ATHEX Group, which owns and manages the Athens Stock Exchange, and the Romanian Commodities Exchange (BRM) have signed an agreement for the provision of post trading services to the Romanian Natural Gas Futures, which is traded on the BRM market.
The scope of the agreement comprises the support of ATHEX Group to BRM regarding BRM’s activity for the development of futures products on its Gas Day Ahead Spot Market Index, as well as the provision of clearing, settlement, and risk management of transactions on products by ATHEXClear, and under its capacity as an EMIR-authorized CCP under EU legislation.
The euro will be the currency for the settlement of transactions.
In a statement, ATHEX CEO Socrates Lazaridis said “…the effort to expand the cooperation in the wider region of Central and Eastern Europe and especially in the provision of post-trading services as an EMIR authorized CCP under EU legislation is realized via our cooperation with BRM. The use of the ATHEXClear license for Natural Gas and Electricity futures creates opportunities for enhanced cross-border trading in our region”.
On his part, BRM CEO Gabriel Purice stated that “BRM believes the introduction of the Futures product with financial settlement will contribute to the growth of Romania’s Gas Market attractiveness by offering new ways to connect with other European markets and that those instruments will be very useful to the market participants, especially under conditions of volatility”.
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