� ECC Clearing Circular 03/2015 | 2015-01-27
Enhancement of CEGH Spot products / contracts
Summary
ECC is planning to offer clearing services for Single Saturday and Sunday contracts and Next Hour contacts traded or registered at CEGH Gas Ex- change of Wiener Boerse AG (CEGH) starting on 11 February 2015. Fur-
thermore CEGH will reduce the trading size and extend the trading hours.
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European Commodity Clearing AG Clearing & Settlement
Phone: +49 341 24680-444
E-mail: clearing@ecc.de
ECC Clearing Circular 03/2015 | 2015-01-27
Enhancement of CEGH Spot products / contracts
Description of the new products and changesReduction of trading size (Day-Ahead Market)
The current minimum trade size of the Day-Ahead (DA) respectively Weekend product is 10 MW. This minimum trade size will be reduced to 1MW.
Extension of continuous trading hours
The current trading hours from 09:00 am to 05:00 pm will be extended to 05:30 pm.
Single Saturday and Sunday contracts (Day-Ahead Market)
In addition to the current Weekend product, single Saturday and Sunday contracts will be launched. Trading days will be identical with those for the Weekend. There will be the same con- tract specifications as the common DA product with a delivery on Saturday and Sunday respective- ly. ECC will report the products using the Product Group CEGH_ST_NATGAS_CEGH.
Next Hour contract (Within-Day Market)
In addition to the existing Within-Day contracts, a contract for the next front hour will be available for trading with a lead time of 3 hours before delivery. ECC will integrate it in the existing Product Group CEGH_IT_NATGAS_CEGH.
Product SetupECC Product Group | Name |
CEGH_ST_NATGAS_CEGH | Day-Ahead trade at CEGH on natural gas with delivery at the VTP CEGH |
CEGH_IT_NATGAS_CEGH | Within-day trade at CEGH on natural gas with delivery at the VTP CEGH |
Transactions concluded on CEGH are imported into the ECC settlement system (SMSS) and thus are integrated into the standard ECC settlement processes. Spot market transactions can be re- trieved via the ECC Member Area approx. 10min after the conclusion of the trades.
Financial Settlement
For Financial Settlement ECC's standard processes will apply as well. Detailed information on the format and setup of the reports is provided in the SMSS Report Specifications, which are available for downloading on the ECC website (http://www.ecc.de/ecc-en/member-section/smss-report-
specifications).
European Commodity Clearing AG Copyright 2015
- All rights reserved
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ECC Clearing Circular 03/2015 | 2015-01-27
Enhancement of CEGH Spot products / contracts
Physical Settlement
The Physical Settlement will be provided by ECC's Luxembourg-based subsidiary - European
Commodity Clearing Luxembourg S.à.r.l.. All contracts are fulfilled physically at the CEGH-VTP.
Margining
Exposures will be included in the time series of exposures used for daily calculation of the Spot Initial Margin (IMSM) and will also be included in the Current Exposure Spot Market (CESM). They will be netted with exposures from all other spot market transactions providing full cross-margining effects across all cleared spot venues of ECC. The margin requirement is listed in the EUREX Re- port CC050 and will be contained in margin class "IMSM" and "CESM".
Preconditions for Participation
The ECC clearing licence for Clearing Members already covers clearing of the new contracts.
For new members, all corresponding forms are available for downloading on the ECC website
(http://www.ecc.de/ecc-en/access-to-ecc/admission-forms).
European Commodity Clearing AG Copyright 2015
- All rights reserved
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