General Description


Spot gas products can be traded on the Trading Platform. In the Balancing Gas Market, balancing transactions are created on the basis of imbalance positions. 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 and Balancing Gas Market, thus it is not covered by EMIR.

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

The financial result is settled by clearing members on a net basis.

Financial settlement is performed on the payment account maintained by Settlement banks, regardless of any complaints, later corrections.

The 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 (0% VAT) for foreign Balancing and TP clearing members.

KELER CCP operates a guarantee system to make sure that financial liabilities are met should Clearing Member default occur, the details of which will be published in the applicable announcement.