MIBGAS exchange to offer live bids and offers from Wednesday

Robert Songer

15-Dec-2015

Live trading on new Spanish natural gas exchange MIBGAS will become possible from Wednesday 16 December, the company confirmed on Tuesday.

While the platform has been ready for several months, Wednesday will be the first time that it has been possible for traders to submit live bids and offers.

Traders were on Tuesday busy readying their systems for live trading, having been informed of the go-live date on 11 December.

“[MIBGAS] sent an official communication last Wednesday, and organised a meeting in Madrid on Friday,” one trader explained, adding that the amount of work required to meet the terms and conditions was challenging.

“It launches tomorrow so we are very busy,” another trader said.

Wednesday’s go-live follows an announcement by MIBGAS on Monday that the exchange’s REMIT reporting service was also now ready.

As reported last week, the long-delayed new Iberian organised gas market was finally launched officially on Thursday 10 December, almost two years after its initially scheduled launch of 1 January 2014.

The platform has been ready for several months, but could not be launched officially until the final piece of the jigsaw, the rules governing its operation were drawn up. This condition was met following the publication of the rules in Spanish state bulletin BOE on 9 December.

MIBGAS market agents will be able to trade gas for delivery in Spain for the following horizons: day +1, day +2, day +3 and month +1. From 1 October 2016 the transmission system operator will be required to use the exchange for balancing purposes, in line with balancing European network code rules. robert.songer@icis.com

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