Clearing and Settlement Initiatives 2013/2014

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Clearing and Settlement Initiatives 2013/2014"

Transcription

1 Clearing and Settlement Initiatives 2013/2014

2 Agenda 1. Introduction of ECC 2. Milestones since June Product innovations - Partner Exchanges 4. ECC The clearing house serving the European Energy Markets 5. Widening the scope: ECC serving the Commodity Markets 1. PXE - Power Exchange Central Europe 2. Cleartrade Exchange 3. Norexeco 4. Gaspoint Nordic 6. The Fosbory Flop 7. Straight Through Processing 8. Limit Management 2

3 Introducing ECC International network of commodity market participants 361 Non-Clearing Member ( ) 21 Clearing Member ( ) 26 Countries ( ) 3

4 Milestones since June 2013 June 2013 Successfully launch of the Swiss Intraday market Sep 2013 Clearing and settlement services for all transactions concluded on the Prague based Power Exchange Central Europe (PXE) products: Czech, Slovak and Hungarian Power Futures EMIR license application filed Dec 2013 Introduction of EUA as Margin Credit NOREXECO to Cooperate in the Commodity Sector with ECC EEX, ECC, OMIP and OMIClear to Cooperate in Trade Registration of Power Derivatives Feb 2014 Mar 2014 May 2014 EMIR Trade reporting services launched NWE Market Coupling Connecting CWE, Nordic and UK day-ahead spot markets Trade registration for Spanish Power Futures introduced SWE and NWE markets successfully coupled connecting day-ahead spot markets from Finland to Portugal under a common day-ahead price calculation (PCR) Improvements of Straight-Through-Processing 4

5 Product Innovations - Partner Exchanges GOOs Italian Power Futures Swiss Power Futures Dutch Power Futures Belgian Power Futures Spanisch Power Futures Relaunch of Coal and physical fulfilled French Futures Price Coupling in North- Western Europe (NWE) SWE and NWE coupled, now operating under a common dayahead price calculation EEX and Powernext launch PEGAS Quality specific natural gas products (L-/H- Gas) for NCG and Gaspool Front Month product on PEG Sud 9th July 2014: launch of 24/7 trading for PEG Spot Markets and Zeebrügge 4M MC Project: The Slovak, Hungarian, Romanian and Czech market operator and the local exchanges intending to implement a coupling solution for the day-ahead markets CEGH and the Czech Power Exchange Central Europe (PXE) commonly launched the CEGH Czech Gas Futures Market 5

6 ECC The clearing house serving the European Energy Markets physical delivery / order book(s) OTC registration and fin. Settlement only French and Dutch Natural Gas Phelix Futures & Options French, Dutch, Italian, Belgium, Romanian, Swiss, Spanish and Nordic Power Futures EUA, CER, EUAA & ERU Futures Coal Futures (USD/EURO), GOOs Emission Spot and primary auction NCG, Gaspool, NBP Gas German, French, Austrian, Swiss Power Spot, NEW, SWE Czech / Slovakian / Hungarian Power Hungarian Power Austrian Natural Gas / Czech natural gas

7 Product innovations - Partner Exchanges It is getting much more colourful Recovered Fibre Power Emissions Pulp Coal Containers Natural Gas Fertilizer Freight Fuel Oil Steel Iron Ore 7

8 PXE Power Exchange Central Europe September 2013 PXE was established in 2007 PXE is a subsidiary of the Prague Stock Exchange and part of the Central European Stock Exchange Group. European Commodity Clearing AG (ECC) and PXE signed a cooperation agreement and PXE agreed to replace the existing clearing & settlement with the ECC clearing. ECC has taken over the clearing & settlement functions from the former Clearing House of PXE per September Products ECC offers clearing services for PXE: Payment Agent for the Spot Market transactions Physical and financial Czech Power Futures Physical and financial Slovakian Power Futures Physical and financial Hungarian Power Futures 8

9 Cleartrade Exchange Singapore Q EEX has become a majority shareholder, with a 52% holding in Cleartrade Exchange by the end of December The acquisition by EEX makes ECC the natural clearing house for the Cleartrade Exchange: Cleartrade Exchange (CLTX) is a Regulated Market Operator (RMO) under a license of the FSA in Singapore with offices in Singapore and London. The trading system allows the choice between multiple central counterparts. Products traded at Cleartrade will be cross-listed at EEX. Clearing will be performed by registration at EEX, ensuring EMIR compliant derivatives status. Products Trading Screen Trade Registration Clearing House Containers Fertilisers Freight Fuel Oil Steel Iron Ore 9

10 NOREXECO Q NOREXECO AS and ECC signed a Clearing Services Agreement establishing a cooperation for the clearing and settlement of initially financial Pulp and Recovered Fibre Futures: NOREXECO is based in Kongsvinger (near to Oslo), Norway NOREXECO currently requests the admission as Regulated Market according to Norwegian laws, as a consequence the exchange will be regulated by the Financial Supervisory Authority of Norway Depending on regulatory approval, the launch of the Exchange is expected for September NOREXECO plans to start offering the following futures contracts for exchange trading: NOREXECO Pulp Futures - PIX Pulp Northern Bleached Softwood Kraft Pulp Europe - PIX Pulp Bleached Hardwood Kraft Pulp Europe NOREXECO Recovered Fibre Futures - PIX Recovered paper Old Corrugated Containers - PIX Recovered paper Old Newspapers/Old Magazins Further product offerings are in the pipeline 10

11 Gaspoint Nordic October 2014 Energinet.dk and Nord Pool Spot established Gaspoint Nordic (Nord Pool Gas) in 2007 with the aim of creating a transparent and competitive market place. The gas exchange Gaspoint Nordic organizes physical trade of natural gas. The Gaspoint Nordic currently offers the following products: Day contracts Withinday contracts Weekend contracts Swap contracts (NPTF and Gaspool Hub) Further contract offerings under preparation. The introduction of the European target model for gas in Denmark requires the establishment of 24/7 clearing services. ECC and Gaspoint Nordic have signed an LOI in order to cooperate. By establishing the clearing services, ECC enables Gaspoint Nordic to offer 24/7 trading. With the operation of the Danish gas spot market in addition to Belgium and UK, ECC will serve 12 gas hubs across Europe. 11

12 The Fosbory Flop 12

13 Straight through processing of broker trades has been on the rise at EEX and ECC since last year % of broker trades processed via STP solution vs. manual trade registration but what is behind this development? 13

14 STP bridges over-the-counter trading at brokers with trade registration on a regulated market and clearing Member A Trade OTC Trading Broker Trade Member B exrp / Trayport Straight Through Processing NCM A Portfolio Accept Clearing Member A (Automatic) Confirmation by NCM A Automatic Entry by Broker Exchange Registration ECC Clearing (Automatic) Confirmation by NCM B NCM B Portfolio Accept Clearing Member B 14

15 Benefits of Straight-Through Processing Eliminates manual re-entry of trade details already captured in the broker system Reduced risk for clients Reduced effort for brokers Reduces the need for manual confirmation of trade details already confirmed in the broker system Reduced effort for clients Reduced risk for brokers Reduces cycle-time from trading on broker venue to clearing confirmation by ECC Reduced risk for clients Reduced risk for brokers 15

16 The broker can choose to bear the risk of an open position or not as per contract with it s client Per side of the trade the broker stipulates whether it is to be processed as Direct or as Give-up by the STP solution. Scenario 1: Direct trade side ( Broker does not bear risk of holding a position) Automatic Entry by Broker (Automatic) Approval by NCM Exchange Registration NCM Portfolio ECC Clearing Position is directly opened on NCM account, once the trade is approved by NCM (and the other side is approved*) Approval can be automated Scenario 2: Give-up trade side ( Broker bears risk of holding a position) Automatic Entry & Give-up by Broker Exchange Reg. (Automatic) Take-up by NCM ECC Clearing NCM Portfolio Position is automatically opened on the broker s account (once the other side is approved* too) and given-up to the NCM for take-up Take-up can be automated * Other side is approved, if it is a give-up side or once approval is provided by counterparty addressed directly 16

17 By default, trades marked as Automatically Matched are automatically confirmed for the client High STP Always Already Confirmed Automatically Matched STP Default Setting Never (Opt-out) Auto confirms any trade, regardless of whether Automatically Matched or Already Confirmed conditions are fulfilled In addition to Automatically Matched, also auto confirms trades marked as Already Confirmed by the broker Requires a Confirmation window functionality at the broker (for voice and/or on-behalf deals) Auto confirm all trades that are marked as Automatically matched by the broker system; two requirements as per ECC definition: Screen-traded, i.e. executed through the electronic order book of the broker (i.e. not a voice trade entered by the broker) Customer-entered, i.e. a trader from the counterparty has traded personally (i.e. not a broker on-behalf of the client) Automatic Confirmation functionality is completely deactivated Low STP Trading participants are obliged to check the registrations and submissions to the ECC clearing system effected by using STP systems forthwith, however, no later than until the beginning of the next trading day. Objections to trades can be raised with EEX Market Supervision. 17

18 Automatic Confirmation settings can be adjusted as required through ECC Form T08 18

19 Wrap-up One Electronic Process Automatic Confirmation Direct Trades Non Trading Brokers All trades can be entered by the broker through the STP solution Buy and sell side can be independently processed as: direct entry on counterparty account ( approval) entry on broker account and give-up ( take-up) EFETnet exrp and Trayport Hosted Clearing Link SM operate via a single electronic portal and process Automatic Confirmation (incl. approval & take-up) is now activated by default for all trades reported as Automatically matched Possibility for clients to enhance Auto Confirmation (e.g. Always ) or to deactivate Auto Confirmation ( Opt-out ) via ECC form T08 Direct Trade means both sides are directly registered on the counterparties, none is registered on the broker no give-up Only when both sides are (automatically) approved, the trade is firm and cleared by ECC, approval possible by 17:30 CET New EEX membership model Non Trading Broker (NTB), restricted to direct trades, i.e. never holding a position No requirement for a Clearing Member lower cost! 19

20 As a multi-exchange clearing house, ECC is ideally positioned to centrally organize limit management Flow of trades and positions (i.e. risk) Flow of risk control (i.e. trading limits) Client 1 Client 2 Client 3 Client 4 Client 5 Client 1 Client 2 Client 3 Client 4 Client 5 Exch. 1 Exch. 2 Exch. 3 Exch. 1 Exch. 2 Exch. 3 ECC ECC CM 1 CM 2 CM 3 CM 1 CM 2 CM 3 A comprehensive limit solution can reduce the demand for collateral by CMs A centralized solution reduces the number of interfaces for each partner 20

21 Thank you for your attention! Thomas Bergerhoff Clearing Strategy Phone: Pieter Hauffe Clearing Initiatives & Cooperations Phone:

Annual EEX Group Workshop 2014 Introduction

Annual EEX Group Workshop 2014 Introduction Annual EEX Group Workshop 2014 Introduction June 5 th, 2014 Marriott Hotel Leipzig Agenda Time Room 1 Room 2 Room 3 11.00 12.00 General Welcome/Introduction Speech 12.00 13.00 Lunch Break 13.00 14.00 EPEX

More information

ECC Trading Limits Services. EEX Group Workshop 11 June 2015

ECC Trading Limits Services. EEX Group Workshop 11 June 2015 ECC Trading Limits Services EEX Group Workshop 11 June 2015 Agenda ECC Limit Service Rationale Legal Framework Achievements Spot Markets Derivatives Markets Handling Outlook 2 ECC Limit Service - Rationale

More information

EEX Technology Update

EEX Technology Update EEX Technology Update Torben Bäumlein, Rob Palmer Copyright 2014 All rights reserved Agenda 1. EEX connectivity overview update 2. EEX TT creen 3. IV Concept 4. traight Through Processing (TP) Copyright

More information

Copyright 2015 All rights reserved. Phelix Power Futures

Copyright 2015 All rights reserved. Phelix Power Futures Phelix Power Futures EEX at a glance The European Energy Exchange develops, operates and connects secure, liquid and transparent markets for energy and related products. EEX is a regulated market according

More information

Notification and Consultation Reference no.: BK7-15-018. Datum / Date 28.04.2015. Dokumentversion / Document Release

Notification and Consultation Reference no.: BK7-15-018. Datum / Date 28.04.2015. Dokumentversion / Document Release Statement to the consultation of approving ICE Endex as a relevant trading platform according Art. 22, Paragraph 3 of the Network Notification and Consultation Reference no.: BK7-15-018 Datum / Date 28.04.2015

More information

Trading and Clearing Schedule

Trading and Clearing Schedule Trading Appendix 3 / Clearing Appendix 3 Trading and Clearing Schedule Commodity Derivatives Issued by NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB Effective Date: 7 24 2 FebruaryNovemberApril 20154

More information

Natural Gas Centralized Trading Trading Mechanisms Developed and Implemented by OPCOM and Compliance With the European Practice

Natural Gas Centralized Trading Trading Mechanisms Developed and Implemented by OPCOM and Compliance With the European Practice Natural Gas Centralized Trading Trading Mechanisms Developed and Implemented by OPCOM and Compliance With the European Practice Summary: I. European Demands II. European Experience III. National Regulatory

More information

EnClear Futurisation

EnClear Futurisation EnClear Futurisation Overview All EnClear products (except Emissions) will be reclassified as Block Futures- proposed go live date is end October 2014, subject to regulatory approval in response to market

More information

PXE Member Workshop. Prague, 30th January 2013

PXE Member Workshop. Prague, 30th January 2013 PXE Member Workshop Prague, 30th January 2013 AGENDA 1. About ECC 2. ECC Clearing Processes 3. ECC Admission Process 4. Position Transfer 5. Next Steps 2 About ECC History 2006 2008 1 st September: Spin-off

More information

EEX Product Brochure Natural Gas. Datum / Date 01/01/2014. Dokumentversion / Document Release

EEX Product Brochure Natural Gas. Datum / Date 01/01/2014. Dokumentversion / Document Release EEX Product Brochure Natural Gas Datum / Date 01/01/2014 Ort / Place Dokumentversion / Document Release Leipzig 0001E 1. Table of contents 1. Table of contents... 1 2. Preliminary remarks... 2 3. PEGAS-

More information

Trading gas on EEX & Powernext using Trayport s Exchange Trading System (ETS) Software Summary of improvements, timeline and customer tasks

Trading gas on EEX & Powernext using Trayport s Exchange Trading System (ETS) Software Summary of improvements, timeline and customer tasks Trading gas on EEX & Powernext using Trayport s Exchange Trading System (ETS) Software Summary of improvements, timeline and customer tasks European Energy Exchange AG Intention for migration to Trayport

More information

NOREXECO Rulebook. Appendix 10. Definitions and abbreviations

NOREXECO Rulebook. Appendix 10. Definitions and abbreviations NOREXECO Rulebook Appendix 10 Definitions and abbreviations Table of Contents Definitions and abbreviations... 3 Page 2 of 16 Definitions and abbreviations In the Rulebook, including the Appendices and

More information

EEX Group Workshop 2015. Cleartrade Exchange. Cleartrade Exchange, an EEX company, part of Deutsche Borse Group

EEX Group Workshop 2015. Cleartrade Exchange. Cleartrade Exchange, an EEX company, part of Deutsche Borse Group EEX Group Workshop 2015 Cleartrade Exchange Cleartrade Exchange, an EEX company, part of Deutsche Borse Group Regulated by the Monetary Authority of Singapore as a Recognised Market Operator (RMO) Agenda

More information

Gaspoint Nordic Definitions

Gaspoint Nordic Definitions Gaspoint Nordic Definitions Appendix 9 Published Copyright Gaspoint Nordic A/S 01052015 Definitions Access Holder means a company having entered into a Trial Period Agreement or a View only Agreement with

More information

MARKET REPORT. January 2011

MARKET REPORT. January 2011 uary 211 MARKET REPORT Highlights physical markets uary 211: POWER: Nord Pool Spot market share of Nordic consumption was 74.6 per cent in uary. The total Nordic preliminary consumption for uary was 4.4

More information

PREFACE... 3 CHAPTER 1 INTRODUCTION... 6 1.1 NASDAQ OMX GROUP...6 1.2 NASDAQ CLEARING...7 1.3 BRIEF HISTORY...7 CHAPTER 2 MARKET PARTICIPANTS...

PREFACE... 3 CHAPTER 1 INTRODUCTION... 6 1.1 NASDAQ OMX GROUP...6 1.2 NASDAQ CLEARING...7 1.3 BRIEF HISTORY...7 CHAPTER 2 MARKET PARTICIPANTS... LEGAL DISCLAIMER The content of this document is subject to change without notice. Although this document has been prepared on the basis of the best information available at the moment of preparation,

More information

ANNUAL REPORT 2015. Growth IN NEW DIMENSIONS

ANNUAL REPORT 2015. Growth IN NEW DIMENSIONS ANNUAL REPORT 2015 Growth IN NEW DIMENSIONS KEY DATA 2015 2014 Change (%) Profit and loss account Sales revenue keur 190,424 77,098 + 147 Earnings before interest, taxes, depreciation and amortisation

More information

EPEX SPOT reaches in 2015 the highest spot power exchange volume ever

EPEX SPOT reaches in 2015 the highest spot power exchange volume ever PRESS RELEASE EPEX SPOT reaches in 2015 the highest spot power exchange volume ever New, integrated exchange reaches a total of 566 TWh traded, up by 19% UK and France power markets flourish, reaching

More information

EPEX SPOT Markets and Products 2012 Review & Current developments

EPEX SPOT Markets and Products 2012 Review & Current developments EPEX SPOT Markets and Products 2012 Review & Current developments Sylvie Tarnai & Katharina Niciejewska EEX Summer Workshop Marriott Hotel Leipzig 6 th June 2013 EPEX SPOT 2013 All rights reserved Use

More information

Growing TOGETHER. Growth AT ALL LEVELS. Innovation means FULFILLING MARKET REQUIREMENTS. We want to be THE FIRST CHOICE IN EUROPE

Growing TOGETHER. Growth AT ALL LEVELS. Innovation means FULFILLING MARKET REQUIREMENTS. We want to be THE FIRST CHOICE IN EUROPE ANNUAL REPORT 2014 Growing TOGETHER 10 15 21 Growth AT ALL LEVELS Innovation means FULFILLING MARKET REQUIREMENTS We want to be THE FIRST CHOICE IN EUROPE 26 Responsibility is THE BASIS OF OUR SUCCESS

More information

At the Heart of Energy and Commodity Trading

At the Heart of Energy and Commodity Trading At the Heart of Energy and Commodity Trading Markets & Products 2016 connecting markets eex.com Strom EEX Group connecting markets EEX Group provides the central market platform for energy, energy related

More information

Trading and Clearing Schedule

Trading and Clearing Schedule Trading Appendix 3 / Clearing Appendix 3 Trading and Clearing Schedule Commodity Derivatives Issued by NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB Effective Date: 1 December 2015 TRADING AND CLEARING

More information

NASDAQ OMX. Commodities. Transaction types Service Description. Adapting to the new regulatory environment. Version 3.0, February 3, 2014

NASDAQ OMX. Commodities. Transaction types Service Description. Adapting to the new regulatory environment. Version 3.0, February 3, 2014 NASDAQ OMX Commodities Transaction types Service Description Adapting to the new regulatory environment Version 3.0, February 3, 2014 NASDAQ OMX Oslo ASA NASDAQ OMX Stockholm AB NASDAQ OMX Clearing AB

More information

MARKET REPORT. March 2011

MARKET REPORT. March 2011 ch MARKET REPORT Highlights physical markets ch : POWER: Nord Pool Spot market share of Nordic consumption was 72.9 per cent in ch. The total Nordic preliminary consumption for ch was 37. TWh compared

More information

Trading Appendix 1 / Clearing Appendix 1. Definitions. Commodity Derivatives. Issued by NASDAQ OMX Oslo ASA and NASDAQ OMX Clearing AB

Trading Appendix 1 / Clearing Appendix 1. Definitions. Commodity Derivatives. Issued by NASDAQ OMX Oslo ASA and NASDAQ OMX Clearing AB Trading Appendix 1 / Clearing Appendix 1 Definitions Commodity Derivatives Issued by NASDAQ OMX Oslo ASA and NASDAQ OMX Clearing AB Effective Date: 720 April 20142015 DEFINITIONS Account Holder Affiliate

More information

EEX European Power Futures and Introduction of Cap Futures

EEX European Power Futures and Introduction of Cap Futures EEX European Power Futures and Introduction of Cap Futures Tim Greenwood, Steffen Riediger, Dr. Maximilian Rinck Essen, 11 February 2015 Agenda 1. Review volumes and trends in 2014 2. EEX Power Derivatives

More information

European Power Exchanges Challenges for market integration

European Power Exchanges Challenges for market integration Mikael Lundin CEO Nord Pool Spot AS European Power Exchanges Challenges for market integration Helsinki, March 17 th 2011 About Nord Pool Spot Nord Pool Spot runs the largest market for power in the world

More information

Power Exchanges and Market Coupling tools for mitigating energy costs favoring EU competitiveness

Power Exchanges and Market Coupling tools for mitigating energy costs favoring EU competitiveness Power Exchanges and Market Coupling tools for mitigating energy costs favoring EU competitiveness Brussels, April 30 th 2014 Dr. Wolfram Vogel Director Public Affairs & Communications, EPEX SPOT Liberalization

More information

Power market integration. Geir-Arne Mo Team Lead Nordic Spot Trading Bergen Energi AS

Power market integration. Geir-Arne Mo Team Lead Nordic Spot Trading Bergen Energi AS Power market integration Geir-Arne Mo Team Lead Nordic Spot Trading Bergen Energi AS 1 Geir-Arne Mo Some background information: Working for Bergen Energi since 2015 Team Lead Nordic Spot Trading I work

More information

Price formation in liberalised gas markets. Patrick Heren Heren Energy Ltd

Price formation in liberalised gas markets. Patrick Heren Heren Energy Ltd Price formation in liberalised gas markets Patrick Heren Heren Energy Ltd Brief advertisement Publishers of daily gas and power market reports, the Heren Index and European Gas Markets newsletter. Independent

More information

Trading Power Options at European Energy Exchange (EEX) Copyright 2015 All rights reserved Page 1

Trading Power Options at European Energy Exchange (EEX) Copyright 2015 All rights reserved Page 1 Trading Power Options at European Energy Exchange (EEX) Copyright 2015 All rights reserved Page 1 Agenda 1. Explanation of Options 2. Option products on EEX 3. Margin calculation 4. Advantages of using

More information

Trade Registration Rules. Datum / Date 01.04.2015. Dokumentversion / Document Release

Trade Registration Rules. Datum / Date 01.04.2015. Dokumentversion / Document Release Trade Registration Rules Datum / Date 01.04.2015 Ort / Place Dokumentversion / Document Release Leipzig 010a Table of contents Table of contents... 1 1 Scope of Regulation... 3 2 Preconditions for Participation...

More information

Energy Trading. Jonas Abrahamsson Senior Vice President Trading. E.ON Capital Market Day Nordic Stockholm, July 3, 2006

Energy Trading. Jonas Abrahamsson Senior Vice President Trading. E.ON Capital Market Day Nordic Stockholm, July 3, 2006 Energy Trading Jonas Abrahamsson Senior Vice President Trading E.ON Capital Market Day Nordic Stockholm, July 3, 2006 Agenda The Nordic Power Market The Role of Energy Trading within E.ON Nordic Page 2

More information

Copyright 2013 EFETnet BV. EFETnet Update. EFETnet B.V. Keizersgracht 62-64 1015 CS Amsterdam. Phone: 0031(0)20-301 13 98 Fax: 0031(0)20-520 75 10

Copyright 2013 EFETnet BV. EFETnet Update. EFETnet B.V. Keizersgracht 62-64 1015 CS Amsterdam. Phone: 0031(0)20-301 13 98 Fax: 0031(0)20-520 75 10 EFETnet Update EFETnet B.V. Keizersgracht 62-64 1015 CS Amsterdam Phone: 0031(0)20-301 13 98 Fax: 0031(0)20-520 75 10 Who are EFETnet The EFETnet Central Matching Service Agenda electronic Confirmation

More information

Copyright 2011, The NASDAQ OMX Group, Inc. All rights reserved. CLEARING OF OTC DERIVATIVES AT NASDAQ OMX JENS HENRIKSSON, CEO NASDAQ OMX STOCKHOLM

Copyright 2011, The NASDAQ OMX Group, Inc. All rights reserved. CLEARING OF OTC DERIVATIVES AT NASDAQ OMX JENS HENRIKSSON, CEO NASDAQ OMX STOCKHOLM Copyright 2011, The NASDAQ OMX Group, Inc. All rights reserved. CLEARING OF OTC DERIVATIVES AT NASDAQ OMX JENS HENRIKSSON, CEO NASDAQ OMX STOCKHOLM 2 WHAT IS OTC? Non standardized Standardized Instruments

More information

The financial market. An introduction to Nord Pool s financial market and its products. Bernd Botzet

The financial market. An introduction to Nord Pool s financial market and its products. Bernd Botzet The financial market An introduction to Nord Pool s financial market and its products Bernd Botzet Introduction to Nord Pool s financial market Financial products Case: Forwards Contracts for difference

More information

Getting ready to trade commodities. Q&A Guide

Getting ready to trade commodities. Q&A Guide Getting ready to trade commodities - Q&A Guide Background... 3 Summary of preparations to trade Commodities... 3 Market Access... 4 Clearing Models... 5 IT... 8 Connectivity... 8 Testing... 8 Trading...

More information

Pricing Schedule for Exchange Traded Derivatives Clearing Services on EU CCPs

Pricing Schedule for Exchange Traded Derivatives Clearing Services on EU CCPs Pricing Schedule for Exchange Traded Derivatives Clearing Services on EU CCPs 1. Introduction The European Regulation on OTC Derivatives, Central Counterparties and Trade Repositories ( EMIR ) will impose

More information

NOTICE COMMODITIES N 2015-19 Trade limits on PEGAS Spot 04/05/2015

NOTICE COMMODITIES N 2015-19 Trade limits on PEGAS Spot 04/05/2015 POWERNEXT COMMODITIES / PEGAS SPOT NOTICE COMMODITIES N 2015-19 Trade limits on PEGAS Spot 04/05/2015 Powernext SA hereafter publishes a new Market Notice, concerning trade limits on PEGAS Spot. This Notice

More information

INTRODUCTION HOW DTCC S MARGIN TRANSIT WILL HELP THE INDUSTRY MANAGE A HIGHER VOLUME OF MARGIN CALLS WHO IS THE MARGIN TRANSIT SERVICE FOR?

INTRODUCTION HOW DTCC S MARGIN TRANSIT WILL HELP THE INDUSTRY MANAGE A HIGHER VOLUME OF MARGIN CALLS WHO IS THE MARGIN TRANSIT SERVICE FOR? DTCC MARGIN TRANSIT INTRODUCTION Derivatives regulations and new capital and liquidity requirements for financial institutions remain the key drivers of new collateral demands. Recent estimates based

More information

INTRODUCTION TO THE EXCHANGE

INTRODUCTION TO THE EXCHANGE 31/01/2011 NASDAQ OMX COMMODITIES EUROPE. INTRODUCTION TO THE EXCHANGE INFORMATION FOR ISVs TABLE OF CONTENTS HOW TO BECOME A CERTIFIED ISV... 2 CLICK/SECUR... 3 Market status... 3 Levels of market depth...

More information

Trading Appendix 1 / Clearing Appendix 1. Definitions. Commodity Derivatives. Issued by NASDAQ OMX Oslo ASA and NASDAQ OMX Stockholm AB

Trading Appendix 1 / Clearing Appendix 1. Definitions. Commodity Derivatives. Issued by NASDAQ OMX Oslo ASA and NASDAQ OMX Stockholm AB Trading Appendix 1 / Clearing Appendix 1 Definitions Commodity Derivatives Issued by NASDAQ OMX Oslo ASA and NASDAQ OMX Stockholm AB Effective Date: 18 May 2011 DEFINITIONS Account Holder Affiliate Allowance

More information

Commodity Markets Intelligence Series

Commodity Markets Intelligence Series Commodity Markets Intelligence Series How to master (OTC) Clearing for Energy Companies October, 2012 Introduction The move to clearing of standardised over-the-counter (OTC) derivatives represents a significant

More information

Trading Power Options at European Energy Exchange (EEX) Copyright 2016 All rights reserved Page 1

Trading Power Options at European Energy Exchange (EEX) Copyright 2016 All rights reserved Page 1 Trading Power Options at European Energy Exchange (EEX) Copyright 2016 All rights reserved Page 1 Agenda 1. Explanation of Options 2. Option products on EEX 3. Margin calculation 4. Advantages of using

More information

ICE Futures Implied Prices

ICE Futures Implied Prices ICE Futures Implied Prices ICE Futures has expanded implied pricing capability for each of its Futures contracts. The platform fully implies prices much farther out the curve. It broadcasts implied prices

More information

Natural Gas Alert PAGE DIRECTORY. (Latest Update: September 2012) [NATURAL GAS ] Reference 2. News 2. Commentary 5. Fundamentals 5

Natural Gas Alert PAGE DIRECTORY. (Latest Update: September 2012) [NATURAL GAS ] Reference 2. News 2. Commentary 5. Fundamentals 5 [NATURAL GAS ] PAGE DIRECTORY (Latest Update: ) Reference 2 Index Page(s) 2 Methodology 2 News 2 Natural Gas 2 Market Information 2 Prices 2 Commentary 5 Spot Natural Gas 5 Fundamentals 5 Weather 5 Statistics

More information

Report on Pricing by the Energy Charter. The Report can be downloaded free of charge from: www.encharter.org

Report on Pricing by the Energy Charter. The Report can be downloaded free of charge from: www.encharter.org Oil and Gas Pricing Mechanisms: Past, Current and Future Trends Dr. Andrey A.Konoplyanik, Consultant to the Board, Gazprombank, and Professor, Russian State Oil & Gas University Presentation at the session

More information

FEE RULES AND FEE SCHEDULE

FEE RULES AND FEE SCHEDULE Fee Rules and Fee Schedule FEE RULES AND FEE SCHEDULE Article 1 Subject of the Regulation...1 Article 2 Types and Structure of Exchange Fees...1 Article 3 Fee Payers...2 Article 4 Competence...2 Article

More information

MARKET REPORT. March 2012

MARKET REPORT. March 2012 ch 212 MARKET REPORT Highlights physical ch 212: POWER: Nord Pool Spot market share of Nordic consumption was 72.1% in ch. The total Nordic preliminary consumption for ch was 34.8 TWh compared to 38.3

More information

TRADING AND HOLIDAY CALENDAR COMMODITIES. September 3, 2015

TRADING AND HOLIDAY CALENDAR COMMODITIES. September 3, 2015 TRADING AND HOLIDAY CALENDAR COMMODITIES September 3, 2015 TRADING CALENDAR OVERVIEW Market Segment Nordic Power Electricity Certificates Carbon German Power Dutch Power UK Power UK Natural Gas Dry and

More information

TRADING PLATFORM CLEARING AND SETTLEMENT MEMBERSHIP

TRADING PLATFORM CLEARING AND SETTLEMENT MEMBERSHIP TRADING PLATFORM CLEARING AND SETTLEMENT MEMBERSHIP TRADING PLATFORM Wilhelm Söderström, Nord Pool Spot Ante Mikulić, CROPEX European day ahead market A fair and transparent calculation of dayahead power

More information

Agenda. NASDAQ OMX Commodities Financial Derivatives Markets 1/27/2012. Turkish Electricity Producers Association. NASDAX OMX Commodities

Agenda. NASDAQ OMX Commodities Financial Derivatives Markets 1/27/2012. Turkish Electricity Producers Association. NASDAX OMX Commodities UK POWER DERIVATIVES NASDAQ OM Commodities Financial Derivatives Markets Turkish Electricity Producers Association Jukka Nygren 30.1.2012 Agenda NASDA OM Commodities Regulatory Development Nordic Financial

More information

The Nordic Electricity Exchange and The Nordic Model for a Liberalized Electricity Market

The Nordic Electricity Exchange and The Nordic Model for a Liberalized Electricity Market The Nordic Electricity Exchange and The Nordic Model for a Liberalized Electricity Market 1 The market When the electricity market is liberalized, electricity becomes a commodity like, for instance, grain

More information

EUROPEAN POWER EXCHANGE

EUROPEAN POWER EXCHANGE EUROPEAN POWER EXCHANGE ABOUT EPEX SPOT 2009 2010 2011 203 TWh 279 TWh 314 TWh 2012 339 TWh 1996 European Directive on energy market liberalization 2000 Creation of the two Power Exchanges in Germany;

More information

HOLIDAY CALENDAR COMMODITIES MARKETS. December 1, 2015

HOLIDAY CALENDAR COMMODITIES MARKETS. December 1, 2015 HOLIDAY CALENDAR COMMODITIES MARKETS December 1, 2015 TRADING CALENDAR OVERVIEW Market Segment Nordic Power Electricity Certificates Carbon German and Dutch Power Renewables UK Power and Gas Dry Freight,

More information

Developments in the Traded Market:

Developments in the Traded Market: PatrickHeatherConsultancy Developments in the Traded Market: The Evolution of European Traded Gas Hubs Eurogas Conference on Central and Eastern Europe Ljubljana, 15 th December, 2015 The contents of this

More information

Fee List. Trading Appendix 7 / Clearing Appendix 7. Commodity Derivatives. Issued by NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB

Fee List. Trading Appendix 7 / Clearing Appendix 7. Commodity Derivatives. Issued by NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB Trading Appendix 7 / Clearing Appendix 7 Fee List Commodity Derivatives Issued by NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB Effective date: 241 JanuaryNovember 20154 FEE LIST 1 GENERAL The Fee List

More information

Power Trading on the Nordic and Continental European markets

Power Trading on the Nordic and Continental European markets Power Trading on the Nordic and Continental European markets Erik Hagland, General Manager, Business Unit Supply & Trading Erik Saether, Managing Director, Vattenfall Europe Trading GmbH Vattenfall Capital

More information

Trading Appendix 7 / Clearing Appendix 7. Fee List. Commodity Derivatives. Issued by NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB

Trading Appendix 7 / Clearing Appendix 7. Fee List. Commodity Derivatives. Issued by NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB Trading Appendix 7 / Clearing Appendix 7 Fee List Commodity Derivatives Issued by NASDAQ OMX OSLO ASA and NASDAQ OMX CLEARING AB Effective date: 7 16 September 2015 FEE LIST 1 GENERAL The Fee List is valid

More information

MARKET RULES of HUPX. Version 7.0

MARKET RULES of HUPX. Version 7.0 MARKET RULES of HUPX Version 7.0 valid from 16/04/2015 Table of Contents Market Rules 1 Title 1 General Principles of Organization and Bodies... 1 Preamble... 1 Chapter 1 HUPX Market Organization and its

More information

Data Centre Pricing in Europe 2013 to 2018

Data Centre Pricing in Europe 2013 to 2018 Brochure More information from http://www.researchandmarkets.com/reports/2712847/ Data Centre Pricing in Europe 2013 to Description: The third edition of the Data Centre Pricing in Europe 2013 to report

More information

KDPW and KDPW_CCP. Warsaw, April 2014

KDPW and KDPW_CCP. Warsaw, April 2014 KDPW and KDPW_CCP Warsaw, April 2014 Overview of the Polish Capital Market Financial Supervision Authority (KNF) KDPW WSE Main Market, BondSpot, Catalyst, NewConnect, OTC KDPW_CCP National Bank of Poland

More information

NOREXECO Rulebook. Appendix 1. Product Specification and Trading Schedule

NOREXECO Rulebook. Appendix 1. Product Specification and Trading Schedule NOREXECO Rulebook Appendix 1 Product Specification and Trading Schedule Table of Contents General provisions... 3 Common descriptions... 3 Product Specifications... 5 Product Specifications for Options...

More information

CLEARING CYCLE 2. CLEARING CYCLE FOR FREIGHT, BUNKER/FUEL OIL AND IRON ORE CONTRACTS

CLEARING CYCLE 2. CLEARING CYCLE FOR FREIGHT, BUNKER/FUEL OIL AND IRON ORE CONTRACTS Appendix 7 to the Rulebook CLEARING CYCLE 1. INTRODUCTION This appendix describes the clearing and settlement cycle for all products cleared by NOS Clearing ASA. All references to time are to Central European

More information

OTC derivatives reforming EU market structures. Ash Saluja, Partner CMS Cameron McKenna LLP

OTC derivatives reforming EU market structures. Ash Saluja, Partner CMS Cameron McKenna LLP OTC derivatives reforming EU market structures Ash Saluja, Partner CMS Cameron McKenna LLP The OTC derivatives market - a brief reminder. Scope $605 trillion notional amount / $25 trillion gross market

More information

PVM Execution Policy. A tullett prebon company. PVM Oil Associates Ltd. PVM Oil Futures Ltd. London

PVM Execution Policy. A tullett prebon company. PVM Oil Associates Ltd. PVM Oil Futures Ltd. London PVM Execution Policy This document details how we handle orders for our customers and strive to obtain the best possible outcome each time we deal on their behalf., NJ and PVM Oil Associates Ltd & PVM

More information

ICAP Execution Policy

ICAP Execution Policy ICAP Execution Policy August 2013 This Execution Policy is applicable to broker services provided to you by ICAP Group and/or any of its relevant group companies, as notified to you from time to time (

More information

Energy and peak performance Alpiq Commerce & Trading

Energy and peak performance Alpiq Commerce & Trading Energy and peak performance Alpiq Commerce & Trading 1 2 Alpiq is a leading Swiss electricity and energy services provider with a European focus. The company is active in power production, as well as energy

More information

NORD POOL ASA ANNUAL REPORT 2008

NORD POOL ASA ANNUAL REPORT 2008 NORD POOL ASA ANNUAL REPORT 2008 CONTENTS Introduction Highlights 2008... 1 The new offer... 2 Organisation and ownership... 3 The world s leading power exchange Key figures... 4 CEO s report... 6 Products

More information

KELER s Trade Reporting and LEI code application service offering

KELER s Trade Reporting and LEI code application service offering KELER s Trade Reporting and LEI code application service offering 2015 Table of content Executive Summary... 3 The KELER Group... 4 Trade Reporting services under REMIT... 5 Trade Reporting services under

More information

Impediments to Electricity Trading in Central and Eastern Europe (CEE)

Impediments to Electricity Trading in Central and Eastern Europe (CEE) www.pwc.at Impediments to Electricity Trading in Central and Eastern Europe (CEE) Austria, Czech Republic, Germany, Hungary, Poland, Slovakia, Slovenia Traders Survey 2011 2 PwC 2011 Table of Contents

More information

European Energy Exchange AG. Products 2014

European Energy Exchange AG. Products 2014 European Energy Exchange AG Products 2014 About EEX The European Energy Exchange (EEX) is the leading energy exchange in Europe. EEX develops, operates and connects secure, liquid and transparent markets

More information

Back office for hire. Customized and efficient solutions for securities processing.

Back office for hire. Customized and efficient solutions for securities processing. NASDAQ OMX nordic Back office for hire Customized and efficient solutions for securities processing. 20 years of experience. Supporting the development of more than 100 securities firms in all Nordic countries.

More information

Potential Framework for Electricity Futures Trading in Singapore

Potential Framework for Electricity Futures Trading in Singapore Potential Framework for Electricity Futures Trading in Singapore 23 October 2012 Contents 1 Singapore A Global Financial Centre 03 2 SGX at a Glance 04 3 SGX Commodities Business 08 4 Why Electricity Futures

More information

Handel med CO2 kvoter konsekvenser for norsk energisektor

Handel med CO2 kvoter konsekvenser for norsk energisektor Handel med CO2 kvoter konsekvenser for norsk energisektor EBLs Vinterkonferanse Paris, 4. april 2008 Per-Otto Wold, CEO Point Carbon Agenda Why is carbon important for Nordic power companies? Towards a

More information

DESCRIPTION OF EPEX SPOT MARKETS INDICES

DESCRIPTION OF EPEX SPOT MARKETS INDICES DESCRIPTION OF EPEX SPOT MARKETS INDICES Updated on October 2015 SUMMARY 1 ABOUT... 3 2 DAY-AHEAD AUCTION INDICES... 4 2.1 European Electricity Index (ELIX)... 4 2.2 German/Austrian Physical Electricity

More information

2015 Population Office figures for October to December and year to date

2015 Population Office figures for October to December and year to date 2015 Population Office figures for October to December and year to date Business Licencing figures The below tables show the number of applications for registered and licensed permissions, and how many

More information

Power Derivatives Markets. Leipzig, 16 June 2016

Power Derivatives Markets. Leipzig, 16 June 2016 Power Derivatives Markets Leipzig, 16 June 2016 Market Coverage EEX Group Power Derivatives Exchange-traded EEX Power Futures EEX Trade Registration Services for Power Futures Exchange-traded PXE Power

More information

CREDITEX BROKERAGE LLP BEST EXECUTION POLICY

CREDITEX BROKERAGE LLP BEST EXECUTION POLICY CREDITEX BROKERAGE LLP BEST EXECUTION POLICY Version 1.1 The Execution Policy is applicable to broker services provided by Creditex Brokerage LLP ( CBL ). Introduction When providing brokerage services

More information

CLEARING EQUIDUCT Service Offer. 14 April 2008

CLEARING EQUIDUCT Service Offer. 14 April 2008 CLEARING EQUIDUCT Service Offer 14 April 2008 Disclaimer This document is solely intended as information for clearing members and others who are interested in the Equiduct s project. It is a commercial

More information

Secondary and short term natural gas markets International experiences

Secondary and short term natural gas markets International experiences Secondary and short term natural gas markets International experiences Bogotá, 13 th May 2011 Presented by: Dan Harris Principal The Brattle Group Copyright 2011 The Brattle Group, Inc. www.brattle.com

More information

HOW TO BECOME A CEGH MEMBER and A VIRTUAL TRADER. Version 1.3 CEGH AB B-VHP

HOW TO BECOME A CEGH MEMBER and A VIRTUAL TRADER. Version 1.3 CEGH AB B-VHP HOW TO BECOME A CEGH MEMBER and A VIRTUAL TRADER Version 1.3 CEGH AB B-VHP PREAMBLE Central European Gas Hub AG (CEGH) is one of the most important natural gas trading hubs in Central Europe and additionally

More information

Company Presentation

Company Presentation Company Presentation Contents General information Page Oil trading Page 16 - RWE Trading as an operating company 2 within the RWE Group - RWE Trading is RWE s interface with the market 3 - The trading

More information

New access models for the buy side ISA DIRECT

New access models for the buy side ISA DIRECT New access models for the buy side ISA DIRECT London, May 9 2016 Matthias Graulich, Chief Strategy Officer, Member of the Eurex Clearing Executive Board Why ISA Direct Responding to Change 1 2 Capital

More information

Currency Trading Opportunities at DGCX

Currency Trading Opportunities at DGCX Currency Trading Opportunities at DGCX About DGCX Region s 1 st and largest derivatives exchange Commenced trading in November 2005 Since launch over 6.8 million contracts traded with a value in excess

More information

The Nordic financial electricity market

The Nordic financial electricity market The Nordic financial electricity market Report 8/2010 1 THE NORDIC FINANCIAL ELECTRICITY MARKET Nordic Energy Regulators 2010 Report 8/2010 NordREG c/o Energy Markets Inspectorate P.O. Box 155 SE-631

More information

TRADING APPENDIX 1. Trading Appendix 1. Definitions. Nord Pool Spot Market. Issued by Nord Pool Spot AS COPYRIGHT NORD POOL SPOT AS 1(11)

TRADING APPENDIX 1. Trading Appendix 1. Definitions. Nord Pool Spot Market. Issued by Nord Pool Spot AS COPYRIGHT NORD POOL SPOT AS 1(11) Trading Appendix 1 Definitions Nord Pool Spot Market Issued by Nord Pool Spot AS COPYRIGHT NORD POOL SPOT AS 1(11) Version 1 Effective from: NWE/PCR go-live 2014 DEFINITIONS This document sets out the

More information

EMIR and REMIT: Wholesale Energy Trading on the Docket. How to Prepare Your Business for the New Paradigm. www.allegrodev.com

EMIR and REMIT: Wholesale Energy Trading on the Docket. How to Prepare Your Business for the New Paradigm. www.allegrodev.com www.allegrodev.com EMIR and REMIT: Wholesale Energy Trading on the Docket How to Prepare Your Business for the New Paradigm 2013 Allegro Development. All rights reserved. Introduction At a Glance EMIR

More information

Market design and the use of FTRs and CfDs

Market design and the use of FTRs and CfDs THEMA Report 2011-15 ISBN no. 978-82-93150-07-7 Market design and the use of FTRs and CfDs A report prepared for Energy Norway September 2011 CONTENT 1 SUMMARY AND CONCLUSIONS...3 2 INTRODUCTION...4 3

More information

T+2 IMPLEMENTATION Questions & Answers

T+2 IMPLEMENTATION Questions & Answers T+2 IMPLEMENTATION Questions & Answers BACKGROUND The Nordic Securities Association, Euroclear Finland, Euroclear Sweden and other Nordic Central Securities Depositories (CSDs), Central Counterparts (CCPs),

More information

February 4, 2013 Week 6. Highlights. Overview

February 4, 2013 Week 6. Highlights. Overview Energy Market Report February 4, 2013 Week 6 Highlights International commodities were quite affected by the weakening Dollar over the course of last week: oil was up more than 3.50$/b and coal 0,25$/t.

More information

1 INTER-DEALER BROKING

1 INTER-DEALER BROKING INTER-DEALER BROKING. Introduction The main business of an inter-dealer broker (broker) is to provide access to over-the-counter and/or exchange traded pools of liquidity, across a full range of asset

More information

COLLATERAL MANAGEMENT SERVICE. Service Description

COLLATERAL MANAGEMENT SERVICE. Service Description COLLATERAL MANAGEMENT SERVICE Service Description LEGAL DISCLAIMER The content of this document is subject to change without notice. Although this document has been prepared on the basis of the best information

More information

Technical Overview N2EX

Technical Overview N2EX 25.09.2014 Espen Døvle Technical Overview N2EX Nord Pool Spot AS Tel +47 6710 9100 Fax +47 6710 9101 PO Box 121, NO-1325 Lysaker, Norway Org nr. NO 984 058 098 MVA norway@npspot.com www.nordpoolspot.com

More information

Feedback from Nordenergi on PCG target model and roadmap propositions

Feedback from Nordenergi on PCG target model and roadmap propositions Our ref. CHS PCG/ERGEG Regional Initiatives Group, pcg@ergeg.org ERI Northern region bld@ks.dk Copenhagen, 30 October 2009 Feedback from Nordenergi on PCG target model and roadmap propositions Dear Madam/Sir,

More information

Business Area Markets

Business Area Markets Business Area Markets Stefan Dohler Head of Business Area Markets Vattenfall Capital Markets Day, Solna, 27 May 2015 Facts and figures Business Area Markets Our Mission We commercially optimise Vattenfall

More information

Trading Hours: 2015 Christmas and New Year Holidays

Trading Hours: 2015 Christmas and New Year Holidays Trading Hours: 2015 Christmas and New Year Holidays Thursday 24 December 2015 ICE Singapore Markers (Tradable) ICE Emissions Futures and Options Three Month Sterling Futures and Options Three Month Euro

More information

Nuon Case Study INTRODUCTION THE CHALLENGE. risk controls and support were superior to many other offerings available in the market.

Nuon Case Study INTRODUCTION THE CHALLENGE. risk controls and support were superior to many other offerings available in the market. Nuon Case Study risk controls and support were superior to many other offerings available in the market. The end result was the delivery of the largest SaaS deployment of its kind. The complex migration

More information

Mondelez International Moves to Electronic Invoicing

Mondelez International Moves to Electronic Invoicing Mondelez International Moves to Electronic Invoicing Dear Sir / Madam As part of Mondelez International ongoing efforts to improve our service, we are phasing out paper processes by moving to electronic

More information

Contracts for Difference (CFDs)

Contracts for Difference (CFDs) Interactive Brokers presents Contracts for Difference (CFDs) Andrew Wilkinson, Interactive Brokers Chief Market Analyst awilkinson@interactivebrokers.com Webinar begins @ 12:00 pm EST webinars@interactivebrokers.com

More information