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A PLATFORM TO FOSTER LIQUIDITY IN THE GAS CAPACITY MARKET

A PLATFORM TO FOSTER LIQUIDITY IN THE GAS CAPACITY MARKET. Thierry Deschuyteneer Fluxys (as platform operator). GRI NW – SG meeting Stockholm, 26 November 2009. cap square today : 1 platform for 2 TSOs.

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A PLATFORM TO FOSTER LIQUIDITY IN THE GAS CAPACITY MARKET

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  1. A PLATFORM TO FOSTER LIQUIDITY IN THE GAS CAPACITY MARKET Thierry Deschuyteneer Fluxys (as platform operator) GRI NW – SG meetingStockholm, 26 November 2009

  2. capsquare today : 1 platform for 2 TSOs Joint initiative : GRTgaz and Fluxys aimed at developing a capacity trading platform enabling Multi-TSO running Separate or bundled products trading B2B integration Smoothly integrated with TSO systems Parallel gas and capacity trading Launched in January 2009 Today situation : One single platform for two markets Single platform operator Single membership agreement with platform operator Single tariff structure Similar durations offered

  3. Services offered • A tool compatible with the commodity market • Explicit definition of trading partners • Anonymous pre-trade transaction process • A proven technology • Based on the well-known Trayport GlobalVision Technology • Standard capsquare interface or integration in RORC trading software • No need for buying Trayport software separately • Swift trading of short-term capacity • Focus on short term durations • Short lead times supported by B2B integration features • Transparency on multilateral transactions • capsquare provides an (anonymous) overall view of multi-lateral transactions • Trading time • depending on product, down to day-ahead at 6 pm

  4. Instruments (= IPs) Can be defined by each participating TSO for its market Possibility to define cross-border instruments Segments (= Duration) Can be defined by each participating TSO for its market Currently focus on short term opportunities D+1, D+2, D+3, WE, WDNW, Month GRTgaz : also Year Not specifically related to the primary product duration Bundled products are supported Single transaction and single confirmation to the trader by capsquare Individual underlying legs are covered by each TSO Products : Instruments and segments

  5. capsquare today :Trading activity Monthly trades concentrate93% of volumes • Transactions by segments: • month 53% • day 18% • week-end 15% • WDNW 14%

  6. Way forward • capsquare aims to meet market's needs • multi-TSOs from several countries • possibility to introduce bundled / combined products • capsquare is built on an industry standard IT platform • can be adjusted to market's needs capsquare is looking for market feedback capsquare is willing to improve the platform to foster the secondary capacity market

  7. Thank you for your attention 7

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