Independent Bulgarian Energy Exchange EAD (IBEX) announced the launching of Centralized Market through Bilateral Contracts (CMBC) starting with the “Auctions” screen. On 25 October 2016 starting from 12:00 /CET/ and 13:00 /CET/ IBEX will organize and hold the first and the second Auctions for sale of electricity on the new platform. IBEX is expecting that the other screens “Continuous trading” and “Hourly products” will begin operation in the first half of November 2016.
Additional information about the published auctions and the individual terms and conditions in the section Trading calendar is available on the website of IBEX: Trading calendar.
In order to participate in the published auctions every market participant is required to pay the participation fees and to provide the collateral for participation that would allow submitting orders
Regarding the data reporting obligation in accordance with Art. 8, paragraph 1 of Regulation (EU) No 1227/2011 of the European Parliament and of the Council on wholesale energy market integrity and transparency (REMIT), IBEX provided the following clarifications:
– According to the understanding of the Agency for Cooperation of Energy Regulators (ACER) and in line with the given definition of organized market place (OMP), all the transactions concluded through the “Auctions” screen” of IBEX are considered as not falling within the scope of transactions concluded on an organized market place (OMP). As a consequence of the above, IBEX has no obligation to offer market participants a “data reporting agreement” (Article 6, Implementing Act). Therefore, all the conducted trades would be reported as any other bilateral contract reported under Phase 2. IBEX as a counter party to the transactions will provide the necessary information required for REMIT reporting as for the market participants would be applied individual approach according to their reporting capabilities.
– According to ACER’s understanding and the given definition of OMP, all the transactions concluded through the “Continuous trading” and “Hourly products” screensare falling within the scope of transactions concluded on the OMP. Therefore, pursuant to Article 6(1) of the Implementing Acts and Article 8, (2) and (6) of REMIT, the organised market place where the wholesale energy product was executed or the order was placed is required, upon request, to provide Market Participants with a reporting agreement. In pursuance of the above obligation, IBEX will provide data reporting service for the trades conducted through “Continuous trading” screen and “Hourly products” screen pursuant to art. 8, paragraph 1 of REMIT and would propose a contract for all interested market participants before the start of the “Continuous trading” screen and “Hourly products” screen scheduled for the first half of November 2016.
Source: IBEX