Overview

General Description

On the Trading Platform operated by FGSZ Natural Gas Transmission Company Ltd. KELER CCP provides clearing related to the following transaction types:

  • balancing transactions,
  • commercial transactions.

KELER CCP receives the matched commercial trades in batch and based on the imbalance positions it creates the imbalance transactions. At the moment the transactions are accepted KELER CCP novates the transactions. 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. The purchase price related to the monthly financial settlement of the transactions is determined at trade price in the case of commercial transactions, in the case of balancing transaction at the balancing settlement price.

Due to the specific operation of the balancing market a so-called correction settlement or monthly closing takes place in addition to the daily clearing and the monthly financial settlement: this is to correct the original balancing transactions based on the actual measurement data of FGSZ.

In order to mitigate risks KELER CCP applies real time position limits with the involvement of the cooperating trading system, which ensures that commercial transactions are financially covered. KELER CCP applies ex ante limits to balancing transactions.

In order to ensure that the purchase price settlement requirement is met KELER CCP calculates margin and default fund contribution requirement that is to be met on the second (2.) settlement day after the day of the normal monthly calculation.

Financial settlement of the transactions concluded on the Trading Platform is on the fifth (5.) day after the first clearing day of the month after the transaction day in the case of monthly preliminary settlement and is on the fifth (5.) day after the clearing day of the monthly closing related to the monthly closing.