Trading Rules for the Commodities. Market of the Towarowa Giełda. Energii S.A. - PDF

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Trading Rules for the Commodities Market of the Towarowa Giełda Energii S.A. Consolidated text announced by the Management Board of TGE on 18 December 2015 in Resolution No 326/64/15, including the amendments

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Trading Rules for the Commodities Market of the Towarowa Giełda Energii S.A. Consolidated text announced by the Management Board of TGE on 18 December 2015 in Resolution No 326/64/15, including the amendments adopted by the Supervisory Board of TGE by virtue of Supervisory Resolution No 64/19/VI/15 of 2 December 2015, as approved by the decision of the Polish Financial Supervisory Authority No DRK/WIRK/5000/4/11/15/RR of 16 December 2015, effective as of 4th January NOTE: Only the Polish version of this document is legally binding. This translation is provided for information only. Every effort has been made to ensure the accuracy of this publication. However, the TGE does not assume any responsibility for any errors or omissions. Page 1 of 36 Chapter I. General provisions The present Rules set forth the principles of commodity trading on the Commodity Market operated by the Towarowa Giełda Energii S.A.. 2. The trade on the Commodity Market shall concern Commodities admitted to trading in accordance with the present Rules. 2 Wherever used in these Rules, the following expressions shall have the following meaning: 1) Exchange Member means an entity that has the status of an Exchange Member with respect to trade in commodities in accordance with these Rules; 2) Brokerage house means the entity referred to in Article 2(9) of the Act on Commodity Exchanges; 3) Gas means gaseous fuels as referred to in Article 3 item 3a) of the Energy Law Act; 4) Market or CM means the Commodity Market operated in accordance with these Rules by Towarowa Giełda Energii S.A. having its seat in Warsaw; 5) Exchange means the Towarowa Giełda Energii S.A. having its registered office in Warsaw; 6) TNCe means the Electricity Transmission Network Code prepared by PSE S.A. having its registered office in Konstancin-Jeziorna, in accordance with Article 9 g) of the Energy Law Act; 7) TNCg means the Gas Transmission Network Code prepared by Gas Transmission Operator GAZ-SYSTEM S.A. having its registered office in Warsaw, in accordance with Article 9 g) of the Energy Law Act; 8) Clearing House means the Warsaw Commodity Clearing House which operates a settlement and clearing house fulfilling the function of a clearing house in accordance with the Act on Trading in Financial Instruments (ustawa o obrocie instrumentami finansowymi); 9) Scheduling Unit means a basic object of the Balancing Market within the meaning of the TNCe; 10) Trading Unit means the minimum quantity of each Commodity that may be subject of an Order as established by the Exchange Management Board; 11) NDS means the National Depository for Securities having its registered office in Warsaw; 12) PFSA means the Polish Financial Supervision Authority, the body that exercises supervision over the regulated market in Poland; Page 2 of 41 13) Shipper Code means the code used for the identification of a Shipper; 14) Nomination means a nomination as defined in the TNCg. 15) Electricity Transmission System Operator or TSOe means PSE S.A. having its registered office in Konstancin - Jeziorna; 16) Gas Transmission System Operator or TSOg means Gas Transmission Operator GAZ-SYSTEM S.A. having its registered office in Warsaw; 17) President of the Energy Regulatory Office means the central governmental agency concerned with fuel and energy economy in Poland; 18) Energy Company means the entity referred to in Article 3(12) of the Energy Law Act; 19) DAM&IDM or Day-Ahead Market and Intraday Market means the electricity Day- Ahead Market and Intraday Market operated by the Exchange; 20) DAM&IDMg or Gas Day-Ahead Market and Intraday Market means the gas Day- Ahead Market and Intraday Market operated by the Exchange; 21) Rules means these Rules; 22) Register means the register of the certificates of origin and the property rights arising therefrom within the meaning of the Energy Law Act, and the register of energy efficiency certificates and the property rights arising therefrom within the meaning of the Energy Efficiency Act; 23) Union Register means the Union register referred to in Article 3(17) of the Act of 12 June 2015 on Emission Trading Scheme (Journal of Laws of 2015, Item 1223, as amended); 24) PRM means the Property Rights Market operated by the Exchange; 25) CFIM means the Commodity Forward Instruments Market with Physical Delivery operated by the Exchange; 26) EAM means the Emission Allowance Market operated by the Exchange; 27) Trading System means the electronic communications system, including all relevant hardware and software, and specifically the dedicated computer application that facilitates the trading on the Commodity Market; 28) Certificates of Origin means certificates of origin for electricity generated from renewable energy sources, CHP or biogas within the meaning of the Energy Law Act, and energy efficiency certificates within the meaning of the Energy Efficiency Act; 29) toe means a tonne of oil equivalent within the meaning of the Energy Efficiency Act; 30) Commodity means a commodity within the meaning of the Act on Commodity Exchanges; Page 3 of 41 31) Transaction means an agreement for sale of Commodities admitted to trading on the Commodity Market, concluded by an Exchange Member; 32) Emission Allowance means the right to release an air emission expressed as a carbon dioxide (CO 2) equivalent, within the meaning of Article 2(4) of the Act of 17 July 2009 on management system of greenhouse gas emissions (Journal of Laws of 2009, No. 103, Item 1070, as amended), which is used for the settlement of emission volumes within the system and can be transferred subject to the principles set forth in the Act of 12 June 2015 on the greenhouse gas emissions trading scheme (Journal of Laws of 2015, Item 1223); 33) Act on Commodity Exchanges means the Act of 26 October 2000 on commodity exchanges ( ustawa o giełdach towarowych ) (Journal of Law of 2014, Item 94, as amended); 34) Act on Trading in Financial Instruments means the act of 29 July 2005 on trading in financial instruments ( ustawa o obrocie instrumentami finansowymi ) (Journal of Law No of 2014, Item 94, as amended) ; 35) Energy Law Act means the Energy Law Act of 10 April 1997 ( Prawo energetyczne ) (Journal of Law of 2012, Item 1059, as amended); 36) Energy Efficiency Act means the Act of 15 April 2011 on energy efficiency ( ustawa o efektywności energetycznej ) (Journal of Law No 94/2011, item 551, as amended); 37) Order means a bid to buy or an offer to sell submitted by an Exchange Member; 38) Shipper means a Shipper as defined in the TNCg. Chapter II. Terms and procedure of admission of Commodities to trading. 3 The trade on the commodity exchange market operated by the Towarowa Giełda Energii S.A. shall concern Commodities admitted to trading on the Commodity Market The trade in Commodities of a given type shall take place on dedicated markets established by the Supervisory Board of the Exchange by way of an amendment of these Rules. 2. The admission of a specific Commodity to trading shall take place upon the entry into force of the amendment to the Rules as referred to in sub-paragraph 1 above, unless the Rules provide for an alternative admission procedure. 5 The trade in Commodities shall take place on the following dedicated markets making part of the Commodity Market: a) Day-Ahead Market and Intraday Market, Page 4 of 41 b) Gas Day-Ahead Market and Intraday Market, c) Commodity Forward Instruments Market with Physical Delivery, d) Property Rights Market, e) Emission Allowance Market. 6 As part of the Register, the Exchange keeps the registers of the Certificates of Origin, as well as the property rights arising from them, according to the principles set forth in the Energy Law Act, the Energy Efficiency Act and in the separate Register Rules established by the Towarowa Giełda Energii S.A.. Chapter III. Methods of determination of quality requirements and standards for Commodities and quality control. 7 The Exchange Management Board may establish, by way of a resolution, the quality requirements and standards applicable to Commodities admitted to trading on the Market and the methods of quality control, taking into account the relevant regulations concerning the application of quality standards in trade. Chapter IV. Principles for introducing Commodities to trade Commodities of a given type shall be introduced to trade on the CM by the Exchange Management Board, unless these Rules provide for another procedure for the introduction of a Commodity of a given type to trade on the CM. 2. The Exchange Management Board may decide to introduce a Commodity to trade on the CM on an auction basis. The introduction of a Commodity to trade on an auction basis shall be governed by the provisions of of these Rules. 3. In circumstances provided for under these Rules, the Exchange Management Board shall have the right to suspend, restrict or discontinue the trade in individual Commodities The Exchange Management Board shall establish the trading and execution time windows for individual types of Commodities, hereinafter the Quotation and Execution Calendar. Page 5 of 41 2. The resolution of the Exchange Management Board referred to in sub-paragraph 1 above, should be promulgated not later than 14 days before the date of the first quotation. 3. The Exchange Management Board, guided by trading safety considerations or the interest of trading participants, may introduce changes to the Quotation and Execution Calendar by way of a resolution. The resolution of the Exchange Management Board on the subject matter should be promulgated not later than 14 days before the date of the first change taking effect. Chapter V. Execution of a Transaction through physical delivery of the Commodity The Exchange organizes the trade in Commodities and, in this regard, enables the Exchange Members admitted to operate on the Commodity Market to enter into Transactions and ensures efficient and secure execution of such Transactions. In the cases and subject to the principles set out in these Rules, the Exchange shall settle the Transactions entered into in the course of the trading organised by the Exchange or entered into by Exchange Members outside of such trading. To the extent permitted by the applicable legal regulations, the Exchange may retain a third party to take care of the settlement or clearing of Transactions. 2. The Exchange shall not be responsible for a physical delivery or off-take of electricity or gas in the performance of the Transactions entered into on the Market. In particular, the Exchange shall not be responsible for any damage suffered as a result of a failure to deliver electricity or gas in the quantities resulting from the Transactions entered into on the Market or physical defects of Gas being the object of such Transactions. 3. The Exchange Member shall bear risk of restrictions on Gas of electricity deliveries contracted on the Market in connection with failures or congestion of the transmission system and shall not be entitled to claim any damages from the Exchange. 4. The Exchange shall not be liable to Exchange Members or third parties for any damage resulting from a non-performance or physical ill-performance of the delivery or offtake (in full or in part) of Gas or electricity contracted on the Market, what is the subject of transmission agreement between Exchange Members and TSOe or TSOg. 5. In cases when these Rules allow the notification of Transactions in electricity for physical execution to the Electricity Transmission System Operator, by the means of Scheduling Units of another Exchange Member, the Exchange Member that shares its Scheduling Units and the Exchange Member that uses such Scheduling Units shall be jointly and severally responsible for securing the necessary electricity transmission capacity and the performance of the Transactions entered into on the Market. 6. The Exchange shall be responsible for the delivery of a Property Right acquired on the PRM to the Account of the Exchange Member in the relevant Register. In the event that the settlement of Transactions is entrusted with a third party, such party shall be responsible for delivering the Property Right. Page 6 of 41 7. The Exchange Member shall be responsible for ensuring the settlement of Emission Allowances being the object of Transactions, through the appropriate register of Emission Allowances. The Exchange shall not be responsible for the registration of Emission Allowances in the relevant register of Emission Allowances on the appropriate Account of the Exchange Member that purchased such Emission Allowances on the EAM. 8. In cases when these Rules allow the notification of Transactions in Gas for physical execution to the Gas Transmission System Operator, by the means of a Shipper Code shared by another Exchange Member, the Exchange Member that shares its Shipper Code and the Exchange Member that uses such Shipper Code shall be jointly and severally responsible for the performance of the Transactions entered into on the Market. The Exchange Member sharing its Shipper Code shall be responsible for securing the necessary gas transmission capacity required for the execution of the Transactions entered into on the Market. Chapter VI. Notification of Transactions to the Electricity Transmission System Operator Transactions concerning electricity shall be notified to the Electricity Transmission System Operator for physical execution in accordance with the TNCe. 2. For the purposes of the notification of electricity purchase or sale Transactions for physical execution to the Electricity Transmission System Operator, the Exchange Member may use the following Scheduling Units: a) Scheduling Units obtained from the Electricity Transmission System Operator; or b) Scheduling Units shared by another Energy Company, in accordance with the principles set forth in these Rules. 3. For the purposes of the notification of electricity purchase or sale Transactions to the Electricity Transmission System Operator for physical execution, the Exchange Member may, subject to sub- paragraph 4 below, use Scheduling Units (hereinafter the Shared Scheduling Units ) shared by another Energy Company (hereinafter the Sharing Party ). 4. The use of Shared Scheduling Units by the Exchange Member shall require an approval of the Exchange Management Board granted on request of the interested Exchange Member. Together with the request, the applicant shall present a statement by the Sharing Party confirming the sharing of the Shared Scheduling Units with the applicant, in the form specified by the Exchange Management Board. When granting the approval for the use of the Shared Scheduling Units, the Exchange Management Board shall specify the date by when the Exchange Member may use such units. The provisions of 15 and 16 of these Rules shall apply, as appropriate, to the request for approval for the use of Shared Scheduling Units. 5. Upon becoming aware of any reason that prevents a given Exchange Member from using Shared Scheduling Units, the Exchange Management Board shall revoke its resolution approving the use of such Shared Scheduling Units. Page 7 of 41 Chapter VI a. Notification of Transactions to Gas Transmission System Operator. 11¹ 1. Transactions concerning Gas shall be notified to Gas Transmission System Operator for physical execution in accordance with the TNCg. 2. For the purposes of the notification of a Gas purchase or sale Transaction for physical execution to the Electricity Transmission System Operator, the Exchange Member may use the following Shipper Code: a) a Shipper Code obtained from the Gas Transmission System Operator; or b) a Shipper Code shared by another Shipper in accordance with the principles set forth in these Rules. 3. For the purposes of the notification of Gas purchase or sale Transactions to the Gas Transmission System Operator for physical execution, the Exchange Member may, subject to sub-paragraph 4 below, use a Shipper Code (hereinafter the Shared Shipper Code ) shared by another Shipper (hereinafter the Sharing Shipper ). 4. The use of Shared Shipper Code by the Exchange Member shall require an approval of the Exchange Management Board granted on request of the interested Exchange Member. Together with the request, the applicant shall present a statement by the Sharing Shipper confirming the sharing of the Shared Shipper Code with the applicant, in the form specified by the Exchange Management Board. When granting the approval for the use of the Shared Shipper Code, the Exchange Management Board shall specify the date by when the Exchange Member may use such code. The provisions of 15 and 16 of these Rules shall apply, as appropriate, to the request for approval for the use of a Shared Shipper Code. 5. Upon becoming aware of any reason that prevents a given Exchange Member from using a Shared Shipper Code, the Exchange Management Board shall revoke its resolution approving the use of such Shared Shipper Code. Chapter VII. Exchange Members. Section 1. Exchange Members The following entities may become Exchange Members: a) commodity brokerage houses, b) brokerage houses, c) Energy Companies and legal persons eligible to switch their supplier within the meaning of the Energy Law Act, provided that they conform to the conditions set forth in the Act on Commodity Exchanges, Page 8 of 41 d) foreign legal persons referred to in Article 50 paragraph 1 of the Act on Commodity Exchanges, e) commercial companies other than brokerage houses, engaged in the activity referred to in Article 38 paragraph 2 sub-paragraphs 2 and 4 in respect of the trade in the Commodities referred to in Article 2 paragraph 2 letter a) of the Act on Commodity Exchanges. 2. The entities, mentioned in sub-paragraph 1 letter c) above, may enter into Transactions in Commodities consisting in specific types of energy or gas, pollutant generation or emission allowances, property rights referred to in Article 2 par. 2 points d) and f) of the Commodity Exchanges Act, or property rights other than financial instruments, price of which is derived, directly or indirectly, based on the price or value of a specific type of energy, or gas, or the property rights referred to in Article 2 par. 2 points d) and f) of the Commodity Exchanges Act, exclusively on their own account, subject to the provisions of Chapters VI and VIa of these Rules Only entities that entered into a membership agreement with the Exchange and have been admitted to operation on the Market by the Exchange Management Board may be a party to Transactions entered into on the Commodity Market. 2. Only the entities referred to in 12 sub-paragraph 1 may be a party to Transactions entered into on the Commodity Market and concerning electricity or gas, provided that they obtain an appropriate licence from the President of the Energy Regulatory Office, if such licence is required under the Energy Law Act. 3. Only entities that have the capability of clearing Transactions in property rights to Certificates of Origin in the relevant Register may be a party to Transactions on the PRM concerning the delivery of property rights arising from Certificates of Origin. 4. Only entities that have the capability of settling Transactions in Emission Allowances in the relevant register of Emission Allowances may be a party to Transactions on the EAM. 5. The submission of the application referred to in sub-paragraph 7 below by the an entity interested in acquiring Market membership shall be deemed to be an offer to enter into a membership agreement. 6. The membership agreement shall be concluded upon the adoption of a resolution assigning the status of an Exchange Member by the Exchange Management Board. 7. The Exchange Management Board shall determine conditions to be met by the membership application, as well as documents and information to be delivered by the entity submitting the membership application. 8. In th
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