Auctions on request

Auctions on request

On request auctions offer flexibility to MIBGAS Derivatives agents when scheduling their purchases or sales by having the possibility of requesting (initiating agent) the holding of one or several auctions (in which all MIBGAS Derivatives agents may participate) of any future physical non-financial natural gas or liquefied natural gas (LNG) product on the MIBGAS platform. In the case of LNG, this service is very useful since transfers of ownership of liquefied natural gas, due to its physical characteristics, can involve significant volumes of energy.

The auctions are governed by the MD Auctions Segment Rules and agents must join in order to participate.

The result of the auctions can be settled, as required by the initiating agent, in two ways: (1) through the central counterparty clearing house OMIClear, which acts as the central counterparty and carries out the settlement of the trades (clearing) between buyers and sellers; or (2) by legally materializing the auction result through bilateral contracts, without the intermediation of the central counterparty clearing house. This requires the prior signing of aMaster Services Agreement (MSA) between the parties.

With this new service, the Iberian market operator provides one more tool to the users of the gas system so that they can, on a voluntary basis, choose the option that best suits their needs for the purchase or sale of natural gas or liquefied natural gas.

More information:

subastas@mibgas.es

Auction specification on request.

Who can be an initiating agent in an on request auction?

MIBGAS Derivatives requires that the agent be registered in MIBGAS Derivatives in order to be an initiated agent of an on-request auction.
The process to register in MIBGAS Derivatives is very simple and, as in MIBGAS, agents may participate in the market directly or through a representative.

Registratration in MIBGAS Derivatives