A PLATFORM TO FOSTER LIQUIDITY IN THE GAS CAPACITY MARKET
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Transcript of A PLATFORM TO FOSTER LIQUIDITY IN THE GAS CAPACITY MARKET
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A PLATFORM TO FOSTER LIQUIDITY IN THE GAS CAPACITY MARKET
Thierry Deschuyteneer
Fluxys (as platform operator)
GRI NW – SG meetingStockholm, 26 November 2009
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capsquare today : 1 platform for 2 TSOs
Joint initiative : GRTgaz and Fluxys aimed at developing a capacity trading platform enabling
• Multi-TSO running
• Separate or bundled products trading
• B2B integration» Smoothly integrated with TSO systems
» Parallel gas and capacity trading
Launched in January 2009
Today situation : One single platform for two markets• Single platform operator
• Single membership agreement with platform operator
• Single tariff structure
• Similar durations offered
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Services offered
A tool compatible with the commodity market• Explicit definition of trading partners
• Anonymous pre-trade transaction process
A proven technology• Based on the well-known Trayport GlobalVision Technology
• Standard capsquare interface or integration in RORC trading software
• No need for buying Trayport software separately
Swift trading of short-term capacity• Focus on short term durations
• Short lead times supported by B2B integration features
Transparency on multilateral transactions• capsquare provides an (anonymous) overall view of multi-lateral
transactions
Trading time
• depending on product, down to day-ahead at 6 pm
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Products : Instruments and segments
Instruments (= IPs)• Can be defined by each participating TSO
for its market
• Possibility to define cross-border instruments
Segments (= Duration)• Can be defined by each participating TSO
for its market
• Currently focus on short term opportunities
» D+1, D+2, D+3, WE, WDNW, Month
» GRTgaz : also Year
» Not specifically related to the primary product duration
Bundled products are supported• Single transaction and single
confirmation to the trader by capsquare
• Individual underlying legs are covered by each TSO
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capsquare today : Trading activity
0
500
1000
1500
2000
2500
WE
WDNW
Month
Daily
GWh/d Capacity exchanged by segments
0
5
10
15
20
25
30
35
40
45
WE
WDNW
Month
Daily
Transactions by segments
Monthly trades concentrate93% of volumes
Transactions by segments:
• month 53%
• day 18%
• week-end 15%
• WDNW 14%
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Way forward
capsquare aims to meet market's needs
• multi-TSOs from several countries
• possibility to introduce bundled / combined products
capsquare is built on an industry standard IT platform
• can be adjusted to market's needs
capsquare is looking for market feedback
capsquare is willing to improve the platform to foster the secondary capacity market
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Thank you for your attention