IBEX EAD is working hard for the preparation of the new market segment launch – namely the Intraday market (IDM). It is expected that the implementation of this market segment with physical delivery be accomplished during the second half of February.
In this respect, IBEX undertakes restructuring of its Operational Rules, aiming at the incorporation of the IDM Rule Book into the set of IBEX rules. This process led to some other changes and amendments to the Settlement Rules, Market Conduct Rules, as well as other documents and templates that has been used for the Day Ahead market (DAM) segment so far.
For your convenience and in order to achieve better transparency, clarity and awareness, all the documents concerning the IDM and DAM segments has been integrated in a common structure that is illustrated below:
The amendments made to the existing set of rules and documents, besides the editorial changes, are as follows:1. Settlement Rules:
Despite of the editorial changes, a division of the document has been performed. The two separate parts are general part (concepts, definitions, norms and procedures) common for both the market segments and special parts, describing the operation and trading on each segment. In the general part, the following chapters – „General provisions“, „Membership“, „Suspension, Termination and Withdrawal from the power exchange for electricity“, „Trading“ (with the respective redirections to the special parts), „Fees and settlement“, „Market surveillance“, „Liabilities and force majeure“, „Information“ and „Ancillary provisions“ remains, while in the special parts the following chapters – „Trades“ and „Transaction conclusion“ are incorporated. In the Operational Rules DAM only editorial changes has been made, while the Operational Rules IDM are completely new.
2. Settlement Rules:
The following changes (besides the editorial ones) has been made in the Settlement Rules:
2.2. Art. 14 – Incorporation of the IDM;
2.3. Art. 25 – Incorporation of the IDM;
2.4. Art. 27 – Incorporation of the IDM;
2.5. Art. 31 – Incorporation of the IDM;
2.6. Art. 34-36 – Incorporation of the IDM;
2.7. Art. 49 has been cancelled due to the rephrasing of the art.48 and 49;
2.8. Art. 50 and 51 – new articles replacing art.51, 52, 53;
2.9. Art. 58 – Incorporation of the IDM;
2.10. Art. 64-66 – cancelled;
2.11. Art. 69-71 – cancelled, since they have already been incorporated in the Operational Rules DAM and IDM segments.
3. Market conduct rules:The following changes (besides the editorial ones) have been made in the Market conduct rules:
3.2. Merging and substantial changes to chapters “Disciplinary Actions” and “Procedures for investigation of breaches and imposing disciplinary actions, stemmed from the necessity of respecting paragraph 31 form the general provisions of the 1227/2011 Regulation, defining that the sanction imposture is a sole prerequisite of the national law. E.g. if there are no such provisions in the national legislation and in case IBEX is not defined as an entity that has the right to impose such sanctions, the existing texts in the Market conduct rules are completely inapplicable.
