Amended Regulation of Trading on the Natural Gas Exchange Has Been Approved
On 15 November 2019 Nacional Energy Regulatory Council (NERC) approved on the new editorial of UAB GET Baltic Regulation of Trading on the Natural Gas Exchange (Regulation) which will enter into force from 1 January 2020. The Regulation sets of trading rules establishing fundamental requirements to the natural gas market players who want to carry out trade in natural gas at the Exchange.
GET Baltic has introduced the amendments to the Regulation in the light of the planned opening of Finnish market area and the creation of common virtual Latvian-Estonian trading point, as well as the goal to increase the accessibility of gas exchange services by enabling gas exchange participants to trade continuously on the market of daily transactions. Other editorial changes to the Regulation have also been made.
On 21 November 2019 after GET Baltic management board have confirmed new editorial of the Regulation, The Company starts commencing signing of The Natural Gas Exchange Participants Contracts with entities who have applied for granting of the status of the participant in order to trade on the Finnish market area.
Entities willing to become participants of the exchange must:
- Submit a request to grant the status of the participant;
- Submit an extract of the entity’s main data issued by the Register of Legal Entities;
- Submit the copy of contract with natural gas transmission system operator;
- Submit the form for selection of the tariff plan.
Once an application to grant the status of the Participant of the Natural Gas Exchange is received, GET Baltic will evaluate the information submitted and will adopt a reasoned decision on granting the Participant‘s status. After adoption of a positive decision, the applicant will enter into the Natural Gas Exchange Participant‘s contract and, in order to comply with REMIT regulation, the contract on standard contracts data submission to the ACER Agency. After signing of the agreements login credentials to the electronic trading system (ETS) shall be granted.
GET Baltic specialists are ready to guide you through the process and assist with preparation of necessary documents.
You can get acquainted with the new version of the Regulation of Trading on the Natural gas Exchange here: Regulation of Trading on the Natural Gas Exchange (applicable from 1st January 2020)
Head of Trading and Product Development
Tel. +370 636 64354