Gaspoint Nordic Definitions

Transcription

1 Gaspoint Nordic Definitions Appendix 9 Published Copyright Gaspoint Nordic A/S

2 Definitions Access Holder means a company having entered into a Trial Period Agreement or a View only Agreement with Gaspoint Nordic thus holding one view-only access to the ETS. All Or Nothing Bid in Gaspoint Nordic s Physical Market means a Bid which upon matching must be matched for the whole volume specified. Balance Responsible Party means a Trading Participant that has entered into a Shipper Framework Agreement with the Transmission System Operator. In Denmark a Trading Participant has to be registered as shipper. Bid means an offer by a Trading Participant to buy or sell one or several Contracts. Bidding means a Trading Participants specification of purchase and sale. Buyer means the Party agreeing to purchase gas in a Transaction. Cancellation means the deletion of a Transaction. The cancelled Transaction will be deleted in the ETS and will not be subject to Clearing. A Cancellation may be subject to a Cancellation Fee. Cancellation Fee means a fee imposed in case a Transaction is cancelled upon request for Recall or Mistrade by a Trading Participant. Cancellation Fees are further specified in Appendix 5. Clearing means all services provided by ECC acting as central counterparty for Transactions concluded at Gaspoint Nordic including the handling, securing, settlement and delivery of such Transactions Clearing Agreement means an agreement entered into between the Trading Participant and ECC. Clearing Member means an entity holding a valid clearing license granted by ECC. Clearing System means the IT system operated by or on behalf of ECC to provide Clearing Services for Gaspoint Nordic. Contact Person means a person who according to a power of attorney represents a Trading Participant in Trading with Gaspoint Nordic. Contract means the product where Transactions may be carried out in Gaspoint Nordic s Physical Market. Definitions (App 9) Page 1 of 5

3 Contract Party means a Trading Participant who has performed Trading in Gaspoint Nordic s Physical Market. Contract Price means the price agreed upon in a Transaction, which the Buyer is obligated to pay and the Seller is entitled to receive. Contract Volume means the quantity to be delivered daily in MWh as defined in the Gaspoint Nordic Contract Specifications. Definitions mean this appendix containing definitions of capitalized terms in the Exchange Rules. Delivery Day is the Gas Day, as defined by Energinet.dk in the Rules for Gas Transport, commencing at 06:00 on any given day and ending at 06:00 on the following day. The Delivery Day is reduced to 23 hours at the transition to summer-time and is increased to 25 hours at the transition to daylight saving time. Delivery Period includes the Delivery Day or parts of the Delivery Day as defined in the Gaspoint Nordic Contract Specifications. Delivery Time is the time from delivery start to delivery end as defined in the Gaspoint Nordic Contract Specifications. ECC means European Commodity Clearing AG, a privately owned stock corporation (Aktiengesellschaft) under the laws of Germany, having its registered office at Augustusplatz 9, Leipzig. ECC operates a central counterparty clearing infrastructure with its Clearing Members. The physical fulfilment of all transactions which are processed at markets admitted to ECC is undertaken by ECC Lux, a fully-owned subsidiary of ECC. ETF means Exchange Transfer Facility which is a virtual trading point for delivery at the Danish Transmission System Operator, Energinet.dk as regulated in Energinet.dk s Rules for ETF. ETS means the electronic trading system in which Trading can be performed. Exchange Days are weekdays (Monday to Friday) except for weekdays that are also UK holidays as further specified in the Gaspoint Nordic Contract Specification. Exchange Rules means the Exchange Rules for Gaspoint Nordic s Physical Markets consisting of General Rules, Appendices and Agreements. Fill Bid means a Bid in Gaspoint Nordic s Physical Market that may be matched for the full volume or part of the volume. Firm Bid means a Bid that is visible and tradable for other Trading Participants. Definitions (App 9) Page 2 of 5

4 Gas means gas of the quality as defined by Energinet.dk within the Danish Gas Specifications and the limits listed in Rules for Gas Transport. Gaspoint Nordic means Gaspoint Nordic A/S, a Danish company with reg. No. (CVR) in the Danish Company Register. Gaspoint Nordic s Physical Market means the trading market operated by Gaspoint Nordic for gas delivery in the ETF defined for Gaspoint Nordic s Physical Market. General Rules mean the rules presented in the Exchange Rules for Gaspoint Nordic Physical Gas market. Instrument means the tradable products made available at the ETS. Lead Time is the minimum amount of full hours from the conclusion of the Transaction to delivery start. Lot Size means the minimum quantity of each Contract as further specified in Gaspoint Nordic s Contract Specifications. The volume of Bids placed in the Trading Systems must be divisible by the Lot Size. Market means the physical markets for standardised physical trading in gas operated by Gaspoint Nordic. Market Counsel means a group of persons elected by Gaspoint Nordic from among the Trading Participants of Gaspoint Nordic that shall meet regularly to discuss and advice on issues relating to the development of the trade in the Markets. Market Maker means a Trading Participant that has entered into a Market Maker Agreement with a two-way quotation obligation in Gaspoint Nordic. Market Maker Agreement means an agreement between Gaspoint Nordic and a Trading Participant committing the Trading Participant to quoting of two-way Bids in Gaspoint Nordic. Market Spread means the difference between a purchase and sales price. Market Supervision means the operational task of monitoring the Trading activity on Gaspoint Nordic s Physical Market. Mistrade means the Cancellation of a Month Ahead trade that has been concluded outside the Mistrade Range and meets the conditions for Cancellation as further specified in Appendix 1. Mistrade Range means the calculated price range that is used to evaluate if a Month Ahead Transaction is subject to Cancellation as further specified in Appendix 1. Definitions (App 9) Page 3 of 5

5 Natural Gas is the terminology of the gas used in Denmark and Germany. Open Balance means the net position in a Contract, which can either be positive or negative. A positive value identifies a purchase position in that Contract while a negative value identifies a sales position. Order means Bid in Gaspoint Nordic s Physical Market. Parties mean Gaspoint Nordic, ECC or the Trading Participant. Readiness Situations refers to the three crisis situations in the gas system, Early Warning, Alert, and Emergency supply, as defined in Energinet.dk Rules for Gas Transport. Recall means the Cancellation of Withinday, Day Ahead or Weekend Trades. Rules for Gas Transport (RfG) is the Danish applicable law for using the Danish natural gas Transmission System. For further information please go to Seller means the Party agreeing to sell gas under a Transaction. Shipper code is the identification number which the Trading Participant receive from the TSO in the area the Trading Participant would like to trade gas. The shipper code is necessary before trading can take place. Tick Size means the tick size specified in Gaspoint Nordic Contract Specifications. The price of a Bid placed in the ETS must be divisible by the Tick Size. Trader means a physical person authorised by a Trading Participant to conduct Trading on behalf of the Trading Participant. Trading means the process of entering into a Transaction in the Markets. Trading Currency means one or several currencies approved by Gaspoint Nordic in which a Trading Participant is able to carry out Bidding and Trading. Trading Day(s) is the day or number of days where the respective Contracts are tradable as further specified in Gaspoint Nordic Contract Specifications. Trading Fee means the volume dependant fee charged for Trading in the Markets Trading Limit means pre- or post-trading Limits or other position limiting as specified by ECC or an ECC registered Clearing Member. Trading Participant means a person or legal entity who has signed the Participant Agreement. Definitions (App 9) Page 4 of 5

6 Trading Participant Agreement means the agreement entered into between a Trading Participant and Gaspoint Nordic regarding Trading in Gaspoint Nordic s Physical Markets. Trading Price means the delivery price that is agreed to in a Transaction. The Trading Price is quoted in EUR as the price for 1 (one) mega watt per hour. Transaction means an agreement regarding purchase or sale. Transmission System Operator (TSO) means an entity responsible for operating, ensuring the maintenance of and developing the transmission system. Value Added Tax means any value added tax imposed, or any replacement or other tax levied by reference to value added to a Transaction. Violation Charge means a fee that Gaspoint Nordic may charge Trading Participants when in breach of the Market Conduct Rules. Volume means the total quantity in MWh purchased or sold in a transaction Withheld Bid is a Bid in the ETS which is not visible or tradable for other Trading Participants. Definitions (App 9) Page 5 of 5