Overview

General Description

On the CEEGEX Central Eastern European Organized Natural Gas Market operated by CEEGEX Ltd. KELER CCP clears the following segments:

  • Day-ahead market;
  • Physical futures market.

KELER CCP receives the matched transactions real time and upon receipt it novates them. With novation KELER CCP interposes itself between the counterparties of the original transaction and it becomes the buyer of the seller and the seller of the buyer. This way KELER CCP eliminates counterparty risk. Transaction settlement on the day-ahead market is at trade price for the purchase price, while on the futures market variation margin is calculated for the open positions (mark-to-market), and then purchase price is settled for the transactions that remained open after expiry.

In order to mitigate risks KELER CCP calculates real time position limits based on which only financially covered transactions are accepted. The transaction is rejected if there is no cover.

In order to ensure that the purchase price and the variation margin settlement requirements are met KELER CCP calculates daily margin and default fund contribution requirement. The margin requirement is to be met by 8:15 the following day, while the normal monthly default fund contribution requirement is to be met on the second (2.) settlement day after the day of calculation.

The purchase price settlement of the day-ahead transactions concluded on CEEGEX, the variation margin settlement of futures transactions and settlement related to the physical delivery of futures transactions take place at 8:15 on the first (1.) clearing day after the transaction is made (on T+1 where T = Transaction Day).