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Trading on an exchange

Trading on an exchange. ADVANTAGES Fewer contractual relationships Lower credit risk Guarantee and margin needed only by one central counterparty Simplified invoicing and administration High degree of automisation , standardisation. Limiting the scope for OTC transactions.

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Trading on an exchange

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  1. Trading on an exchange ADVANTAGES • Fewer contractual relationships • Lower credit risk • Guarantee and margin needed only by one central counterparty • Simplified invoicing and administration • High degree of automisation, standardisation

  2. Limiting the scope for OTC transactions DISADVANTAGES • Risk of excessive fees • Inflexibility of gate closures • Lack of broker competition • Risk of complexity in rules

  3. Competition between trading platforms ENERGY TRADERS TRADING PLATFORMS TRANSACTIONS

  4. Enhancing liquidity National market with limited wholesale volumes POWER EXCHANGE A POWER EXCHANGE B POWER EXCHANGE POWER EXCHANGE C

  5. Market coupling POLPX EEX CEEPEX PXE PXE EXAA HUPX SouthPool

  6. Thanks for your attention European Federation of Energy TradersAmstelveenseweg 9981081 JS AmsterdamTel: +31 (0)20 5207970Email: secretariat@efet.org www.efet.org

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