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Press Release | 20 Nov 2017

New Iberian Natural Gas Service - OMIP & OMIClear

Secção: 

OMIClear and OMIP announce the launch of new services in the Iberian Natural Gas, expanding its current contract and services portfolio, promoting the liquidity development of the Iberian Natural Gas Market. The new service will be available from the next 24th November. OMIP launches the OTC registration service for Natural Gas Derivatives contracts with title transfer in the Spanish Virtual Balancing Point (PVB). Within the scope of this service OMIP accepts for registration bilateral transactions, either handled by brokers or by pure bilateral trade of Natural Gas future contracts with physical delivery, for its clearing and settlement (physical and financial) by OMIClear.

OMIP launches the complete futures curve, allowing the registration of OTC transactions of daily contracts (up to 10 days), weekends (the 4 weekends ahead), weekdays (3 weeks ahead), Balance of the Month, monthly contracts (3 months ahead), quarterly (4 quarters ahead), Seasons (3 seasons-gas ahead) and yearly contracts (2 years ahead). The process of the OTC registration of Natural Gas Futures contracts uses the current OMIP systems, based on the market standard Trayport, easing the immediate access to this service for the current members and stablishing an agile and efficient incorporation process to new members. OMIP extends likewise its regulatory reporting services for the natural gas contracts, concerning the MIFID II as well as REMIT.

With the launch of this service, OMIClear broadens its clearing services portfolio for the Natural Gas contracts with title transfer in the Spanish Virtual Balancing Point (PVB). The model developed by OMIClear allows that the notifications of title transfers in the PVB of positions that reach the delivery can be carried out by the Central Counterparty Entity before Enagás-GTS. The current OMIP and OMIClear members can benefit from these new services of the natural gas market making use of their current membership status without any additional cost. The only additional requirements are the ones needed to carry out title transfers of natural gas in the Virtual Balancing Point.