Energy & Products newsletter November 2017

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The ABN AMRO Clearing Energy Products Newsletter informs you about new products, events and initiatives.

We hereby have the pleasure to send you the ABN AMRO Clearing Energy Products Newsletter for November 2017, in order to inform you about new products, events and initiatives. 

This newsletter has the following content: 

  •      ABN AMRO Clearing starts clearing of Irish Power Spot on SEMOpx
  •      Financial Power Futures contracts concluded on HUDEX
  •      Migration of PXE Natural Gas contracts to Powernext/PEGAS
  •      Recent products & exchanges added to clearing portfolio

ABN AMRO Clearing starts clearing of Irish Power Spot on SEMOpx

Within 6 months from now (May 2018), it is expected the launch of SEMOpx cleared via ECC. 
 
EirGrid and SONI are the service providers for the new local power exchange SEMOpx which will operate the Day-Ahead and Intraday markets in Ireland and Northern Ireland respectively, which will be coupled with the rest of Europe and continuous and auction intraday markets. 
 
The go-live is envisaged for May 2018, subject to technical, legal, regulatory and member readiness. To ensure readiness, trading members need to fulfill the third party physical settlement agreements, respective trading limits and approval by its Clearing Member.
 
ABN AMRO Clearing will fully supports this new exchange and we will be able to clear these as from launch date. If you are interested to start trading SEMOpx, do please feel free to contact your Relationship Manager or contact us via energy-clearing@nl.abnamro.com

Financial Power Futures contracts concluded on HUDEX

To comply with the new European Union financial market regulations (MiFID II) the current power derivatives market of HUPX will be transformed from a physical market into a regulated market for financial power derivatives. In addition the HUPX Group structure is synchronized by establishing HUDEX (Hungarian Derivatives Energy Exchange Zrt., which is a 100%-owned subsidiary of HUPX Ltd). 
 
HUPX will continue in offering spot trading (Day-Ahead and Intraday Market) in Hungary. HUDEX will offer Hungarian Financial Power Futures with the option of physical delivery (through HUPX Day-Ahead market), as from 3 January 2018 onwards.
 
HUDEX offers Base and Peak Power Future contracts for trading.  The specification and structure of the new financial HUDEX products remains unchanged in comparison to the HUPX futures products, only the settlement type will change from physically to financially settled.
 
As HUDEX is a regulated market, the new financial power futures contracts have to be reported under EMIR Art 9. For HUDEX a new MIC “HUDX” will be introduced. 
 
The following physically settled HUPX power futures will be not available for trading after end of trading on 29 December 2017 and will be delisted afterwards:
• F8B 1-5, F8BM, F8BQ, F8BY : Hungarian Power Base Load Futures
• F8PM, F8PQ, F8PY: Hungarian Power Peak Load Futures
 
ABN AMRO Clearing fully supports all these changes and we will be able to clear these as from launch date. If you have any questions, do please feel free to contact your Relationship Manager or contact us via energy-clearing@nl.abnamro.com

Migration of PXE Natural Gas contracts to Powernext/PEGAS

All current Gas contracts listed on Power Exchange Central Europe (PXE) will be migrated to Powernext/PEGAS, the migration is scheduled 8 December 2017. The products consists of Czech Natural Gas Spot and Futures contracts. Open Interest at ECC currently allocated to PXE gas products will be converted into Powernext/PEGAS gas products with effect of the migration day.
 
The current trading members of PXE who are not yet admitted at Powernext/PEGAS need to pass through the admission process at the exchange. 
 
ABN AMRO Clearing will fully supports this migration and we will be able to continue clear these as from migration date. Clients are advised to contact us in case limit adjustments are required. If you have any questions, do please feel free to contact your Relationship Manager or contact us via energy-clearing@nl.abnamro.com

Recent products & exchanges added to clearing portfolio

In 2017, ABN AMRO Clearing informed its business relations of adding the following new products and exchanges to its clearing portfolio: 
 
New Products
  •     EEX Industrial Wood Pellets Futures
  •     EEX PXE Czech and Hungarian Financial Power Week Futures
  •     Additional European Financial Power Futures and Options on ICE-ENDEX
  •     Settlement Bank on Nord Pool Markets (Elbas, Elspot and N2EX)
  •     Additional products in German and Austrian Market Area on EEX
  •     Client Archive and the Wizard for Client Reporting
  •     30 - minutes power contracts on EPEX Spot
  •     Electricity Certificates on NASDAQ OMX Commodities
  •     Wind Power Futures and Mini Power Futures contracts on MEFFPower

Disclaimer

This document (the "NewsFlash") has been prepared by ABN AMRO Clearing Bank N.V. ("AACB") and is solely intended to provide general information about the subject matter. The information in the NewsFlash is strictly proprietary, unless otherwise stated and is being supplied to you solely for your information. The NewsFlash is informative in nature and does not constitute legal, regulatory or other advice nor does it express any recommendations and may not be used for such purposes. Everyone using this NewsFlash should acquaint themselves with and adhere to the applicable rules, regulations and legislation. No reliance may be placed for any purposes whatsoever on the information, opinions, forecasts and assumptions contained in the Invitation or on its completeness, accuracy or fairness. No representation or warranty, express or implied, is given by or on behalf of AACB, or any of its directors, officers, affiliates or employees as to the accuracy or completeness of the information contained in this document and no liability is accepted for any loss, arising, directly or indirectly, from any use of such information. Nothing contained herein shall form the basis of any contract or commitment whatsoever.

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