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Legal Environment

MIBEL Legal Framework

The legal framework for the organisation of MIBEL and the Derivatives Market is based on the "Agreement between the Portuguese Republic and the Kingdom of Spain relative to the constitution of an Iberian Electrical Energy Market" ("MIBEL Agreement"), signed by the respective governments, on October 1st, 2004.


This Agreement establishes the general principles for the organisation and management of MIBEL and, in particular, the framework for the organisation of the spot market and the derivatives market.


Under the terms of the "MIBEL Agreement", despite its cross-border activity, the MIBEL Derivatives Market is a market directly subject to Portuguese law and jurisdiction, being, due to its financial nature, subject to the legislation applicable to this type of markets, predominantly:

  • Securities Code;
  • Securities Market Commission (CMVM - Comissão do Mercado de Valores Mobiliários) Regulations;
  • CMVM Instructions.


Notwithstanding the powers granted to the Portuguese Authorities, under the terms of the “MIBEL Agreement”, the regulation and supervision of the Derivatives Market is carried out in conjunction with the equivalent Spanish Authorities:

  • National Energy Commission (Comisión Nacional de los Mercados y la Competencia - CNMC);
  • National Securities Market Commission (Comisión Nacional del Mercado de Valores - CNMV).


To download the MIBEL International Agreement and Amendments, click here.

OMIClear Legal Framework

OMIClear was incorporated on April 6th, 2004. After a comprehensive approval process between governments of Portugal and Spain, the MIBEL derivatives market (managed by OMIP) and the respective Clearing House (OMIClear) was launched on July 3rd, 2006 being one of the first joint MIBEL initiatives going live. At the time, OMIP (the market operator of MIBEL derivatives market) was OMIClear’s unique shareholder.


The MIBEL International Agreement signed in October 2004 and its amendment signed in January 2009 established the future shareholding structure of OMIClear: equal participations by OMI – Polo Español, S.A. (OMIE) and OMIP – Pólo Português, S.G.M.R., S.A. (OMIP) as market operators of the spot market and the derivatives market, respectively, of OMI group. OMIClear’s shareholding structure is therefore established in an international public law.

In October 31st, 2014 OMIClear has been authorized under EMIR (European Market Infrastructure Regulation – Regulation 648/2012) to perform its activity as an ‘authorized CCP’ by CMVM (the Portuguese Securities Market Commission - the National Competent Authority under EMIR regulation).


After the formal approval to provide CCP (Central Counterparty) services in the European Union under EMIR OMIClear has been included into ESMA list of ‘Authorised CCPs’ (published in ESMA website).


Currently OMIClear is authorized to provide services to the following classes of financial instruments:

  • MIFID Financial Instruments;
    • Derivatives (financial instruments referred to in points 4 to 10 of Section C of Annex I of MiFID):
      • Commodities:
        1. RM - Derivative contracts relating to commodities the execution of which takes place on a regulated market as within the meaning of Article 4(1)(14) of MiFID;
        2. OTC - Derivative contracts relating to commodities which are OTC derivative contracts as within the meaning of Article 2(7) of Regulation 648/2012.