Trayport Euro Commodities Market Dynamics Report
|
|
- Dylan O’Brien’
- 6 years ago
- Views:
Transcription
1 Trayport Euro Commodities Market Dynamics Report Trayport Analysis Team March 2015
2 Legal disclaimer DISCLAIMER The content may not be copied, reprinted, published, transmitted, transferred, disseminated or distributed in any manner without prior written approval by Trayport Ltd. The contents of the report are provided AS IS. Trayport does not make any representation or warranty as to the accuracy, reliability, fitness of purpose, completeness, and or merchantability of the contents of the report or any part thereof and Trayport expressly disclaims liability of any kind whether statutory or implied whatsoever whether arising of and or in relation to the report or any part thereof. Nothing contained in the report shall be construed as legal, technical or other professional advice or be relied upon as such advice. Any clause of this disclaimer that is declared invalid shall be deemed severable and not affect the validity or enforceability of the remainder. Trayport and the names of Trayport s products are Trademarks and Service Marks of Trayport Limited, and where relevant have been registered as such. Other products, services, or company names mentioned herein are the property of, and may be the service mark or trademark of, their respective owners. Trayport Limited All Rights reserved.
3 Editorial summary March 2015 Euro Gas Growth continues; Euro Power exchange competition; and NBP heads back to the brokers March saw the continued growth of the Euro Gas commodity grouping, with volumes up 34% YTD 2015 vs. YTD The Euro Gas commodity grouping includes the TTF, NCG, Gaspool, PEG and PSV commodities. All included commodities except Gaspool have seen YTD 2015 vs. YTD 2014 volume growth, as shown by the table below. Four out of six of the commodities recorded their highest monthly volume in March, while NCG and Gaspool recorded their highest monthly volume in February and January respectively. Commodity YTD 2014 Volume YTD 2015 Volume Highest Monthly Highest Monthly % Change (TWh) (TWh) Volume (TWh) Volume Month TTF 3,517 4, % 1,789 March 2015 NCG % 185 February 2015 Gaspool % 137 January 2015 PSV % 77 March 2015 PEG % 63 March 2015 This continued growth in Euro Gas commodities now renders it the largest commodity grouping in the Euro Commodity markets, with 38% of total monthly contracts traded YTD NBP, the largest commodity YTD 2014, now has 32%, down 1% vs. YTD The Dutch hub TTF is nipping at the heels of NBP for single largest commodity and significant gas hub, at 82% of NBP volumes in March 2015, and 79% YTD 2015 (up 18% vs. YTD 2014). Alongside this growth in volume we are seeing an increase in the cleared market and exchanges competing for volume. The cleared market has grown to 16% of total volumes YTD 2015, double the 8% YTD CME and PEGAS have both been active in launching new contracts this year, with CME adding TTF, NCG, Gaspool and PSV contracts during January, and PEGAS launching PSV futures this month. Another area of intense exchange competition is Euro Power. EEX solidified their position in continental power contracts through 2014, increasing their offering with Italian Power futures and Spanish Power trade registration. ICE have launched both German and Italian Power futures via the ICE Endex platform but are yet to see volume. Nasdaq continues to compete in German Power, with 8% of the cleared market YTD 2015, up 5% vs. YTD While the cleared market has increased, the brokers have not suffered, with YTD 2015 volumes of 1,580 TWh are still up vs. YTD 2014 s 1,498 TWh. We saw the NBP market shift back to the brokers during March, with broker bilateral market share growing 4% to 45%, at the expense of exchange executions. NBP saw another high volume month, up 3% vs. Feb 15, resulting in a new second highest monthly volume for NBP since our records began. YTD volumes are up 10% vs. YTD CME launched NBP futures trading in January, while PEGAS additionally launched NBP spot contract trading this month, with 7 GWh traded. High Level Market Summary UK Power saw a drop in volume of 7% MoM, yet volumes remain up 9% YTD 2015 vs YTD Despite small efforts by ICE and Nasdaq it remains a brokered market, with 98% of volume traded executed bilaterally via a broker. Coal market share inched back towards CME this month, gaining 2% total API2 and API4 cleared market share in March. Total volumes in API2 and API4 are up 29% YTD 2015 vs YTD While emissions volumes are up 12% MoM, they remain the only commodity grouping with YTD 2015 volumes down vs. YTD 2014, by 39%. This grouping is 100% cleared YTD
4 European Energy Markets Composition: Broker Bilateral, Broker Cleared and Exchange Execution Information as at: 31 March 2015 Estimates based on Trayport analysis and market research Note: Data sources on page 6. Table 1: Key Term Definitions Term Definition Calculation Broker Bilateral Broker Cleared Exchange Execution Total volume executed at a broker and cleared bilaterally, without the involvement of a clearinghouse Total volume executed at a broker and given up for clearing to a clearinghouse Total volume executed directly on exchange and cleared with the relevant clearinghouse (UK & Euro Gas & Power) LEBA published total volume minus aggregated clearinghouse reported broker cleared volume Aggregated clearinghouse reported broker cleared volume Aggregated exchange reported executed volume Cleared Market Total volume cleared at a clearinghouse Broker cleared plus exchange execution Total Execution Total executed volume, at a broker or an Broker bilateral plus broker cleared exchange plus exchange executed Calculation (Coal & Emissions) LEBA published total volume minus LEBA published cleared volume Aggregated clearinghouse reported broker cleared volume Aggregated exchange reported executed volume Broker cleared plus exchange execution Broker bilateral plus broker cleared plus exchange executed NB: Brokered volumes include spot volume while exchange volumes do not. We are currently addressing this. 2
5 European Energy Markets Composition: YTD Trends Information as at: 31 March 2015 Estimates based on Trayport analysis and market research Table 2: Volume Traded Change Commodity Class MoM YoY YTD Term Definition Emissions +12% 45% 39% Coal 20% +3% +29% MoM Current month volume versus previous month volume (e.g. March 2015 vs. March 2014) UK Gas +3% +9% +10% Euro Power 5% +4% +15% YoY Current month volume versus same month last year volume Euro Gas +5% +41% +34% UK Power 7% +8% +9% YTD Total volume YTD 2015 versus total volume YTD 2014 (e.g., Jan Mar 2015 vs. Jan Mar 2014) Note: Data sources on page 6. NB: Brokered volumes include spot volume while exchange volumes do not. We are currently addressing this. 3
6 European Energy Markets Composition: Total Euro Commodity Market Volumes Information as at: 31 March 2015 Estimates based on Trayport analysis and market research (Monthly Contract Equivalents* 000 s) Note: Data sources on page 6. *Monthly Contract Equivalents calculated as total volume divided by a standard monthly contract lot size (30 day month): Commodity Class Volume Unit Standard Monthly Contract Lot Monthly Contract Equivalent Calculation Size Emissions Metric tonnes 1,000 tonnes Total volume in metric tonnes divided by 1,000 tonnes Coal Metric tonnes 1,000 tonnes Total volume in metric tonnes divided by 1,000 tonnes UK Gas Therms / MWh 30,000 therms / 879 MWh Total volume in MWh divided by 879 MWh Euro Power MWh 720 MWh Total volume in MWH divided by 720 MWh UK Power MWh 720 MWh Total volume in MWH divided by 720 MWh Euro Gas MWh 720 MWh Total volume in MWH divided by 720 MWh Monthly Contract Equivalents allow us to compare trading volumes across commodity classes that are traded in different volume units. NB: Brokered volumes include spot volume while exchange volumes do not. We are currently addressing this. 4
7 European Energy Markets Composition: Rebased Price Trends over Time Information as at: 31 March 2015 Estimates based on Trayport analysis and market research All prices are Front Month, except EUAs, which are Front Vintage. Prices rebased 24 Months previous Note: Data sources on page 6. 5
8 Data Sources OTC brokers data LEBA Exchange data APX ENDEX CME EEX NYMEX ICE N2EX NASDAQ OMX BMEClearing OMIP Data source Jan 2011 Oct 2013, TTF futures data only; source no longer available GB/Default.aspx Clearing house data LCH 6
Trayport Euro Commodities Market Dynamics Report
Trayport Euro Commodities Market Dynamics Report Trayport Analysis Team October 2014 Legal disclaimer DISCLAIMER The content may not be copied, reprinted, published, transmitted, transferred, disseminated
More informationTrayport Euro Commodities Market Dynamics Report
Trayport Euro Commodities Market Dynamics Report Trayport Analysis Team December 2014 Legal disclaimer DISCLAIMER The content may not be copied, reprinted, published, transmitted, transferred, disseminated
More informationTrayport Euro Commodities Report
Trayport Euro Commodities Report Trayport Analysis Team April 2018 Legal disclaimer DISCLAIMER The content may not be copied, reprinted, published, transmitted, transferred, disseminated or distributed
More informationTrayport Euro Commodities Report
Trayport Euro Commodities Report Trayport Analysis Team July 2017 Legal disclaimer DISCLAIMER The content may not be copied, reprinted, published, transmitted, transferred, disseminated or distributed
More informationTrayport Euro Commodities Report
Trayport Euro Commodities Report Trayport Analysis Team February 2017 Legal disclaimer DISCLAIMER The content may not be copied, reprinted, published, transmitted, transferred, disseminated or distributed
More informationMarket report January Power - Certificates - Coal
Market report January 2008 - Power - Certificates - Coal Disclaimer: This document is published by RWE Trading GmbH for information purposes only. It was not written or compiled with the intention that
More informationMarket report December 2007
Market report December 2007 - Power - Certificates - Coal Disclaimer: This document is published by RWE Trading GmbH for information purposes only. It was not written or compiled with the intention that
More informationPosition paper on the further development of the German gas market areas in the light of the Gas Target Model II
Position paper on the further development of the German gas market areas in the light of the Gas Target Model II Leipzig/Paris, 22 nd of November 2016 Introduction The PEGAS platform, operated by the French
More informationPEGAS Trader Workshop Germany Market Developments and Product Initiatives
PEGAS Trader Workshop Germany Market Developments and Product Initiatives Roman Zyuzev, Sirko Beidatsch 16/11/217, Berlin Legal disclaimer This presentation does not provide or substitute legal advice.
More informationCentral European Gas Hub
Central European Gas Hub 12 th CEGH Feedback Workshop Vienna, 30 June 2016 1 1 12 th CEGH Feedback Workshop Agenda Welcome, Opening Words Update CEGH OTC Market Update CEGH Gas Exchange AT, CZ CEGH Powernext
More informationTrading at French PEGs. EFET workshop on Spanish Gas Hub - 23 July 2008
Trading at French PEGs EFET workshop on Spanish Gas Hub - 23 July 2008 Agenda GRTgaz project for the French market At the heart of the European market How can TSOs make a difference? The Basics Latest
More informationGaspoint Nordic A/S. Nordic Gas Exchange. Introduction to the. Updated 1 st quarter 2015
Gaspoint Nordic A/S Introduction to the Nordic Gas Exchange Updated 1 st quarter 2015 Introducing Gaspoint Nordic Company Background Established in 2008, first trade March 4th Strong ownership - With effect
More informationTrading Appendix 7 / Clearing Appendix 7. Fee List. Commodity Derivatives. Issued by Nasdaq Oslo ASA and Nasdaq Clearing AB
Trading Appendix 7 / Clearing Appendix 7 Fee List Commodity Derivatives Issued by Nasdaq Oslo ASA and Nasdaq Clearing AB Effective date: 8 26 May June 2017 FEE LIST 1 GENERAL The Fee List is valid for
More informationPowernext Derivatives - Market Notices - September 28 th 2018
Powernext Derivatives - Market Notices - September 28 th 2018 CONTENTS TABLE OF MARKET NOTICES... 2 POWERNEXT DERIVATIVES MARKET NOTICES... 7 APPLICATION DOCUMENTS... 8 PRICE COMMITTEE... 9 RULES OF CONDUCT
More information16 th edition of this popular report
European European Power Power Trading Trading 2017 2017 16 th edition of this popular report This document includes a report summary, a table of contents, report format and price information, and an order
More informationGas Exchange in France. EFET Workshop Madrid 23rd July 2008
Gas Exchange in France EFET Workshop Madrid 23rd July 2008 1 Outline Steps to the Project Powernext Balancing GRTgaz New liquidity factors Comparaison with the other markets Expectation of the market players
More informationMARKET REPORT. August 2011
ust MARKET REPORT Highlights physical markets ust : POWER: Nord Pool Spot market share of Nordic consumption was 72.6 per cent in ust. The total Nordic preliminary consumption for ust was 26.8 TWh compared
More informationDesign of the gas hubs & exchanges and evolution on the example of the Central European Gas Hub
Design of the gas hubs & exchanges and evolution on the example of the Central European Gas Hub Stefan PHILIPP Dipl.-Wirt.-ing. (FH) Central European Gas Hub AG This presentation including its content
More informationTrading Appendix 7 / Clearing Appendix 7. Fee List. Commodity Derivatives. Issued by Nasdaq Oslo ASA and Nasdaq Clearing AB
Trading Appendix 7 / Clearing Appendix 7 Fee List Commodity Derivatives Issued by Nasdaq Oslo ASA and Nasdaq Clearing AB Effective date: 11 June 2018 FEE LIST 1 GENERAL The Fee List is valid for Exchange
More informationMARKET REPORT. December 2010
December 21 MARKET REPORT Highlights physical markets December 21: POWER: Nord Pool Spot market share of Nordic consumption was 73.4 per cent in December. The total Nordic preliminary consumption for December
More informationFee List. Trading Appendix 7 / Clearing Appendix 7. Commodity Derivatives. Issued by Nasdaq Oslo ASA and Nasdaq Clearing AB
Trading Appendix 7 / Clearing Appendix 7 Fee List Commodity Derivatives Issued by Nasdaq Oslo ASA and Nasdaq Clearing AB Effective date: 16 2 JanuaryOctober 20187 FEE LIST 1 GENERAL The Fee List is valid
More informationMARKET REPORT. March 2012
ch 212 MARKET REPORT Highlights physical ch 212: POWER: Nord Pool Spot market share of Nordic consumption was 72.1% in ch. The total Nordic preliminary consumption for ch was 34.8 TWh compared to 38.3
More informationICE Futures Implied Prices
ICE Futures Implied Prices ICE Futures has expanded implied pricing capability for each of its Futures contracts. The platform fully implies prices much farther out the curve. It broadcasts implied prices
More informationContinental Gas Snapshot Methodology
Continental Gas Snapshot Methodology ESGM Price Assessments - General Definitions 01 Heren Volatility Index 04 The Heren Index - General Definition 04 ESGM Trades Tables - General and Country-specific
More informationICE WESTERN BARLEY OVERVIEW OF CHANGES
ICE WESTERN BARLEY IntercontinentalExchange (ICE ) began offering risk management and trading for the grain markets through its acquisition of the Winnipeg Commodity Exchange (WCE) in September 2007. Today,
More informationEuropean & Global Hub Markets:
PatrickHeatherConsultancy European & Global Hub Markets: What does the future hold for hubs in the spot-priced gas market? Gas and LNG Supply Contracts Forum Berlin, 21 st June, 2018 The contents of this
More informationMARKET REPORT. January 2012
uary 212 MARKET REPORT Highlights physical uary 212: POWER: Nord Pool Spot market share of Nordic consumption was 72.9% in uary. The total Nordic preliminary consumption for uary was 39.8 TWh compared
More informationEuropean Federation of Energy Traders. European Gas Hub Development
European Federation of Energy Traders European Gas Hub Development 1 Disclaimer The results here are based on the views of EFET members, exercising all reasonable care to determine the best practice model
More informationMARKET REPORT. April Highlights physical April 2012:
il 212 Highlights physical il 212: MARKET REPORT POWER: Nord Pool Spot market share of Nordic consumption was 72.7% in il. The total Nordic preliminary consumption for il was 31.6 TWh compared to 34.8
More informationGaspoint Nordic A/S. Nordic Gas Exchange. Introduction to the. Updated Q1 2016
Gaspoint Nordic A/S Introduction to the Nordic Gas Exchange Updated Q1 2016 Introducing Gaspoint Nordic The slide package contain info on the following topics Introduction to the Nordic Gas Exchange slides
More informationIntroduction to Trayport
Introduction to Trayport Tokyo Power Market Seminar 2018 Richard Everett Head of Product and Markets 14 June 2018 TRAYPORT TRAYPORT WHAT WE DO Trayport is a software, networks and connectivity company
More information11 May Energy Coal
11 May 217 Energy Coal Energy coal: dislocation from fundamentals Size of the Asia Pacific market 2 Energy Coal Market Volumes by Basin (Million Tonnes) 1, 9 8 7 6 5 4 3 2 1 The Asia-Pacific market is
More informationCommerzbank Energy & Carbon Seminar
Commerzbank Energy & Carbon Seminar Trends, challenges and outlook for the energy and carbon markets in 2016 marketing material for information purposes only Ingo Ramming A 5 bet on Leicester City winning
More informationCorrelation between Carbon and Energy Markets Workshop HEC Energy & Finance Chair
Correlation between Carbon and Energy Markets Workshop HEC Energy & Finance Chair January 2012 Franck Schuttelaar, GDF SUEZ Trading Agenda 1 Carbon market players 2 3 Fundamental drivers, switching Correlation
More informationAuctioning German Auctioning of Emission Allowances Periodical Report: Annual Report 2016
Auctioning German Auctioning of Emission Allowances Impressum Publisher German Emissions Trading Authority (DEHSt) at the German Environment Agency Bismarckplatz 1 D-14193 Berlin Phone: +49 (0) 30 89 03-50
More informationHistorical Pricing PJM COMED, Around the Clock. Cal '15 Cal '16 Cal '17 Cal '18 Cal '19 Cal '20 Cal '21 Cal '22
$50 Historical Pricing PJM COMED, Around the Clock $48 $46 $44 $42 $40 $38 $36 $34 $32 $30 $28 $26 Cal '15 Cal '16 Cal '17 Cal '18 Cal '19 Cal '20 Cal '21 Cal '22 The information presented above was gathered
More informationExchange Trading and Clearing Key Elements of a Liquid Energy Market
Exchange Trading and Clearing Key Elements of a Liquid Energy Market Argus Turkish Power and Gas Trading, 8 th May 2013, Istanbul Dr.-Ing. Dr. Tobias Paulun, Managing Director Exchange, EEX AG European
More informationMIBEL MONTHLY INFORMATION OCTOBER Board of Regulators
MIBEL MONTHLY INFORMATION OCTOBER 213 Board of Regulators HIGHLIGHTS OF THE MONTH October 213 The arithmetic mean price of the month was 51,5 /MWh in the Spanish bidding area and 51,59 /MWh in the Portuguese
More informationMIBEL MONTHLY INFORMATION NOVEMBER Board of Regulators
MIBEL MONTHLY INFORMATION NOVEMBER 213 Board of Regulators HIGHLIGHTS OF THE MONTH November 213 The arithmetic mean price of the month was 41,81 /MWh in the Spanish bidding area and 42,1 /MWh in the Portuguese
More information2 September Agency for the Cooperation of Energy Regulators Trg republike Ljubljana Slovenia. Public Consultation Paper.
2 September 2014 Agency for the Cooperation of Energy Regulators Trg republike 3 1000 Ljubljana Slovenia Re: ICE Trade Vault Europe Limited s Response to the REMIT Transaction Reporting User Manual Public
More informationICE Endex UK Gas update. June 2015, London
UK Gas update June 2015, London Content Market Update Trading System Enhancements OCM Clearing and Settlement Migration Fee Schedule & Rebates 2 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14
More informationArgus White Paper: Are transactional indexes appropriate for European gas and electricity markets?
Argus White Paper: Are transactional indexes appropriate for European gas and electricity markets? Contents: Executive Summary 2 Price benchmarks for physical OTC gas and electricity 2 Problems with transactional
More informationMIBEL MONTHLY INFORMATION OCTOBER Board of Regulators
MIBEL MONTHLY INFORMATION OCTOBER 215 Board of Regulators HIGHLIGHTS OF THE MONTH October215 The arithmetic mean price of the month was 49,9 /MWh in the Spanish bidding area and 49,89 /MWh in the Portuguese
More informationHistorical Pricing PJM PSEG, Around the Clock. Cal '15 Cal '16 Cal '17 Cal '18 Cal '19 Cal '20 Cal '21 Cal '22
$70 Historical Pricing PJM PSEG, Around the Clock $65 $60 $55 $50 $45 $40 $35 $30 $25 Cal '15 Cal '16 Cal '17 Cal '18 Cal '19 Cal '20 Cal '21 Cal '22 The information presented above was gathered and compiled
More informationMarket Risk Management
Market Risk Management Energy Price Exposure Powering. Reliable. Future. AGENDA > Introduction > Energy Price Exposure > Wholesale power markets as a risk management tool Physical or Financial? > Wholesale
More informationThe Tradition Coal Index
1 TRCOAL The Tradition Coal Index 2012 Tradition Financial Services, Inc. All Rights Reserved. 1 2 TRCOAL Guide to the Tradition Coal Index This guide contains the rules for calculating the Tradition Coal
More informationRule 17 of the Rulebook expressly provides Griffin with the power to monitor participants open interest positions in commodity derivatives.
Griffin Markets Limited Position management controls MIC: GRIF (Operating MIC)/GRIO (Segment MIC) Competent authority: FCA 1. Powers that the trading venue has to monitor the open interest positions of
More informationNordic Market Report
Nordic Market Report Status as of May 8 th, 17 1. SUMMARY The average spot price in April was 29.2 /MWh, down 1.2 /MWh from March and up 7.1 /MWh year-onyear. The average price in April in the period 1993
More informationAuctioning German Auctioning of Emission Allowances Periodical Report: Annual Report 2015
Auctioning German Auctioning of Emission Allowances Impressum Publisher German Emissions Trading Authority (DEHSt) at the German Environment Agency Bismarckplatz 1 D-14193 Berlin Phone: +49 (0) 30 89 03-50
More informationAuditor's report. Our audit has not led to any reservations
Auditor's report We have audited the financial statements, comprising the balance sheet, the income statement and the notes to the financial statements, together with the bookkeeping system, and the management
More informationEoD XLS Market Results Interface Specification
EoD XLS Market Results Interface Specification EEX Info-Products 08.08.2018 Leipzig Ref. 27 Table of s 1. Document History 7 2. List of Abbreviations 9 3. Management Overview 11 4. Definitions 12 4.1 General
More informationNord Pool the Nordic power exchange GROUP MARKET REPORT
Nord Pool the Nordic power exchange GROUP MARKET REPORT Highlights physical markets : POWER: Nord Pool Spot market share of Nordic consumption was 74.3 per cent in. Volumes traded were 18.5 TWh in compared
More informationReport on the system balancing actions and related procurement activities in the GASPOOL market area in the gas year 2015/2016
Report on the system balancing actions and related procurement activities in the GASPOOL market area in the gas year 2015/2016 Current as at: 5 December 2016 Table of contents Introduction... 6 Internal
More informationGROUP MARKET REPORT. CARBON: Volume EUAs and CERs 9.3 million tonnes in October and million tonnes YTD
October 28 GROUP MARKET REPORT Highlights physical markets: POWER: Volume Elspot 24.5 in October and 242.8 TWh YTD Volume Elbas 224.1 GWh in October and 1 44.7 GWh YTD The exchange's market share in October
More informationMIBEL MONTHLY INFORMATION AUGUST Board of Regulators
MIBEL MONTHLY INFORMATION AUGUST 213 Board of Regulators HIGHLIGHTS OF THE MONTH August 213 The arithmetic mean price of the month was 48,9 /MWh in the Spanish bidding area and 48,12 /MWh in the Portuguese
More informationMIBEL MONTHLY INFORMATION JULY Board of Regulators
MIBEL MONTHLY INFORMATION JULY 213 Board of Regulators HIGHLIGHTS OF THE MONTH July 213 The arithmetic mean price of the month was 51,16 /MWh in the Spanish bidding area and 51,4 /MWh in the Portuguese
More informationMarkit Commodities Pricing Data
4th Floor tel +44 7260 2000 Ropemaker Place fax +44 7260 2001 25 Ropemaker Street www.ihsmarkit.com London EC2Y 9LY United Kingdom Highlights World Coal Coal prices continued to increase for the third
More informationCorporate Overview. Oil. FEOP (Far East Oil Price) Index FMC (Forward Market Curve) OMR (Oil Market Report)
Genic DataHub facilitates the organisation and consolidation of fragmented data sources that exist in the marketplace. Data includes Oil, Natural Gas, Power, Emissions, Coal, Freight, Petrochemicals, Financials,
More informationBroker Platforms for Electricity Trading. Executive Program in Trading Electrical Energy 10 th of May 2013, Belgrade
Broker Platforms for Electricity Trading Executive Program in Trading Electrical Energy 10 th of May 2013, Belgrade Who are Tradition Tradition is one of the world s largest interdealer brokers in over-the-counter
More informationFunctioning of European Gas Wholesale Markets
Functioning of European Gas Wholesale Markets Quantitative Study Vienna, July 2014 Dr. Albrecht Wagner Wagner, Elbling & Company Management Advisors Seilerstätte 18-20, 3. OG A-1010 Wien office: +43 664-849
More informationOrders received increased to EUR 3.1 billion and Comparable EBITA to EUR 196 million in 2016
Orders received increased to EUR 3.1 billion and Comparable EBITA to EUR 196 million in 216 Financial Statements Review 216 February 8, 217 Pasi Laine, President and CEO Kari Saarinen, CFO Agenda Financial
More informationEuropean Gas Hub Development
15 th Stakeholder Group meeting of GRI SSE, Milan 12 December 2013 European Federation of Energy Traders European Gas Hub Development 1 Growth of new hubs EFET Hub Development Group Project Virtual hub
More informationVattenfall Q3 and 9M 2012 results
Vattenfall Q3 and 9M 2012 results Øystein Løseth, CEO and Ingrid Bonde, CFO Conference Call, 30 October 2012 Q3 Highlights (1) Underlying operating profit SEK 1.3 bn below last year - 12% higher production
More informationTradition OTC Cleared Financial trading for the Romanian power
Tradition OTC Cleared Financial trading for the Romanian power About Tradition Tradition A world leader in professional brokerage activities Compagnie Financière Tradition (CFT) is one of the world s top
More informationOrders received increased in Services focus continues to be on profitability improvement
Orders received increased in Services focus continues to be on profitability improvement Interim Review, January March 215 April 29, 215 Pasi Laine, President and CEO Markku Honkasalo, CFO Agenda Interim
More informationWholesale markets for electricity : The point of view of a trader
Wholesale markets for electricity : The point of view of a trader Francis HERVÉ (Chief Executive Officer) Philippe GIRARD (Senior Advisor) Vincent MAILLARD (Head of Analytics) EDF TRADING Limited 1 CONTENTS
More informationHub Score NBP. 2 Fully firm through OTD market 2 2. TSO Credit arrangements non punitive Previously instituted, no longer required
Analysis Hub Score NBP Responsible party What should be done guideline for assessment Score 24 Comments 24 Score 25 Comments 25 Score 26 Comments 26 UNC governance, transmission workstreams if set up and
More informationLiquidity Anders Plejdrup Houmøller CEO, Houmoller Consulting
Liquidity Anders Plejdrup Houmøller CEO, Houmoller Consulting At the three following slides, for EEX and Nasdaq OMX, the blue and the green curves illustrate the cleared volume: (contracts traded off-exchange
More informationFinancial Statements Fortum Corporation 2 February 2017
Financial Statements 2016 Fortum Corporation 2 February 2017 Disclaimer This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any Fortum shares.
More informationCO 2 Markets. Maria Mansanet Bataller
CO 2 Markets Maria Mansanet Bataller Motivation Climate Change Importance Increasingly Kyoto Protocol: International Response to Climate Change Flexibility Mechanisms EMISSIONS TRADING CARBON MARKETS The
More information14 November Zespół Elektrowni Pątnów-Adamów-Konin SA 3Q 2016 Results
14 November 2016 Zespół Elektrowni Pątnów-Adamów-Konin SA 3Q 2016 Results ZE PAK Group 9M 2016 Summary Key operational and financial data 9M 2016 Change y/y Sale of electricity (1) : 10.36 TWh -6.41% electricity
More informationDerivatives Spot. Third round of LP restrictions making its mark. March 21, Overview
March 21, 212 Derivatives Spot Analyst Trisha Sung trisha.sung@samsung.com 822 22 7823 Gyun Jun gyun.jun@samsung.com 822 22 744 ETF RESEARCH ELW market risk and opportunities Third round of LP restrictions
More informationContract Specifications
Trading Appendix 2 / Clearing Appendix 2 Contract Specifications Commodity Derivatives Issued by Nasdaq Oslo ASA and Nasdaq Clearing AB Effective Date: Day27021 MonthJuneNovember 2016 INDEX PART A General
More informationCommodities Risk Assessment Annex X Question 7
Commodities Risk Assessment Annex X Question 7 Product Country Exchange MTF market OTC market Others (please specify) Coal (03) DE EEX Leipzig + (01) BE Belpex (Created but currently only as a day ahead
More informationSingapore Exchange Limited Third Quarter FY 2010 Interim Results. Magnus Bocker, CEO Seck Wai Kwong, CFO
Singapore Exchange Limited Third Quarter FY 2010 Interim Results Magnus Bocker, CEO Seck Wai Kwong, CFO 16 April 2010 Agenda 1. Highlights 2. Financial Performance 3. Business Update 4. Conclusion 2 Highlights:
More informationNord Pool the Nordic power exchange GROUP MARKET REPORT
Nord Pool the Nordic power exchange GROUP MARKET REPORT Highlights physical markets: POWER: Volume Elbas 114.5 GWh in and YTD 345.7 GWh Volume Elspot 28.3 TWh in and 85.5 TWh YTD The exchange's market
More informationInfo Workshop Central European Gas Hub. General Presentation of ECC
Info Workshop Central European Gas Hub General Presentation of ECC Vienna, 6 th November 2012 AGENDA 1. About ECC 2. Clearing Process - Spot market 3. Connectivity, Software and Reporting 4. Risk Management
More informationINTERIM FINANCIAL REPORT FIRST NINE MONTHS 2013
INTERIM FINANCIAL REPORT FIRST NINE MONTHS 2013 Moving Energy Forward 23 October 2013 Disclaimer Certain statements in this presentation are based on the beliefs of our management as well as assumptions
More informationVattenfall Q2 and H1 results 2015
Vattenfall Q2 and H1 results 2015 Magnus Hall, CEO and Ingrid Bonde, CFO Presentation 21 July 2015 Financial highlights SEK bn Q2 2015 Q2 2014 H1 2015 H1 2014 FY 2014 Net Sales 36.1 36.6 81.5 82.5 165.9
More informationRules for the Construction and Maintenance of the NOMXI Benchmark Bond Indexes
Rules for the Construction and Maintenance of the NOMXI Benchmark Bond Indexes Version 1.0 / June 10, 2013 Table of contents DEFINITIONS... 3 INTRODUCTION... 4 1.1 BACKGROUND... 4 1.2 THE INDEXES... 4
More informationOne Clear Connection to Commodities. European Commodity Clearing clearing and settlement of energy and commodity products
One Clear Connection to Commodities European Commodity Clearing clearing and settlement of energy and commodity products What actually is clearing? Clearing assures the proper fulfilment of each contract
More information4 August Q 2016 Earnings Presentation
4 August 2016 2Q 2016 Earnings Presentation Key developments in April July 2016 Main corporate events The Supervisory Board called EGM on Sept 2 nd. The EGM will vote on a corporate restructuring proposal
More informationManaging Temperature Driven Volume Risks
Managing Temperature Driven Volume Risks Pascal Heider (*) E.ON Global Commodities SE 21. January 2015 (*) joint work with Laura Cucu, Rainer Döttling, Samuel Maina Contents 1 Introduction 2 Model 3 Calibration
More informationFortum Corporation Interim report January June July 2014
Fortum Corporation Interim report January June 2014 18 July 2014 Disclaimer This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any Fortum
More informationDirected Contract Subscription Guidelines AIP-SEM
Directed Contract Subscription Guidelines AIP-SEM-07-145 10 th May 2007 Table of Contents 1 Introduction...1 2 Dates for Directed Contract Subscriptions...1 3 Execution of Master Agreement...1 4 Supplier
More informationAt the Centre of European Energy Trading
At the Centre of European Energy Trading connecting markets EEX the one-stop shop for energy trading and clearing Products & Services 236 24 trading participants from countries 1 USA 2 Finland 5 Norway
More information14 November Zespół Elektrowni Pątnów-Adamów-Konin SA. Third quarter 2017 Results
14 November 2017 Zespół Elektrowni Pątnów-Adamów-Konin SA Third quarter 2017 Results ZE PAK Group 9M 2017 Summary Key operational and financial data 9M 2017 Change y/y Sale of electricity (1) : 8.78 TWh
More informationFebruary 2008 TWh Spot turnover monthly EUR/MWh Average system price/month
February Nord Pool the Nordic power exchange GROUP MARKET REPORT Physical market Nord Pool Spot AS Turnover in the physical market in February was 27.6 TWh (1 TWh = 1 billion KWh). This was a decrease
More informationMarket News. IETA/IEA/EPRI Workshop Paris, September 22, Andrei Marcu, CEO, BlueNext
Market News IETA/IEA/EPRI Workshop Paris, September 22, 2008 Andrei Marcu, CEO, BlueNext What is BlueNext? since 2005 Powernext Carbon 2008 BlueNext SA BlueNext is the environmental exchange with global
More informationIs it time for a boneless beef trimmings derivative contract? David Farley 1 st March 2012
Is it time for a boneless beef trimmings derivative contract? David Farley 1 st March 2012 Why does AAco care? 680,000 head of cattle Substantial price risk over which AAco has limited ability to take
More informationonce per trading day. The time of day that the NAV is struck depends on the underlying asset or index that the ETP tracks.
1 30 November 2018 Following recent volatility in the natural gas futures market, and with our constant focus on investors education, we thought it would be opportune to summarise some relevant key points.
More informationEuropean traded gas hubs:
PatrickHeatherConsultancy European traded gas hubs: Latest developments and underlying trends EMART Energy conference - gas trading stream Amsterdam, 4 th October, 2017 The contents of this presentation
More informationEuropean Spot Gas Markets Methodology. Methodology last updated: 3 November 2015
European Spot Gas Markets Methodology Methodology last updated: 3 November 2015 Date of last formal methodology consultation: 16 February 2015 Expiry date for this methodology: 16 February 2017 List of
More informationOrders received amounted to EUR 3.3 billion and Comparable EBITA to EUR 226 million in 2017
Orders received amounted to EUR 3.3 billion and Comparable EBITA to EUR 226 million in 217 Financial Statements Review 217 February 6, 218 Pasi Laine, President and CEO Kari Saarinen, CFO Agenda Financial
More informationDow Jones Sustainability Indices (DJSI)
Dow Jones Sustainability Indices (DJSI) December 2014 A cooperation of S&P Dow Jones Indices and RobecoSAM Index Performance DJSI World 15% 1 DJSI World Index 5% -5% -1 YTD last month last 3 last 6 last
More informationU.S. Corporate Issuers: Lending Surges Amid A Decline In Credit Risk In 1Q17
U.S. Corporate Issuers: Lending Surges Amid A Decline In Credit Risk In 1Q17 S&P Global Fixed Income Research Apr. 2017 Permission to reprint or distribute any content from this presentation requires the
More informationInterconnector (UK) Limited. Charging Statement related to the IUK Access Agreement and IUK Access Code Issue 12 Applicable from 01 October 2018
Interconnector (UK) Limited Charging Statement related to the IUK Access Agreement and IUK Access Code Issue 12 Applicable from 01 October 2018 Issue 12 01 October 2018 1. Introduction... 2 2. Reserve
More informationHedging prices and spot prices 1
Introduction In Appendix 1, you ll find slides giving examples of how the Closing Prices for financial contracts can change during the contracts trading period. In appendix 2, you ll find a list of the
More informationTo receive advanced notification of Performance Bond (margin) changes, through our free automated mailing list, go to
18-362 TO: Clearing Member Firms Chief Financial Officers Back Office Managers Margin Managers FROM: CME Clearing SUBJECT: Performance Bond Requirements DATE: Tuesday, September 11, 2018 To receive advanced
More informationFEE RULES AND FEE SCHEDULE
Fee Rules and Fee Schedule FEE RULES AND FEE SCHEDULE Article 1 Subject of the Regulation...1 Article 2 Types and Structure of Exchange Fees...1 Article 3 Fee Payers...2 Article 4 Competence...2 Article
More information