BRM has partnered with the Hungarian clearing house Keler CCP for the implementation, starting with 2017, of the financial clearing and settlement services, of the players that trade on the gas stock exchange. BRM has a chance to become the only scholar actor who will provide such services on the market in Romania.
The clearing and settlement services will initially be available for the customers who trade on the centralized natural gas market operated by BRM.
‘The clearing services will be available both for customers who trade on the spot market, and for the future financial derivatives (futures) that BRM will launch next year,” said BRM officials.
Keler CCP is a central counterparty authorized under the EU Regulation 648/2012 (EMIR). Through this collaboration, Keler CCP will be the first EMIR clearing house in the region, which will provide services on a foreign market.
“Our goal is to align the Romanian natural gas market to the European standards to create an attractive market for current and future members involved in stock transactions. The launch of the clearing services is an important step in this direction because it will provide maximum safety for our participants and their transactions will minimize regarding the financial risk, “said Gabriel Purice, President General Manager of BRM.
At the question launched by energynomics.ro, Gabriel Purice referred to the main hurdle that BRM and Keler CCP will have to overcome: “We had discussions with several potential partners and I chose those that already operate with Keler in a market very similar to that of Romania and performed there the same steps that we have to perform as well. Secondly, we were impressed with their flexibility and readiness to understand the specifics of the market in Romania. […] the lack of a widely implemented SCADA system that allows the operation of the gas market type PZU or intra-day, which would result in smaller financial efforts from those who use clearing services. ”
Gabriel Purice gave assurances that the platforms, the tools and procedures used by BRM ensure full transparency on the market, whilst ensuring the safety of transactions.
In the future, BRM and Keler CCP intend to expand the partnership to include the energy market and futures type instruments.