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FAQs on transaction reporting – Question II.2.2.6

A European gas within day trade ends up on a different “contract” to the order due to the nature of European within day gas.

Orders for example for TTF within-day gas are placed on a generic “TTF Within day” contract that has a definition of a delivery time of 6 AM the current day to 6AM the following day.

Post deal, the actual start time is verbally agreed between the participants so the “contract” does not match the contract of the order.

Would ACER accept the fact that an order did not match the trade (different contract) or would it get rejected?

A proposal would be that ACER accepts the fact that the contract for the trade will not always match the contract of the order. However, doing so would mean that a lot of validations end up being turned off.

An alternative would be use the “voice” flag on the trade, but still attach it to an order. The voice flag would indicate that the trade was modified/clarified by voice.

An alternative would be that ACER adds an additional field to the transaction details part of the schema to allow the transaction to be flagged in a way that says “this does not match the order” or “this trade was clarified by voice”.  This may be useful for other scenarios too.


Answer:

As far as we understand there are some European countries where gas within-day contracts can be delivered from 06:00 am to 06:00 am of the following day (daily balancing), while in other European countries there are 24 tradable contracts one for each hour from 06:00 am to 06:00 am of the following day (hourly balancing). When these hourly contracts are traded on exchanges each contract should have a different ID. This is the same as for most of the hourly electricity contracts represented in Annex II of the TRUM which applies to gas within-day contracts, too. However, in some circumstances, e.g. when gas within-day contracts are traded in broker platforms and related to markets with hourly balancing, this may be handled differently.

As the gas within-day contracts are advertised for the 06:00 am to 06:00 am delivery on the broker platforms, after the orders have matched on the screen, the two parties agree the starting time of the delivery during the day which will last until 06:00 am of that gas day.

Therefore, reporting parties may report for example:

1.    two orders that are matched at 10:00 am on a gas within-day contract for a 06:00 am to 06:00 am delivery as advertised by the broker platform;

2.    two trades, on the gas within-day contract for a 06:00 am to 06:00 am delivery, with a total quantity that reflects the starting delivery time of that gas day.

For a 30MW capacity:

Example 1: the trade has total volume 180 (meaning that with 30MW capacity the start time is 24:00)

Example 2: the trade has total volume 360 (meaning that with 30MW capacity the start time is 18:00)

Example 2: the trade has total volume 450 (meaning that with 30MW capacity the start time is 15:00)

In this case the trades are related to the same contract ID as the orders. However, if the broker platform advertises 24 different contracts, these should be reported with different IDs.

Last update: 08/09/2015   RSS_Icon Subscribe to this Page’s RSS