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Natural Gas Derivatives

On November 24th 2017 OMIClear, in coordination with OMIP – Pólo Português, S.G.M.R., S.A., launched the clearing and settlement service for Natural Gas Derivatives Contracts (MIFID financial instruments). With this service extension OMIClear intended to serve the existing demand for central clearing of natural gas future contracts with physical settlement at the Spanish virtual balancing point (PVB-ES).

Following an interconnection agreement with a new market - Mibgas Derivatives S.A. -, OMIClear launched on April 24th 2018 the clearing and settlement service on Natural Gas Derivatives Contracts to comprise the contracts traded in this marketplace. In particular, the physical natural gas futures contracts traded in this organized market are classified by ESMA as ‘Other - Derivatives that are not MIFID financial instruments’ since Mibgas Derivatives is not considered a regulated market, a MTF or an OTF under the scope of MIFID. The classes of financial instruments covered by OMIClear's CCP authorisation are published in ESMA website: https://www.esma.europa.eu/sites/default/files/library/ccps_authorised_under_emir.pdf

In this context the Service on Natural Gas Derivatives Contracts provided by OMIClear currently comprises the following:

The ‘PVB-ES NG Physical Futures’ registered through OMIP (via bilateral transactions) and traded/registered in Mibgas Derivatives have exactly the same underlying, settlement type and all the other contracts specifications.

To see the detailed specifications of these contracts please download the General Contractual Terms.

The type of cash settlements and margins applicable to these derivatives contracts across their lifecycle (during Registration Period and Delivery Period) are summarized in the following table:

For further details on the margin model, please see Risk Management > Margining.