Information on the implemented changes regarding the Hungarian gas market consolidation in January 2020



At the beginning of January 2020, KELER CCP Central Counterparty Ltd. (hereinafter: KELER CCP) has successfully implemented the first phase of the conception regarding the Hungarian gas market consolidation where KELER CCP acts in its central counterparty role, which results that the currency of the trading executed on all Hungarian gas market - thus in the case of Trading Platform and Balancing Market (both operated by FGSZ) as well– switched to Euro, and the clearing and the settlement of the trades of the participants concerned are executed in Euro and on a daily basis. In accordance with the clearing and settlement currency, as of 1st January 2020, the market participants are only able to contribute to the default fund and meet their collateral requirements in Euro. Due to the euro-based settlement, EUR cash accounts have been opened with KELER Ltd. for all related clients of KELER CCP. 51 traders were affected by the changes effective from the beginning of this year.

The amendment of GET (Hungarian Act XL of 2008 on Natural Gas Supply) entered into force at the same time with KELER CCP’s transition, which results that all traders entering the Hungarian markets have to establish a contractual relationship with KELER CCP, in view of the fact that only KELER CCP provides central counterparty service regarding the Balancing Market. As a result, 8 new traders joined to KELER CCP at the end of 2019 and other 2 new traders at the beginning of 2020.

The last settlement in HUF, regarding the December gas month settlement, was successfully executed at the beginning of January 2020, which means, from this point, all clearing, settlement and risk management related processes are executed in Euro by KELER CCP, and thereby the HUF cash accounts and government securities accounts of KELER CCP’s clients concerned are terminated accordingly.

Due to the aforementioned changes, the first and important milestone of the Hungarian gas market consolidation conception has been successfully implemented.


Contact: marketing@keler.hu