Lysaker, 2012-12-06 11:14 CET (GLOBE NEWSWIRE) --
N2EX would like to remind all members that it is changing to a seven day, day-ahead auction cycle from Friday 7th December, in preparation for the launch of North-Western Europe (NWE) Market Coupling.
This coming weekend will mark the transition to this new cycle, with single daily auctions being held on Friday, Saturday and Sunday – 7th, 8th and 9th December with gate closure at 09:30 UK time.
Auction results will be published at 09:40 UK time every day, 10 minutes after gate closure.
NWE Market Coupling is expected to launch during 2013, with N2EX joint operator Nord Pool Spot acting as GB Virtual Hub operator. It is a prerequisite of NWE Market Coupling that N2EX synchronise its auction with European standards. The move to a seven day auction cycle is the first step in this standardisation process.
The rulebook update has taken affect from the 5th December 2012.
How will this affect you?
Technical Impact:
This change does not require any technical upgrades to the N2EX Trading or Clearing systems.
Please note: This update included minor configuration and parameter changes but will not have any visible changes for members. This update will not affect the API and does not require a mandatory upgrade installation of the SAPRI Trade or Condico Clearing Station Clients.
Changes to Gate Closure:
In due course NWE Market Coupling will require a change of Gate Closure time at N2EX from 09:30 to 11:00 UK time. The N2EX Market Council anticipates that this change will be implemented shortly before the launch of NWE Coupling. The precise date of this change will be decided by the Council once a formal launch date for NWE Market Coupling has been announced.
For the time being therefore, Gate Closure will remain at 09:30 for all N2EX auctions.
Risk Management Impact:
This change will have an impact on the current risk management procedures, which will be extended to include weekends and non-London bank days.
Further details can be found in the previously communicated operational message: Updated Margining Solution Document Available
Changes to the N2EX Rulebook:
The N2EX Rulebook has beeen updated effective from the 5th December 2012.
The change to a Seven Day Auction Cycle at N2EX has required several amendments to be made to the rulebook. Your attention is particularly drawn to sections 5, 8.3 and 13 of the General Terms of the Clearing Rules and its Appendix 4 (the Clearing Schedule).
Please also note that we have included a new definition of the Auction Clearing Day including all calendar days. As a result the term ‘Clearing Day’ has been changed to Banking Day at several places in the Clearing Rules.
The documents that have been amended to reflect this new Seven Day Auction Cycle are the General Terms and Appendix 1, 2, 4 and 6 of the Clearing Rules and Appendix 2b and 4 of the Trading Rules.
The new and tracked change versions highlighting the amendments are available here: https://www.n2ex.com/physicalmarket/legalframework/
For further information, please contact:
N2EX Clearing Operations, phone +44 207 065 8140/+46 8 405 6880, physical.clearing@n2ex.com