General Description

Commercial and balancing spot gas products can be traded on the Trading Platform. FGSZ as system operator guarantees physical gas delivery and KELER CCP guarantees the cash side. Products of non-financial nature are traded on the TP market, thus it is not subject to EMIR.

The cumulated net financial position, i.e. whether the market participant is net payee or payer, is calculated daily based on the trades made by the Clearing Member. At the beginning of each month the financial result of the given Clearing Member, i.e. whether it has payables or receivables, is determined for the previous month. Financial liabilities are to be met within the deadline stated in the General Business Rules. If a Clearing Member fails meet the financial liabilities, KELER CCP as guarantor has to ensure that purchase price is settled.

The monthly financial result is settled on the 5th day after the monthly clearing (if it is a non-business day, on the following first settlement day) following the gas day clearing.

The monthly financial result is settled on a net basis, based on the compensation minutes prepared by KELER CCP and sent to the Balancing and the TP clearing member. The compensation minutes are prepared based on the monthly purchase price invoices per Balancing and TP clearing member.

Financial settlement is performed based on the compensation minutes, on the payment account maintained by KELER, regardless of any complaints, later corrections.

The monthly purchase price invoice is issued for a gross amount including the VAT valid from time to time for domestic Balancing and TP clearing members and for a net amount for foreign Balancing and TP clearing members.

Various limits are in use to manage the risks arising from default on the Trading Platform. FGSZ determines the TP position limit that is an input limit on offers, the limit is based on the limit coverage calculated by KELER CCP, and the related methodology is published in the applicable announcement.

Related link:
Announcement on Trading Platform Guarantee System

Besides the FGSZ TP position limit KELER CCP uses the TP individual financial position limit also that is described in detail in the General Business Rules. The netted financial liabilities of the TP Clearing Member in the settlement cycle cannot exceed 100% of the value of the TP Clearing Member collaterals blocked in favor of KELER CCP. If the TP individual position limit is exceeded, KELER CCP is entitled to impose additional financial collateral.

KELER CCP operates a guarantee system to make sure that financial liabilities are met should Clearing Member default occur.