New functionality for members trading on the Spanish gas market
Dear Madam or Sir,
We would like to inform you that the existing process of withholding and releasing credit payments towards customers for trades executed on the Spanish gas market will
change as follows:
- ECC will no longer create the currently used counter trades to net out a credit amount and release instructions to initiate the payout later (please see Circular 35/2020 for a more in-depth look into the current functionality)
- Instead, the payment status of the original instruction will be changed to “Withheld”, which excludes this trade and the resulting payment amount from the intended payment run
- After ECC receives a release message from Enagas for the withheld trade, the value date will be updated to d + 1 for the original instruction
- Cash settlement for the original instruction takes place on the following ECC business day
- The delivery of the traded amount is not impacted
Introduction of new Payment Withheld Reporting
- Instructions with payment status “Withheld” will no longer appear on the daily payment report
- Instead, a new EUR report type will be introduced, called “Payment Withheld”
- It will be available for subscription as follows
Detail report (xml) → naming syntax: C_ABCEX_PWD_DAILY_EUR_1600_YYYY-MM-DD.xml
Detail report (pdf) → naming syntax: C_ABCEX_PWD_DAILY_EUR_1600_YYYY-MM-DD.pdf\
- Time of dispatch: every ECC business day, between 17:00 and 18:00 CET (alongside the already established payment reporting)
- Example report can be found on our website: https://www.ecc.de/en/membersection/smss-reporting
- All current members of the Spanish gas market have been subscribed to the new report by ECC
The transfer from the old, collateral-based model to the new one will be executed as
follows:
01.10.2024
- We will not send any withhold trades for 02.10.2024
- Instead, withholds will be done via the new functionality of transferring the relevant trades to the status “Withheld”
- The first Payment Withheld Detail report will be sent out alongside the EUR and
- GBP Payment Reports after the payment run
- We will still send release trades via the old product group “COLLATERAL_ST_HLDNG_CASH_WHPNS_EUR_DMS” for delivery day 30.08.2024 and 31.08.2024
02.10.2024
- We will not send any withhold trades for 03.10.2024
- Instead, withholds will be done via the new functionality of transferring therelevant trades to the status “Withheld”
- The second Payment Withheld Detail report will be sent out alongside the EUR and GBP Payment Reports after the payment run
- We will still send release trades via the old product group “COLLATERAL_ST_HLDNG_CASH_WHPNS_EUR_DMS” for delivery day 01.09.2024 → this will be the last release via the old functionality (using the aforementioned product group)
03.10.2024
- Both withholds and releases will be executed with the new functionality
- No release trades via product group “COLLATERAL_ST_HLDNG_CASH_WHPNS_EUR_DMS” for delivery day 02.09.2024
The change will be effective from 01.10.2024. In case of any questions, please do not hesitate to contact Financial Settlement & Invoicing (financial-settlement@ecc.de or +49 341 24680 555)
Contact
European Commodity Clearing AG
Financial Settlement & Invoicing
Phone: +49 341 24680-555
E-mail: financial-settlement@ecc.de