Natural Gas, Futures and Day-Ahead contracts registered in the Clearing House are market transactions and OTC transactions.
Both are agreements between two parties to buy or sell a specific amount of gas on a future date at a fixed price.
The Clearing House provides a mechanism ensuring the successful outcome of the trades to both counterparties. It uses specified standard contract features to facilitate trading.
There are three different types of trading strategies:
The existence of market participants with differing trading interests in respect of these contracts bolsters market liquidity and efficiency.
The Underlying Asset on Gas Contracts is the title over Natural Gas, which may be acquired or disposed by means of a Title Transfer, in accordance with the gas system regulations.
The delivery day begins at 06:00 am (CET) of the day on which the Gas Title Transfers must be carried out, in accordance with the gas system Regulations, and which ends at 06:00 am on the following day.
The Delivery Area or Point for Natural Gas Contracts is the virtual interchange point on a Natural Gas transmission system where title transfer of Natural Gas is carried out.
The register unit is 1MWh/day (tick).
The nominal/multiplier of the contract is determined in MWh/d, using the following formula:
MWh/day * No of days in the contract
The price of the contract is in Euros per MWh/d, with 2 decimal places.