How To Change The Trading Model Of Pxe
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1 Changes of Clearing and Settlement CSD Prague Ondřej Dusílek
2 Key points All PXE members positions will be transfered to ECC during one day (transfer day) according to multi-lateral agreement (Deed of Novation) ECC will be clearinghouse for all PXE trades according to ECC Clearing rules all procedures and services provided by CSD Prague to PXE and clearing members will terminate ECC will be a central counterparty for all futures (delivery included) Energy Clearing Counterparty (EnCC) remains as a central counterparty for spot trades (OTE day-ahead market), but a payment agent will be ECC 2
3 Change of structure and procedures Trading Clearing current model new model Futures - Trayport Spot - PXE Monitor Futures and Spot - CSD Prague via clearing banks Futures - Trayport Spot - PXE Monitor/New web application Futures and Spot ECC via clearing members Scheduling CZ market PXE (CCP) SK and HU CCC and EnCC CZ market PXE (ECC Lux) SK and HU market ECC Lux Reporting Invoicing PXE/CSD Prague reports via PXE Monitor or web services All fees by PXE Delivery by CCP, EnCC and CCC ECC/EUREX reports and clearing members reports trading - PXE, clearing- ECC Delivery of futures by ECC Delivery of spot by EnCC 3
4 Trading No changes regarding futures and spot trading Futures (CZ, SK and HU - financial and physical) trading via Trayport as today matched orders are confirmed from ECC (status cleared) limits are set up by ECC clearing members reporting to ČNB as today Spot market (OTE day-ahead) trading via PXE Monitor or via web application in future clearing via ECC, but EnCC remains counterparty (invoicing) clearing members can set up spot limit financial futures fulfillment (market orders) will carry on 4
5 Clearing and reporting All products (futures and spot) and all fees (membership, trading, clearing etc.) will be cleared by European Commodity Clearing AG (ECC) in accordance with ECC clearing rules Clearing and settlement reports will be provided by ECC (and ECC clearing members) All current reports via PXE Monitor (40192 Preadvice cash info, Payments, Holdings, real-time information about trades, margin requirements or limits) will not be available any more (a few weeks/months after a transfer day will be available historical reports) 5
6 Scheduling and invoicing European Commodity Clearing Luxembourg S.à.r.l.n (ECC Lux) will replace curent counterparties (EnCC, CCC and CCP) regarding delivery of physical futures and will be member of all TSOs (OTE, OKTE, MAVIR) Scheduling to OTE is provided by PXE (counterparties will be ECC Lux and PXE member) Scheduling to OKTE/MAVIR is registered by both counterparties ECC Lux and PXE member Delivery of electricity (physical futures) will be invoiced by ECC Lux, (spot market by EnCC as today) PXE fees (membership, trading etc.) are invoiced by PXE and ECC fees (clearing, scheduling etc.) are invoiced by ECC 6
7 Impacts for participants Necessary to be a non-clearing/clearing member of ECC (nonclearing member has to sign an agreement with clearing member of ECC) some participants will have to change a GCM (clearing bank) Different central counterparty = different VAT regime (invoicing) and different counterparty in TSOs (different EIC code in OKTE/MAVIR) New clearing rules, margining and limits ECC Rules New reporting PXE Monitor reports will be replaced by ECC/EUREX reports New PXE membership agreement between PXE and trading members Transfer agreement (Deed of novation) between all parties (PXE, ECC, participants, clearing members) 7
8 Transfer of open positions Deed of novation should be signed by all parties at least one month before the transfer date (the agreement should be available during February) We expect that the last day before the transfer will not be a trading day (only accounting day) All margin contributions will be returned by CSD Prague to current clearing banks according to clearing rules (other solution has to be agreed by CSD Prague and clearing member individually) All bank guarantees will be return to banks 8
9 Questions and contact Thank you for your attention Ondřej Dusílek
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