General Description

On the CEEGEX markets we can differentiate the spot and the futures market. None of the trades concluded on the CEEGEX market are financial products under MIFID, thus this segment is not subject to EMIR. However, related to the risk management of the futures CEEGEX market KELER CCP uses voluntarily the requirements of EMIR.
On the spot gas market KELER CCP provides the cash side guarantee. The Clearing Members trading on the CEEGEX markets are required to become Clearing Members on the Trading Platform also as FGSZ implements the balancing that is a specific feature of the gas infrastructure on that market.
On the spot gas market positions limits are determined to cover the risks arising from any default on purchase price.
On the futures gas market KELER CCP provides guarantee undertaking in line with the requirements of EMIR. By accepting the trades the Clearing Members make on CEEGEX KELER CCP enters into the transaction in the legal sense, i.e. it becomes the seller to all buyers and the buyer to all sellers (novation). As a result the Clearing Member has no direct exposure to the risk of default by the other counterparty as from the moment of novation KELER CCP guarantees the financial settlement of the transaction. To this end KELER CCP operates a guarantee system, the elements of which are determined in line with the arising risks.