Trading sessions and types of trading

Trading on the market is organised into trading sessions, with the possibility of trading in one or more products in each one of them.

Each session’s details are published in the Market Resolution:

There are currently two types of sessions:

  • Daily trading session (in which the daily, weekend, balance of month and month-ahead products are traded).
  • Intraday trading session (in which the withinday product is traded).

 

In turn, a trading session may involve two different types of trading: auctions and continuous market.

The Agents may post purchase and sales orders for a specific product. Once the Auction has closed, MIBGAS integrates all the purchase and sales orders received, plotting, respectively, the purchase and sales curves for that product. The crossing point on both curves provides the auction’s marginal price, which is applied to all the trades matched.

The orders are processed as they are posted on the trading platform. If a new order posted is competitive with pre-existing orders of the opposite sign in the Order Book, the order is matched with those orders and the Trade is firm; otherwise, it remains in the Order Book. If an order is conditional, the conditions specified for each one will be taken into account.

Auction trading

The Agents may post purchase and sales orders for a specific product. Once the Auction has closed, MIBGAS integrates all the purchase and sales orders received, plotting, respectively, the purchase and sales curves for that product. The crossing point on both curves provides the auction’s marginal price, which is applied to all the trades matched.

Continuous market trading

The orders are processed as they are posted on the trading platform. If a new order posted is competitive with pre-existing orders of the opposite sign in the Order Book, the order is matched with those orders and the Trade is firm; otherwise, it remains in the Order Book. If an order is conditional, the conditions specified for each one will be taken into account.

Each matching process gives rise to a firm Trade, which is saved, reported to the corresponding Technical Manager, settled and paid.