MIBGAS Derivatives and OMIClear launch the service for OTC registration os gas futures contracts (press release).


MIBGAS Derivatives and OMIClear, within the terms of their cooperation agreement for the gas futures market, will start today, January 9th, the registration, clearing and settlement service for bilateral trades (OTC) in the entire natural gas futures curve with delivery in the Spanish Virtual Balance Point (PVB).
The OTC trades may be registered thought brokers or directly between market participants, and their clearing and settlement will be made by OMIClear. These trades, like those traded through the exchange, will be considered as non-financial products with physical delivery, therefore they will be out of the scope of MiFID II regulation.

MIBGAS Derivatives and OMIClear expand their services and gas futures products, which will allow a further development of the natural gas market in the Iberian Peninsula, and will enforce its leading position in the Iberian Peninsula natural gas sector.

MIBGAS Derivatives is the platform of MIBGAS S.A. operating as Organised Market or Exchange for non-regulated gas futures with title transfer and delivery in the Virtual Balance Point (PVB), with a time horizon beyond month ahead, as well as LNG products in regasification plant tanks and natural gas in underground storage.

The products traded in MIBGAS Derivatives complement the listed regulated spot and prompt products traded in MIBGAS whit delivery in PVB.

OMIClear is a Clearing House (CCP) authorised under the European EMIR regulation offering clearing and settlement services for electric and natural gas derivatives. The clearing services for natural has contracts (financial and non-financial) obtained the regulatory authorization at European level in 2017. OMIClear performs the physical delivery notifications in PVB to the Transmission System Operator (ENAGAS GTS). OMIClear started its activity in July 2006 and its shareholding is constituted 50% by OMIE and 50% by OMIP SGMR.