Forward contracts for natural gas with central counterparty guarantee are ready for launch on the Romanian Commodities Exchange (RCE). RCE and KELER CCP have successfully completed the integration and testing of the IT system needed to trade these products so that the process of admitting participants to this market can be started.
In recent months, REC and the KELER CCP clearing solution provider have completed their IT specifications, implementation and testing of the new trading and clearing system, so they are currently ready for use by natural gas market participants. New clearing services through the central counterparty will provide Romania for the first time safety and efficiency for the participants, eliminating counterparty and market risk.
“It was a challenging project to develop our services on RCE’s natural gas forward contracts, but we are prepared and convinced that this will be a huge step for RCE and the Romanian market,” said Károly Mátrai, CEO of KELER CCP.
The launch of the new RCE natural gas market with the clearing solution offered by KELER CCP will stimulate the development of a competitive, transparent and reliable Romanian market operating on a non-discriminatory basis, which will stimulate the long-term commercialization of natural gas throughout the region.
“Our strategic goal is to make our market more attractive by creating a secure and standardized trading system, which is now much more accessible. The new system will allow RCE to create a modern, safe and environmentally friendly market environment in Europe” , said Gabriel Purice, Chairman and CEO of RCE.
Market participants have been involved since a very early stage of the project, especially in defining forward-product specifications. Following feedback received in workshops, participants are eager to start trading new products on the RCE platform.
Between September and October, the procedure for admitting participants to the new system will be finalized, so that transactions in forward gas contracts with central counterparty could begin in November.