General Description

None of the trades concluded on the CEEGEX spot market are financial products under MIFID, thus this segment is not subject to EMIR. However, related to the risk management of the HUDEX gas market KELER CCP uses the requirements of EMIR.

On the spot gas market KELER CCP provides the cash side guarantee.

On the spot gas market positions limits are determined to cover the risks arising from any default on purchase price.

On the HUDEX gas market KELER CCP provides guarantee undertaking in line with the requirements of EMIR. By accepting the trades the Clearing Members make on HUDEX gas market 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.