OMIClear clears futures forward and swap power contracts.
One of the key characteristics, which differentiate a futures contract from a forward contract, is the fact that, in the former, the gains and losses resulting from price fluctuation, during the trading phase, are settled on a daily basis while in the latter this only occurs during the contract delivery period and on a monthly basis.
These types of contracts can either be originated from trades made in OMIP or from bilateral transactions (OTC).
Various types of futures are traded on OMIP:
- Spanish and Portuguese electricity
- Baseload (24h) and Peakload (12h)
- With physical settlement and with cash settlement.
- With maturities of days, weekends, weeks, months, quarters and years.
OMIP also provides a registration platform for OTC transactions to be cleared on OMIClear, namely forward and swap trades:
- The former has physical delivery and settlement of VAT and for the latter, a purely financial settlement without VAT
- Both on Spanish electricity
- With the same maturities as futures contracts
The size of all of these contracts is 1 MW, with a 0.01 €/MWh tick.
For additional information, please download the files relative to the Products Specifications.