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KELER CCP supports the further development of the Romanian gas market
* KELER CCP is introducing central clearing services for the first time in the history of the Romanian energy markets
Following a series of negotiations, Budapest-based KELER CCP and Bursa Romana de Marfuri (BRM) are taking a new step forward with ambitious market development plans, a statement sent to ACTMedia reads.
Cooperation with the clearing house brings Romania’s energy market to a major milestone, as clearing practices will be designed to match European standards. The collaboration brings about the first and only classic clearing service provided on the Romanian commodity market. The forthcoming innovation is aligned to the regional market development strategies of both BRM and KELER CCP.
The agreement signed by KELER CCP and BRM on 13 September enables the introduction of clearing services associated with energy market trading in Romania planned to be launched as of mid-2017 to the customers of BRM’s natural gas platform.
Clearing practices of the emerging region’s natural gas and energy market are increasingly aligned to European standards, and Romania could play a decisive role in the future in this changing environment. KELER CCP as a central counterparty licensed under Regulation no. 648/2012 (EU) (EMIR) is the leading clearing house in the region and has more than twodecades of experience in capital markets and six years in the energy related markets, which makes it open to the challenge of drafting the regional development needs to match the local requirements.
„According to local and regional stakeholders, Romania could gain a dominant position as a regional gas trading hub”, said Mr. Károly Mátrai, CEO of KELER CCP. „On the other hand, the challenges of competitiveness and the pan-European gas market integration imply duties of development for all the parties concerned. For us, the most interesting challenge is perhaps figuring out just exactly how to adapt to the Romanian market’s characteristics while bringing them in line with standards. BRM and KELER CCP’s common plans for market development coincide with the needs of the Romanian gas market stakeholders, a? ultimately, they would all like to be regionally accessible and dominant. Alignment to European standards is absolutely indispensable to achieve that” – added Mr. Mátrai.
As a new market player in the Romanian market, KELER CCP is determined to renew the financial guarantee system. One of its key benefits is that it puts risk management on a more secure basis, meaning reduced credit and market risks by complying with European requirements. Acting as a central counterparty (that is, a third party), KELER CCP will step into the transaction to secure the financial settlement by providing clearing on a daily basis and transparent procedures, creating a secure environment for all parties participating în trade.
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BRM is the market place of natural gas and other energy related products in Romania. The purpose of the Romanian Commodities Exchange is to provide practical solutions in a transparent, efficient and professional manner. BRM is an institution which is constantly growing, constantly adapting to new technologies, and introducing new products to meet the demands of commercial and financial risk management.
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KELER CCP is the central clearing house for capital and natural gas markets in Hungary. În its capacity as the central counterparty KELER CCP assumes clearing as well as financial and physical settlement of transactions concluded on the capital markets: Budapest Stock Exchange, BÉTa Market and MTS Hungary, and on the natural gas markets: Trading Platform and CEEGEX Central Eastern European Gas Exchange. Further to its central clearing services, as a unique service provider in Europe, KELER CCP provides general clearing membership services for its clients on several energy markets including: HUPX Hungarian Power Exchange, EEX, EPEX Spot, APX UK/NL, Belpex, SEEPEX, PXE, Powernext/PEGAS and CEGH Central European Gas Hub. KELER CCP is a central counterparty under Regulation no. 648/2012 (EU) (EMIR)