With the aim of offering market members a range of products and services according to their needs, in the various fields (namely underlying asset and geographical area), OMIP complements its energy product portfolio by listing futures contracts of natural gas with reception or delivery at the Spanish virtual trading point PVB-ES, available for registration and clearing of bilateral transactions.
The natural gas contracts are included in the scope of the Derivatives Market, which now comprises products with underlying asset electricity (power) and natural gas, so that market members have a flexible and efficient access to the trading of these products, both of which are cleared in OMIClear clearing house.
Natural gas contracts have physical delivery at the Spanish virtual trading point PVB-ES, managed by Enagás GTS. The main technical specifications are listed in the following table:
|Underlying Asset||Reception or delivery of natural gas with physical delivery at the Spanish virtual trading point PVB-ES. Physical positions correspond to “title transfers” of gas acquisition or gas disposal at PVB-ES and are daily notified by OMIClear to Enagás GTS through a ‘single sided nomination’.|
|Type of Contracts||Futures contracts.|
|Tradable Contract||• D – Days;
• WE – Weekends;
• WD – WeekDays;
• BOM – Balance of the Month;
• M – Months;
• Q – Quarters;
• SS – Seasons;
• Y – Years.
|Contract Maturities Launched||• Up to 10 D
• 4 WE
• 3 WD
• 1 BOM
• 3 M
• 4 Q
• 3 SS
• 2 Y
|Cash Settlements frequency||Daily cash settlements: Mark-to-Market (MtM) during the trading period and Delivery Settlement Value (DSV) during the delivery period.|
|Settlement in the Delivery Period (financial / physical)||If the positions reach delivery period, 2 settlement flows occur during the delivery period :
• Financial Settlement: cash settlement at the last price MtM adjustment (last settlement price of the futures contract).
• Physical Settlement: daily notification of the net positions to Enagás GTS.
|VAT||•DSV cash settlements related to positions in delivery are subject to VAT according to the legislation currently in place.
• Please refer to document “Billing Conditions and VAT regime Derivatives Contracts” available in OMIClear website.
|Trading Mode||Bilateral Transactions (OTC) through OMIP Derivatives Market (ETD trades).|
|Cascading Procedure||Cascading of Year (Y), Season (SS) and Quarter (Q) contracts into Quarter or Month (M) contracts: Y > Q ; SS > Q ; Q > M|
More information about fees and prices here.