers or sellers of Forward Contracts. 1 General Information 1. All investment decisions should be taken on the grounds of appropriate knowledge of mechanisms regulating the trade in forward Contracts and of the awareness of risk specific to such instruments. 2. The Exchange shall not bear any responsibility for investment risks involved in the trade in Forward Contracts. 2 page 7

8 Market risk 1. Market risk is connected with changes in the prices of Forward Contracts and in the prices of underlying instruments. The forward instrument price depends mainly on the underlying instrument price. An Exchange Member entering into transactions on a Commodity Forward Instruments Market is exposed to higher risk of price changes than those on the underlying instrument market, in connection with the existence of the so-called financial leverage effect. 2. The financial leverage effect is caused by the fact that the value of the contributed collateral is part of the forward instrument s value and therefore losses or profits caused by a forward instrument price referred to the value of capital committed (being the collateral value) many have significant values which are not found on the underlying instrument market. 3. A contingent loss incurred on the Commodity Forward Instruments Market may exceed the initial value of an investment, understood as the amount of contributed collateral. 4. In the case of a decrease in the value of initial margin and variation margin below the level determined by the Clearing House, an Exchange Member holding open positions shall be requested to supplement the margin. If the margin is not supplemented within a specified term, the positions of such member will be closed. 5. Closing a position at a price lower than the long position opening price and closing a position at a price higher than the short position opening price implies a loss on a transaction. The loss exceeds the value of initial investment, if the relevant difference between the opening and closing value of a position is higher than the value of margin that has been paid. 3 Liquidity risk 1. On the Commodity Forward Instruments Market, and in particular at the initial stage, certain difficulties may occur connected with entering into a large transaction or entering into such transaction may adversely affect the level of market prices. 2. Exchange Members may find it hard to close positions, which have previously been opened, at the expected price, which is caused by the lack of opposite orders. 3. Trade liquidity may also depend on the activity of market makers. 4 Specific risks Specific risks result from the changes in prices of gas quoted on the Day-Ahead Gas Market run by POLPX, which may be subject to significant volatility, thus affecting the forward instrument price as well as the amount of collateral margins. 5 Legal risk The power sector is subject to legal acts of legislation as well as to implementing regulations, which may affect the underlying instrument price. 6 Delivery risk 1. The Exchange shall not be responsible for a physical delivery or off-take of gas under Forward Contracts concluded on the CFIM. page 8

9 2. Should the nomination of the physical delivery of gas be impossible, the volume of transaction concluded on the CFIM will be reduced accordingly by the volume attributable to such Days of Delivery. Section 2 Conditions to be met by the buyers and sellers of Forward Contracts 7 The buyers and sellers of Forward Contracts on terms specified in these Trading Terms, can be Exchange Members admitted to activities regarding Gas Forward Contracts carried out on the CFIM in accordance with Exchange Regulations, who hold the status of a Clearing House member. Section 3 Rights and obligations resulting from Forward Contracts. 8 A forward contract is regarded as an agreement mentioned in 87 of the Exchange Regulations, obliging the seller (the issuer) to deliver gas within a specific date and at a specific price, and obliging the buyer (the acquirer) to receive gas within a specific date and at a specific price. A contract concluded on the exchange is executed through a financial settlement and a physical delivery of gas. Section 4 Quotation dates of Forward Contracts. 9 Starting and closing trade in particular series of Forward Contracts takes place in accordance with the Calendar of Forward Contracts Quotations and the Execution of Contracts mentioned in 15. Section 5 Method of establishing daily clearing prices as well as the mode and terms for publishing the quotation information. 10 Daily clearing price 1. The daily clearing price shall be calculated on the grounds of transactions which have been entered into during a continuous trading system quotation phase after closing each exchange session, with accuracy up to PLN The daily clearing price shall be determined as an arithmetic mean of the prices in last 10 transactions concluded during an exchange session in a continuous trading system. 3. If fewer than 10 transactions have been concluded during an exchange session, the daily clearing price shall be determined as an arithmetic mean of the prices of all transactions concluded during continuous trading system quotations. 4. If no transaction has been concluded during an exchange session, the daily clearing price shall be determined as an arithmetic mean of price limits of the most favourable buy and sell orders transacted during continuous trading quotations, and if no such orders have been placed, the clearing price shall be the last known daily clearing price. 5. If the daily clearing price cannot be established in accordance with the provisions of clauses 1-4 above, the daily clearing price shall be determined as the last average weighted price established under the auction system. page 9

10 11 The procedure and time of the public announcement of the quotation results 1. The information on the volume, quotations, and the value of Transactions market shall be made available to Exchange Members on the a non-public website that is accessible only for the Exchange Member concerned and the Exchange. 2. Upon the end of an exchange session, the information on the volume and quotations shall be published by the Exchange on its publicly available website. Section 6 Date of delivery of a Forward Contract The beginning and end of the term for the delivery of contracts encompassing consecutive series of Forward Instruments shall be compliant with the Calendar of Forward Contracts Quotations and the Execution of Contracts mentioned in During the period for execution of a contract, gas deliveries are carried out every day, in accordance with the rules specified in the Day-Ahead Market Detailed Rules for Trading and Settlement, subject to the provisions of 6. Section 7 Date of expiration of Forward Contracts. 13 The expiration date of given contracts shall be the last day of trading in a given series of forward contracts. Section 8 Basic rules for trading in Forward Contracts. 14 Admission of Forward Contracts to exchange trading The admission of Forward Contracts to exchange trading shall be granted by the Management Board of the Exchange. 15 Introduction of Forward Contracts to exchange trading The introduction of Forward Contracts to exchange trading shall be effected by the Management Board of the Exchange, who determine the dates of quotation and execution for all introduced series of Forward Contracts, which are referred to as the Calendar of Forward Contracts Quotations and the Execution of Contracts. 16 Underlying instrument The underlying instrument is E-group high-methane natural gas, conforming to the standard specified by the Exchange Management Board, the price of which is determined on the Day-Ahead Market, expressed as PLN/MWh, with accuracy up to PLN 0,01. page 10

11 17 Instrument splitting 1. Yearly forward instruments shall be subject to splitting into four quarterly instruments. The split of a yearly instrument shall take place on the day preceding the beginning of the delivery term. On the splitting date, after the closing of the market session, the Clearing House shall split open positions on the yearly instrument being subject to splitting into corresponding positions on four quarterly instruments, each of them for a different delivery term, provided that the beginning, end and duration of the delivery term of the four quarterly instruments shall coincide with the beginning, end and duration of the delivery term of the yearly instrument. 2. Quarterly forward instruments shall be subject to splitting into three monthly instruments. The split of a quarterly instrument shall take place on the day preceding the beginning of the delivery term. On the splitting date, after the closing of the market session, the Clearing House shall split open positions on the quarterly instrument being subject to splitting into corresponding positions on three monthly instruments, each of them for a different delivery term, provided that the beginning, end and duration of the delivery term of the three monthly instruments shall coincide with the beginning, end and duration of the delivery term of the quarterly instrument. 18 Transactions parties Only Exchange Members admitted by the Exchange Management Board to the activities on the Commodity Gas Forward Instruments Market can act as parties to the transactions. 19 Quotation system Forward Contracts are traded through quotations in the continuous trading system and in the auction system or through concluding OTC deals, exclusively with the use of the Trading System. Section 9 Basic principles of trade in the continuous trading system. 20 Quotation hours Quotations shall be carried out on working days between 8:00 a.m. to 2:00 p.m., according to the Calendar of Forward Contracts Quotations and the Execution of Contracts mentioned in 15, unless decided to the contrary by the Exchange Management Board. 21 Orders 1. Exchange Members shall place their Orders with respect to specific Portfolios. In the Trading System, a Portfolios is defined as an account. A Shipper Code is assigned to each Portfolio. 2. In the Trading System, each Exchange Member has got as many Portfolios, as many Shipper Codes there are in their possession. The Exchange Member may hold Portfolios for Shared Shipper Codes. page 11

12 3. Each Portfolio may be assigned to one Exchange Member only, unless an Exchange Member shares such a portfolio with another Exchange Member according to principles specified in the Rules. 4. Exchange Members may place multiple Orders with respect to a given Portfolio Each order of an Exchange Member placed on the CFIM should define in particular the following parameters: a) designation (ID) of the Forward Contract being the object of the Order, b) type of Order (buy/sell), c) portfolio the Order relates to, d) number of Forward Contracts, e) price limit expressed in PLN/MWh, with accuracy up to PLN 0,01 or an instruction to execute the order without a predefined price limit, f) validity term, g) conditions for the execution of the order, specified in these Trading Terms, h) designation (ID) of the Exchange Member issuing the Order, i) date and hour of Order issuance, j) Order number. 2. One order must not include more than 100 Forward Contracts. At the request of an Exchange Member, POLPX may increase (on a one-off basis) the limit of Forward Contracts per an order Orders introduced to quotations should contain the conditions for execution and validity terms. Depending on the terms of execution and the validity term, the following types of Orders apply: a) Rest of Day order an order is valid on the day it is placed on the exchange. b) Good Until Expiry Order an Order is valid until the expiry of the quotation period for the instrument. c) Good Until Date Order an Order is valid until the date specified upon placing the Order. Orders are quoted until the date on which the specified time limit expires. d) Timed Order an Order is valid on the day it is placed on the market until the time specified upon placing the Order. e) Fill and Kill order an order is valid until the first transaction is concluded (or first transactions if an order is executed in several transactions simultaneously), with the nonexecuted part of the order becoming cancelled. The Order may be executed in full, in part, or may be not executed at all. The Order may be placed without a price limit. f) Fill or Kill Order - an Order is valid until the first transaction is concluded (or first transactions, if the Order is executed through multiple simultaneous transactions). The Order must be executed in full, or it will not be executed at all. When the Order structure does not allow for the execution of the Order in full, the Order expires. 2. The Fill and Kill and Fill or Kill Orders shall not be included in the Order table. Upon the placement of such Orders, the respective transactions are concluded, or the Orders are deleted. page 12

13 24 1. Orders may be placed either on the market (market Orders) or locally (local Orders). The local Orders shall not take part in quotations. 2. The local Orders may be placed on the market through its activation. The activation time determines the time when the Order is accepted on the market. 3. The market order may become a local order through suspension. Orders can be activated and suspended when quotations are carried out on the CFIM. 4. Orders can be placed on the market only during the quotation phase on the CFIM. Outside the quotation phase on the CFIM, Exchange Members are entitled to place local orders. 5. An Order placed on the market shall remain active until the modification or cancellation process is completed An order may comprise an additional condition, upon which the appearance of such order on the market is dependent an activation conditioned order (Stop Loss). 2. The activation condition involves the following parameters: a) the activation condition instrument name of the instrument to which the activation condition refers, b) the activation condition limit the price or the price limit of the activation condition instrument, c) trigger type indication whether the trigger condition is met when: i) the last transaction price is equal to or lower than the trigger limit, ii) the last transaction price is equal to or higher than the trigger limit, iii) a market order of specified type (buy / sell), with the price limit equal to or lower than the activation condition limit, appears in the order table, subject to the provisions of clause 5 below, iv) a market order of specified type (buy/ sell), with the price limit equal to or higher than the activation condition limit, appears in the order table, subject to the provisions of clause 5 below. 3. Until being triggered, an Order with a trigger condition shall remain a local Order. 4. The Order shall be triggered at the moment when the trigger condition is met. Upon being triggered, the Order shall be placed on the market and any modification, suspension, cancellation or execution of such Order shall take place in accordance the principles applicable to Orders without a trigger condition. The sequence of triggering Orders with a trigger condition shall be determined by the time of their acceptance on the market. 5. A market Order being subject to immediate execution shall not trigger the condition. 6. Orders shall be triggered only during the continuous trading phase. 7. Prior to being triggered, an Order with a trigger condition shall be valid until the end of the quotation period of the relevant instrument. After being triggered, an Order with a trigger condition shall have a validity term as applicable for the selected type of Order. 8. Orders with trigger condition shall not be subject to modification with respect to the trigger conditions. 26 page 13

14 1. Exchange Members shall have the right to modify their Orders. The following elements may be modified: a) the offered number of Forward Contracts, b) price limit. 2. Orders may be modified during the quotation phase on the CFIM. If a modification regards a decrease of the gas volume, the time for placing an order shall not be altered. In other instances of modification (increasing the volume and changing the price), a new time of placing the order shall be adopted. 3. Orders cannot be modified, if quotations on a Forward Contract have been suspended. 27 The order may be cancelled by the Exchange Member, which has placed that order, before the order validity period expires. The cancellation of Orders being the subject of concluded transactions shall not be allowed. 28 The principles of price determination, execution of orders and transactions. 1. Transactions are concluded at a price equal to the price limit which has been specified in an earlier introduced order which is waiting to be executed in an order table, in accordance with the following principles: a) first, Orders with the highest price limit in case of buy Orders, and with the lowest price limit in case of sell Orders shall be executed, b) Orders with equal price limits shall be executed according to the time of Order acceptance (Orders accepted earlier shall be executed first). 2. Orders can be executed in part, with every partial transaction concerning at least one forward instrument. Section 10 Basic principles of trade in the auction system. 29 In the auction system, the forward instrument shall be designated with a separate name, specified in the standard, in accordance with Appendix Auctions may be held according to the schedule specified in clause 2 below, from Monday till Friday, in accordance with the Calendar of Forward Contracts Quotations and the Execution of Contracts, unless otherwise decided by the Exchange Management Board. In case when the Exchange Management Board approves multiple auctions on a given Trading Day, the auction schedule shall be published in advance, as provided for in Auction schedule Time From 14:00 until 14:15 on the Trading Day Quotation Phase Input of orders by Auction Participants Input of orders by Participants in response to the announced auction. Orders may be removed or modified. page 14

15 From 14:15 until 14:30 on the Trading Day From 14:30 until 14:31 on the Trading Day By 15:30 on the Trading Day Input of the Offerer's order Input of the Offerer's order based on the details provided in the auction opening request. Closing of the auction and the publication of results on a private web site Publication of results on a public website An auction is opened a request of the Offerer. The request for opening of the auction should specify at least the following: a) proposed date of the auction, b) type of auction (sell or buy), c) forward instrument to be the object of the auction, d) number of forward instruments the originator intends to sell or buy as a result of the auction (the auction volume), e) offered price limit (the price limit constitutes the minimum price in case of a sell auction or the maximum price in case of a buy auction). 2. The application for opening of the auction should be submitted not later than 7 (seven) business days before the proposed auction date, in the form specified by the Exchange Management Board. 32 The auction may be held provided that the number of forward instruments specified in the request is at least 100 (the delivery of 100 MWh in each hour of the contract execution period). The Exchange Management Board may agree to open an auction with a lower auction volume, if it considers that this would not affect the liquidity of Transactions. 33 An auction may be organised on any Trading Day, in accordance with the schedule forth out in 30. The auction opening time shall be publicly announced by the Exchange at least 5 business days in advance. The announcement shall specify in particular the following: a) auction date, b) type of auction, c) object of the auction, d) auction volume The Exchange Member may withdraw the request for opening of the auction no later than 2 business days prior to the auction date. The Exchange Member shall be obliged to inform the Exchange about reasons for its decision. 2. The Exchange Member may change the offered price limit not later than 1 business day before the date of the auction. The Exchange Management Board may impose a restriction on the changes of the price limit. 35 page 15

16 1. The orders placed in the auction system should meet the conditions specified in 21 and 22 clause Auction Participants may only place matching orders on the auction date, by the time specified in Auction Participants shall place orders for a volume comprising at least 5 forward instruments The Offerer's order shall be placed by the Exchange on the Offerer's behalf, pursuant to the request for opening of the auction, on the auction date, within the time limit specified in During the placement of the orders, the Offerer and Auction Participants shall only have access to their own orders. 3. Auction Participants shall have the right to modify their orders. The following elements may be modified: a) offered number of Forward Contracts, b) price limit. The closing of an auction shall take place upon the placement of the Offerer's order and the determination of the auction results Transactions are concluded at a transaction price equal to the price limit specified in the order of the Auction Participant, in accordance with the following principles: a) first, Orders with the highest price limit in case of buy Orders, and with the lowest price limit in case of sell Orders shall be executed, b) Orders with equal price limits shall be executed according to the time of Order acceptance (Orders accepted earlier shall be executed first). 2. Orders can be executed in part, with every partial transaction concerning at least one forward instrument. 3. After the end of the auction, unexecuted orders shall be deleted The Exchange shall announce the auction results to the public after closing the auction. 2. In case of a resolved auction, the following information shall be announced to the public: a) volume of concluded transactions, b) minimum and maximum transaction price, c) volume-weighted average transaction price of the auction (auction transactions). 3. In case of an unresolved auction, the following information shall be announced to the public: a) auction volume, as specified by the Offerer, b) price limit, as specified by the Offerer, c) minimum and maximum price limit under the orders of Auction Participants. Section 11 Basic principles of trade through OTC deals. 40 page 16

17 1. OTC deals may be concluded on terms specified in Exchange Regulations and in these Trading Terms. 2. OTC deals may be concluded at the request of an Exchange Member, if a deal should result in closing a position or closing a portfolio. 3. After receiving a request for the conclusion of an OTC deal conclusion, the Exchange Management Board shall determine specific conditions for the placement and execution of orders regarding a given deal. 4. The Exchange Management Board shall be entitled to refuse the consent for concluding an OTC deal, if doing so could infringe upon relevant legal regulations or when a refusal is necessary for the reason of trade or clearings safety. 5. The Exchange Management Board shall be entitled to require that a requesting party present additional information which is necessary to examine the request or to determine specific conditions for the placement and execution of orders. In particular, the Exchange Management Board shall be entitled to demand that a requesting party present documents concerning the obligation, the fulfilment of which requires the conclusion of an OTC deal. Section 12 The procedure for introducing potential changes to the trading terms. 41 The procedure for amending the Trading Terms These Trading Terms may be amended by the Exchange Management Board. All amendments of Trading Terms should be published nit later than 7 days before their entering into force. Section 13 Information which could significantly affect the assessment of forward contracts and risks involved in buying such contracts. 42 Apart from the information contained in these Trading Terms, the Exchange is not aware of any other information which could significantly affect the assessment of forward contracts and risks involved in buying such contracts. page 17

18 Appendix 1. The Gas Forward Instrument standard. Name of the forward instrument Underlying instrument Forward instrument nominal value Forward instrument price Forward Contract value Delivery term Execution period Quotation period Delivery unit Expiration day Splitting date The first trading day of a new series Quotation unit Contract settlement mode GAS_BASE_Y- yy or GAS_BASE-A_Y- yy, where: GAS_BASE_Y basic name of the forward instrument, GAS_BASE-A_Y name of the forward instrument for the auction system, yy two last digits of the year when the forward contract is to be executed. E-group high-methane natural gas, conforming to the standard specified by the Exchange Management Board, the price of which is determined on the Day-Ahead Market, expressed as PLN/MWh, with accuracy up to PLN 0,01. 1MW multiplied by the number of hours specified in the Calendar of Forward Contracts Quotations and the Execution of Contracts, depending on the number of days in a year: MWh. Expressed as PLN/MWh, with accuracy up to PLN 0,01. Forward instrument nominal value multiplied by the forward instrument price. One calendar year (from 365 to 366 days) from 6 a.m. on 1 January of the year of delivery until 6 a.m. of 1 January of the year following the year of delivery. In accordance with the Calendar of Forward Contracts Quotations and the Execution of Contracts. In accordance with the Calendar of Forward Contracts Quotations and the Execution of Contracts. 1 MWh for each hour of the contract delivery term. The last day of trading. The last session day specified in the Calendar of Forward Contracts Quotations and the Execution of Contracts. According to the Calendar of Forward Contracts Quotations and the Execution of Contracts, after the closing of the session on the day,preceding the beginning of the delivery term, a quarterly instrument shall be split into quarterly contracts for a given delivery year. Furthermore, the first quarter shall be split into three monthly contracts. The first session day specified in the Calendar of Forward Contracts Quotations and the Execution of Contracts 1 forward instrument. Physical delivery of equal volumes of gas in every hour during the contract delivery term. page 18

19 Appendix 2 The Warsaw Commodity Clearing House Detailed clearing rules for the markets being run by POLPX Detailed clearing rules for the markets being run by POLPX The Rules comes into force on the day of May the 10 th page 19

20 Definitions 1) the House it should be understood as the exchange clearing house (in the understanding of the Act), run by the Warsaw Commodity Clearing House Joint Stock Company; 2) WCCH it should be understood as the Warsaw Commodity Clearing House Joint Stock Company with seat of business in Warsaw; 3) the Property Rights under Certificates of Origin it should be understood as the property rights under certificates of origin in the understanding of the regulations set forth in the Power Law Act; 4) the Gas it should be understood as gaseous fuels as referred to in Article 3 item 3a) of the Power Law Act, being the exchange commodity admitted to trading on the Exchange Commodity Market pursuant to relevant internal regulations of the Exchange; 5) the Act it should be understood as the act dated on the day of October the 26 th 2000 concerning the commodity exchanges (unified text in the Journal of Law No 121/2005, item 1019 with later amendments); 6) the Clearing Bank it should be understood as the bank that - acting on the grounds of appropriate agreements concluded with the House and individual Clearing Members of the House provides financial services connected with clearing of the Transactions entered into on the exchange; 7) the Clearing Member of the House it should be understood as an entity that has obtained the House membership by virtue of resolution passed by the WCCH Management Board and that has been allowed by the House to clear Transactions entered into on the exchange; 8) the Exchange Member it should be understood as an entity that has concluded the membership agreement with the Exchange; 9) the Delivery Day it should be understood as a day the exchange commodity sold or purchased on the Trading Day will be delivered or received on that; 10) the Trading Day it should be understood as a day POLPX market rates are fixed for given Delivery Day on that; 11) the Exchange, POLPX it should be understood as the Polish Power Exchange; 12) the exchange it should be understood as the Exchange Commodity Market run by the Exchange; 13) the Private Web Site it should be understood as a web site accessible only for given Clearing Member of the House and for the House; 14) TSOe or the Electricity Transmission System Operator it should be understood as Polskie Sieci Energetyczne Joint Stock Company with seat of business in Konstancin-Jeziorna; page 20

21 15) TSOg or the Gas Transmission System Operator it should be understood as the Industrial Gas Pipelines Operator GAZ-SYSTEM Joint Stock Company with seat of business in Warsaw; 16) TNCe it should be understood as the Electricity Transmission Network Code worked out by the TSOe; 17) TNCg it should be understood as the Gas Transmission Network Code worked out by the TSOg; 18) the Power Law Act it should be understood as the act dated on April the 10 th 1997 and titled "The Power Law" (Journal of Law No 89/2006, item 625 with later amendments); 19) the Bank Account it should be understood as an account opened by the Clearing Member of the House in the Clearing Bank for servicing clearing and pecuniary settlement of Transactions entered into on the DAM, IDM, DAMg, PRM, CDM and EAM markets, and in particular for accumulation of pecuniary collaterals for purchase Transactions as well as collateral margins for the Commodity Derivatives Market; 20) the Subsidiary Account it should be understood as an account, opened by the Clearing Member of the House in the Clearing Bank in addition to the Bank Account and designed for the House's crediting of the account with receivables by the right of clearing of the Transactions, which have been entered into on the DAM, IDM, DAMg, PRM, CDM and EAM markets; 21) the Settlement Report it should be understood as a report available in the clearing system and including the balance of payments by the right of the Transactions entered into on the exchange; 22) DAM it should be understood as the Day-Ahead Market run by the Exchange; 23) IDM it should be understood as the Intraday Market run by the Exchange; 24) DAMg it should be understood as the Gas Day-Ahead Market run by the Exchange; 25) PRM it should be understood as the Property Rights Market run by the Exchange; 26) CDM it should be understood as the Commodity Derivatives Market run by the Exchange; 27) EAM it should be understood as the Emission Allowance Market run by the Exchange; 28) the POLPX Regulations it should be understood as the Trading Regulations of the Exchange Commodity Market of the Polish Power Exchange; 29) the Clearing System it should be understood as a set of hardware and software components, and in particular the specialized computer page 21

22 software, clearing of the Transactions, entered into on the exchange, is conducted by means of that; 30) the Transaction it should be understood as an exchange commodity sale contract closed on the exchange, the Clearing Member of the House is a party of clearings of that; 31) OTC deal it should be understood as an exchange commodity sale contract concluded outside the session on the Exchange, the Clearing Member of the House is a party of clearings of that; 32) the Order it should be understood as an exchange commodity purchase or sale offer submitted on the exchange by the Exchange Member; 33) the Transaction Limit it should be understood as maximum total value of purchase transactions possible to enter into on given day on DAM, IDM, DAMg, PRM and EAM markets by given Clearing Member of the House; 34) NCEBM it should be understood as the National Center of Emission Balancing and Management, an entity responsible for keeping records of the Emission Allowances in the Republic of Poland, assigned by the minister competent in environmental issues; 35) the Union s Register it should be understood as the system of recording of the Emission Allowances, run by NCEBM in accordance with applicable regulations; 36) the Recording Accounts it should be understood as recording devices for recording of positions of exchange commodities, kept by the WCCH, according to the ID of the Clearing Member of the House, the client ID, exchange commodity series ID, type of activity ID and portfolio ID; 37) the Accounting Accounts it should be understood as recording devices designed for determination of liabilities and receivables resulting from clearings of exchange Transactions and collateral margins, kept by the WCCH according to the ID of the Clearing Member of the House as well as the client ID; 38) the Collateral Account it should be understood as a recording device designed for registering of collaterals lodged by the Clearing Member of the House in pecuniary resources deposited in the Bank Account kept in the Clearing Bank as well as collaterals lodged in non-pecuniary form, registered in the Non-Pecuniary Collaterals Register; 39) the Portfolio it should be understood as positions of the exchange commodities, registered in the Recording Accounts marked by the same House Member's ID and the same portfolio ID; 40) N-Day it should be understood as the day, clearing of the transaction was conducted by the House on which. The days previous to or following the N- Day are marked as N-1 or N+1, respectively; 41) the Foreign Clearing House it should be understood as an entity, acting independently towards the House, that conducts clearing of electricity page 22

23 trading transactions being entered into on the exchanges and executed outside the system mentioned in Article 3 item 23 of the Power Law Act; 42) the Non-Pecuniary Collaterals Register it should be understood as a register, kept by the House, serving for recording of the Property Rights under Certificates of Origin, the CO2 Emission Allowances and the Bank Guarantees composing covering of the liabilities of the Clearing Members of the House as well as their clients (respectively) by the right of the collateral margins and the transaction margins; 43) the Scheduling Unit it should be understood as a basic object of the balancing market in the understanding of TNCe, allocated to given power company by the TSOe or made available for the House Member or a House Member s client by the power company in order to execute physical delivery of electricity; 44) the Nomination it should be understood as the nomination defined in the TNCg, allocated to given House Member by the TSOg or made available for the House Member or a House Member s client pursuant to the regulations being in force on the Exchange within that scope; 45) the Shipper code it should be understood as the code designed for identification of the Shipper defined in the TNCg; 46) the Foreign Entity it should be understood as a House s Member acting on the territory of the Republic of Poland, seat of business of which is located abroad. Part I - Collateralization of the clearings 1. The Transaction clearing collateralization system. 1.1 The House shall establish and manage the system of collateralization of session transactions and OTC deals entered into on the exchange, basing on financial means accumulated in the Bank Accounts kept in the Clearing Bank for the Clearing Members of the House as well as on recognized nonpecuniary collaterals registered in the Non-Pecuniary Collaterals Register kept by the House. 1.2 In the Clearing System each Clearing Member of the House has got its Collateral Account that reflects current status of collaterals lodged for Transactions, it enters into which on the exchange. page 23

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