OMIP trades futures contracts as well as the registration of forward and swap contracts.
One of the key characteristics, which differentiate a futures contract from a forward contract, is the fact that, in the former, the gains and losses resulting from price fluctuation, during the trading phase, are settled on a daily basis while in the latter this only occurs during the contract delivery period and on a monthly basis.
Various types of futures are traded on OMIP:
Spanish and Portuguese electricity
Baseload (24h) and spot charge (12h)
With physical settlement and with financial settlement, where both types of contract benefit from a single order book.
With maturities of days, weekends, weeks, months, quarters and years.
Besides providing a registration platform for OTC transactions to be cleared on OMIClear, for all these futures contracts, OMIP also allows the registration of forward and swap trades:
Foreseeing for the former, physical delivery and settlement of VAT and for the latter, a purely financial settlement excluding VAT.
Both on Spanish electricity
With the same maturities as futures contracts.
The size of all of these contracts is 1 MW, with a 0.01 Euros/MWh tick
For additional information, please download the files relative to the Products Specifications.