OPCOM: PCGN About
PCGN-LN - Description
Nasdaq Web Trader - Trading Platform Presentation
- The trading is run online, from the workstations of the registered market participants.
- The identity of the market participants is anonymous during the trading session.
- Offers are standardized in terms of delivery point, namely VTP, daily load shape and delivery periods.
- It is mandatory to use the standard form of contract elaborated by OPCOM S.A., respectively the form of natural gas standard sell-buy contract elaborated by ANRE, applicable to the trades concluded as a follow of matching a sell order introduced in the trading platform to fulfill the bidding obligation on Romanian natural gas centralized markets.
- The market is open for participation to companies operating in the natural gas domain, holders of License issued by ANRE, or final clients that had subscribed and comply with the terms and conditions specified by Participation Agreement to the medium and long term standardized products markets for natural gas.
- After closing the auction session, OPCOM publishes: the traded volumes and the number of trades concluded, minimum trading price, maximum trading price, medium trading price, updated medium price, the variation of updated medium price as against the updated medium price of the previous day, closing price of the trading day, the variation of closing price of the trading day as against the closing price of the previous day, the number of market participants who have participated in the auction with at least one buying or selling offer.
- In addition, OPCOM publishes information on the quantity and price related to each transaction concluded as a result of the correlation of a sales order entered in the trading platform for the fulfillment of the bidding obligation.
Characteristics of the offers
Offers are standardized in terms of:
- Daily delivery profile – base load delivery in gas days* (offers for daily natural gas quantity for the delivery period).
* The hourly intervals by which the gas day is defined are in accordance with the definition in the Network Code for the National Gas Transmission System, in force
1 week, corresponding to the calendar week;
1 month, corresponding to the calendar month;
1 quarter, corresponding to the quarters of the calendar year;
1 semester, corresponding to the calendar semester;
1 season (cold season/ warm season), corresponding to the gas semester;
1 year, corresponding to the calendar year;
1 year, corresponding to the gas year.
Monday of each week, for the weekly delivery periods;
First day of each calendar month, for the monthly delivery periods;
1st of January, 1st of April, 1st of July, 1st of October for the quarterly delivery periods;
1st of January, 1st of July for the semester delivery periods;
1st of April, 1st of October for the season delivery periods (cold season/ warm season);
1st of January, for the yearly delivery periods, calendar year;
1st of October, for the yearly delivery periods, gas year.
The market participants enter buying and/or selling offers into the trading platform for either one of the standard instruments defined by OPCOM S.A. taking into consideration the characteristics of the offers, during the trading session.
Sequence of activities
- Enter/modify/delete buying and selling offers into the trading platform according to the trading program.
- Continuously and automatically matching the selling offers with buying offers as by introducing and/or modifying a new offer, the price compatibility condition is fulfilled, namely:
- buying offer price has to be greater or at least equal with selling offer price or
- selling offer price has to be lower or at most equal with buying offer price.
with respect to the correlation suspension interval (Δt) for the orders proposing the best price;
- Publishing the results on OPCOM SA website after closing the trading session.
- Transmission of the trading Confirmation in maximum 24 hours after trading session closure.
- Signing and submitting to OPCOM SA, within maximum 2 working days from the date of communication of the auction results, of the sell-buy Contract for natural gas, with strict compliance with the natural gas standard Contract elaborated by OPCOM SA/ natural gas standard sell-buy contract elaborated by ANRE.
- Assessment by OPCOM SA of the concluded contract for selling-buying of natural gas for compliance with the natural gas standard Contract elaborated by OPCOM SA / standard sell-buy contract elaborated by ANRE. In case of noncompliance, OPCOM SA will suspend and penalize the subject participants and will publish on OPCOM S.A. website their identity and the reason of suspension
- Transmission of the invoice for the trading tariff: within 3 working days at the beginning of the month following the month the trades were concluded.
- Payment of the invoice for the trading tariff: 5 working days.