USER PROCEDURE. Purpose of the User Procedure. User Procedure

Transcription

1 USER PROCEDURE Purpse f the The is a Market Prcedure, Appendix t the (Indirect) Participatin Agreement that cntains a detailed descriptin f the trading activities n the Belpex Spt Market and any relevant infrmatin in that respect. The cntains furthermre the steps necessary t register Authrized Users, t pen Psitin Accunts, t cmmunicate and amend (Indirect) Participant s cntact infrmatin and t have Read-Only Access as Indirect Participant. Fr any questins related t the, please cntact the Custmer Service Desk (hereafter CSD ) mentined in Annex 1 t this. 1/30 January 21 st, 2014

2 Table f Cntents 0. Definitins Cntact infrmatin Cntact infrmatin f Belpex Cntact infrmatin f (Indirect) Participant Access t the Belpex Spt Market Trading Platfrm The Belpex Spt Market Trading Platfrm The EurLight system High level descriptin f the EurLight features Dwnlading the EurLight Trader Client Recmmended system prperties fr Authrized User s wrkstatin and netwrk Questins related t the EurLight system Read-Only Access fr Indirect Participants The functinal rganisatin f the Belpex Spt Market Trading Platfrm General Authrized User Authrized User permissins Appintment f an Authrized User Digipass security system Psitin Accunt Settlement Accunt Delivery Accunt Organizatin f trading and supprt Trading Phases and availability f the Trading Platfrm Supprt in relatin t trading General supprt Supprt in case f a Manifest Errr Orders Types f Orders and executin cnditins Submissin f Orders Receptin and validatin f Orders Lcal validatin User Preference warnings Central validatin Unsuccessful validatin Authrized User ntificatin n Orders Mdificatin and withdrawal f Orders by the Authrized User Order Bk details Fixing Prcess Trade administratin Clearing structure Overview Settlement and Cllateral infrmatin n the Trading Platfrm Invicing Back-Office website Fulfilment f electricity cntracts /30 January 21 st, 2014

3 Annexes ANNEX 1 t the Belpex Cntact Infrmatin Frm ANNEX 2 t the Participant Cntact Infrmatin Frm ANNEX 3 t the EurLight Trader User Manual, Digipass User Manual and Back-Office website User Manual ANNEX 4 t the Authrized User Frm ANNEX 5 t the Psitin Accunt Frm ANNEX 6 t the Manifest Errr Prcedure 3/30 January 21 st, 2014

4 0. Definitins Capitalized terms and expressins used in the, including its annexes, and nt defined hereinafter, shall have the respective meanings given t them in the Market Rules as amended frm time t time and published in the Official Belgian Gazette, and in the Market Prcedures as amended frm time t time and published n the Belpex website. Annex: Applicatin Frm Admissin and Access Belpex Spt Market: Authrized User Frm: Any dcument attached t the Market Prcedures r t the (Indirect) Participatin Agreement; Annex 1 t the Admissin and Access Prcedure; Annex 4 t this ; Autmatic Order Submissin Tl: The sftware prgram that supprts submitting Orders t the Trading Platfrm via xml files; Back-Office Website: The website referred t in Article 9.4.; Back-Office Website User Manual: Belpex Cntact Infrmatin Frm: Business Day: Delivery Accunt: Elbas Server: The manual detailing the functining f Back-Office Website available via Annex 1 t this ; Any day f the week except Saturday, Sunday r a day qualified as a banking hliday in Belgium; The accunt referred t in Article 4.5 f this ; The server n the Belpex site enabling the access t the Belpex Trading Platfrm fr trading in Elbas; Elbas Trader Client: The sftware prgram that supprts functins relevant t trading; Elbas User Manual: EurLight Server: The manual detailing the functining f Elbas Trader Client and the use f the Digipass t access Elbas available via The server n the Belpex site enabling the access t the Belpex Trading Platfrm fr trading in EurLight ; EurLight Trader Client: The sftware prgram that supprts functins relevant t trading and that must be installed at an Authrized User 4/30 January 21 st, 2014

5 wrkstatin in rder t Access the Trading Platfrm; EurLight Trader Client User Manual: EurLight Digipass User Manual: The manual detailing the functining f Eurlight Trader Client available via The manual detailing the functining f the EurLight Digipass security system and available via Participant Cntact Infrmatin: The cntact infrmatin f (Indirect) Participant as listed in the Participant Cntact Infrmatin Frm; Participant Cntact Infrmatin Frm: Psitin Accunt Frm: Settlement Accunt: Annex 2 t this ; Annex 5 t this ; The accunt referred t in Article 4.4 f this. 5/30 January 21 st, 2014

6 1. Cntact infrmatin 1.1 Cntact infrmatin f Belpex All cntact infrmatin related t Belpex is set ut in the Belpex Cntact Infrmatin Frm. The cntact infrmatin related t Belpex is als published n the Belpex Website. Any change t this infrmatin will be cmmunicated t (Indirect) Participants by means f a Cmmunicatin. 1.2 Cntact infrmatin f (Indirect) Participant In additin t the (Indirect) Participant Cntact Data cmmunicated t Belpex via the Applicatin Frm Admissin and Access Belpex Spt Market, with a view t identifying the (Indirect) Participant, Belpex must receive frm each (Indirect) Participant its Participant Cntact Infrmatin. Participant Cntact Infrmatin is prvided t Belpex by means f the Participant Cntact Infrmatin Frm. With regard t Applicants, r Persns applying t be admitted as Indirect Participant as the case may be, the Participant Cntact Infrmatin Frm must, in accrdance with the Admissin and Access Prcedure, be added t the applicatin file and this frm will frm part f the Participatin Agreement r the Indirect Participatin Agreement, where applicable. T infrm Belpex f any amendment t the (Indirect) Participant Cntact Data r Participant Cntact Infrmatin, (Indirect) Participant must als use the Participant Cntact Infrmatin Frm. This frm must be faxed t the Custmer Service Desk (CSD) at least 5 Days befre the mdificatin enters int effect. CSD cntact inf is available in Annex 1 t the. 6/30 January 21 st, 2014

7 2. Access t the Belpex Spt Market Trading Platfrm The Access t the Trading Platfrm is reserved t Participants. Indirect Participants can nly trade electricity thrugh their Brker appinted pursuant t the Indirect Participatin Agreement. Indirect Participants can nly appint a new Brker by entering int a new Indirect Participatin Agreement with Belpex and such new Brker. The Indirect Participant will have a Read-Only Access t the Trading Platfrm, t be able t read all relevant infrmatin in respect f the Orders submitted fr its accunt by its Brker and the Cntracts cncluded by it. 7/30 January 21 st, 2014

8 The Glbal Internet 3. The Belpex Spt Market Trading Platfrm The Trading Platfrm has a hybrid structure as it is fully based n the EurLight system, frm frnt-end t back-end, fr the peratin f the Belpex DAM and it is using the Elbas technlgy fr trading n the Belpex CIM. Fr the peratin f the Belpex CIM, the frnt-end applicatin f the Participant (hereafter referred t as Trader Client sftware) and the matching engine are using Elbas instead f EurLight. Nnetheless, the (Indirect) Participant will find all the relevant infrmatin regarding its Psitin Accunt(s), Delivery Accunt(s) and back-ffice in EurLight. 3.1 Overview f the use f the Trading Platfrm As mentined abve, the Trading Platfrm has a frnt-end t back-end structure. Depending n the Market Segment, an Authrized User will use the EurLight frnt-end applicatin (Belpex DAM) r the Elbas frnt-end applicatin (Belpex CIM). The frnt-end applicatin f the Participant is cnnected t the back-end systems f Belpex. The Trading Platfrm system has, amngst thers, the fllwing characteristics: Fully electrnic transmissin and prcessing f all data, where all traffic is encrypted; Real-time updates; Highest availability even during peak times; High prcessing capacity, als in case f high vlumes and cncentrated activity; Security standards cmpliant with the latest state f the art technlgy; Direct access independent f the lcatin f the Participants via the Internet. The scheme belw prvides a high-level verview f the Belpex Trading Platfrm. PARTICIPANT SITE BELPEX SITE D BELPEX Back-Office Website Database C EurLight /Elbas EurLight Trader Client Trader Client EurLight /Elbas EurLight Server Server A Internet Access Ruter/Mdem Firewall Internet Access Ruter(s) Firewall(s) B 8/30 January 21 st, 2014

9 Explanatin t the scheme abve: In rder t gain access t the Belpex Trading Platfrm, Authrized Users need t dwnlad and install the EurLight Trader Client r run the web-based Elbas Trader Client. The Trader Client (A) is used t cnnect thrugh the Internet t the crrespnding Server at the Belpex site (B). During the lgin prcedure data is exchanged t verify the Authrized User s identity, permissins and restrictins. Furthermre, a secured and encrypted cnnectin is set up between the Trader Client (A) and the Server (B). There is n direct cnnectin between the Trader Client and the Database (C); all cmmunicatins (queries, entries, updates) are managed by the Server, whereas the Server cntinuusly perfrms the apprpriate validatins and verificatins. Once the lgin prcedure has successfully been cmpleted, the Authrized User may (subject t permissins and restrictins) view, enter, mdify r withdraw its Orders and read all relevant infrmatin in that respect. The Trader Clients are the main tls in supprt f day-t-day trading activities and the EurLight Trader Client allws access t histrical infrmatin frm the last three days. In supprt f Participants mid- and back-ffices, Belpex prvides a secured Back- Office Website (D), allwing Authrized Users t access all infrmatin cncerning their Orders, Cntracts, and invices fr the last tw years (accessible by using a lgin and a passwrd). Infrmatin queried thrugh the Belpex Back-Office Website may be saved in the frm f a *.csv file. An Authrized User may als chse t simply cpy/paste a selectin. 3.2.a High level descriptin f the EurLight features The EurLight system prvides Authrized Users with a graphical user interface fr the purpse f trading, as well as fr real-time reprting. The mst essential functins are: User-defined cnfiguratin f the graphical user interface in supprt f multiple user-defined views fr mst windws. User settings are stred in the central database s that an Authrized User will always have its wn views available regardless the wrkstatin he is cnnecting frm; Display f the market infrmatin, in accrdance with the Market Rules; Varius pssibilities in respect f Order management and navigatin; Administratin f Orders; Administratin f Cntracts; Full audit trail; Exprting windw cntents t Excel; Cpy and paste Order details frm Excel; Imprt Order details in xml frmat via the Autmatic Order Submissin Tl. Please refer t the EurLight Trader Client User Manual fr full detail f the EurLight features. Any reference t the ntin buy (r purchase r B ) in the EurLight system refers t an Off-take Order and any reference t the ntin sell (r sale r S ) in the EurLight system refers t a Delivery Order. 9/30 January 21 st, 2014

10 3.2.b High level descriptin f the Elbas features The Elbas system prvides Authrized Users with a graphical user interface fr the purpse f trading, as well as fr real-time reprting. The mst essential functins are: User-defined cnfiguratin f the graphical user interface in supprt f multiple user-defined views fr mst windws. User settings can be stred s that an Authrized User will always have its wn views available regardless the wrkstatin he is cnnecting frm; Display f the market infrmatin, in accrdance with the Market Rules; Varius pssibilities in respect f Order management and navigatin; Administratin f Orders; Administratin f Cntracts; Exprting windw cntents t Excel and PDF; Cpy and paste Order details frm Excel. Please refer t the Elbas User Manual fr full detail f the Elbas features. Any reference t the ntin bid (r purchase, buy r B ) in the Elbas system refers t an Off-take Order and any reference t the ntin ask (r sell, sale r A ) in the Elbas system refers t a Delivery Order. 3.3.a Dwnlading the EurLight Trader Client The EurLight Trader Client, is t be dwnladed frm the Belpex website. T dwnlad the sftware, an Authrized User must have a lgin and passwrd, which will be prvided by the CSD. Authrized Users shall dwnlad and use the latest versin f the EurLight Trader Client. 3.3.b Access t the Elbas Trader Client The latest versin f the Elbas Trader Client can be accessed directly via the Internet. A link is available n the Belpex website. 3.4 Recmmended system prperties fr Authrized User s wrkstatin and netwrk Participant must, prir t the installatin r use f the sftware, ensure that the wrkstatin and netwrk that will be used by the Authrized User(s) cmply with minimum system requirements which can be fund in the EurLight Trader User Manual. 3.5 Questins related t the EurLight r Elbas systems Questins related t the EurLight r t the Elbas systems, are t be addressed t the CSD. 10/30 January 21 st, 2014

11 3.6. Read-Only Access fr Indirect Participants The Indirect Participant will have a Read-Only Access t the Trading Platfrm, t be able t read all relevant infrmatin in respect f the Orders submitted fr its accunt by its Brker and the Cntracts cncluded by it. Fr the Read-Only Access the Indirect Participant will use and have access t Trader Client and Articles 3.1 t 3.5 f the apply mutatis mutandis, it being understd that the Indirect Participant will nly have a permissin t read. 11/30 January 21 st, 2014

12 4. The functinal rganisatin f the Belpex Spt Market Trading Platfrm 4.1 General With regard t the functinal rganizatin f the Trading Platfrm, a distinctin is made between, n the ne hand, the Participants and Authrized Users, and n the ther hand Psitin Accunts, Settlement Accunts, and Delivery Accunts. The fllwing schemes shws (a) the links between the Participant, the Authrized Users, the Psitin Accunts, the Settlement Accunts and the Delivery Accunts in the event Participant acts fr its wn accunt, and (b) the links between the Participant, the Indirect Participant, the Authrized Users, the Psitin Accunts, the Settlement Accunts and the Delivery Accunts in the event Participant acts as Brker. Scheme A: Participant acts fr its wn accunt Legal entity Permissins Restrictins If i applicable B C AUTHORIZED USER(S) PARTICIPANT MARKET MARKET SEGMENT SEGMENT Backffice POSITION A ACCOUNT(S) BELPEX DELIVERY Website ACCOUNT Orders Cntracts Net deliverable psitin SETTLEMENT SETTLEMENT ACCOUNT ACCOUNT Financial bligatins Cllateral requirement Cllateral TM ARP Nminatins Scheme B: Indirect Participant acting thrugh Participant-Brker Legal entity Permissins Restrictins If i applicable B C AUTHORIZED USER(S) Read-nly Access PARTICIPANT MARKET MARKET SEGMENT SEGMENT Backffice POSITION A ACCOUNT(S) BELPEX DELIVERY Website ACCOUNT Orders Cntracts Net deliverable psitin Read-nly Access SETTLEMENT SETTLEMENT ACCOUNT ACCOUNT Financial bligatins Cllateral requirement Cllateral TM ARP Nminatins 12/30 January 21 st, 2014

13 4.2 Authrized User Authrized User permissins Upn Access t the Trading Platfrm, a Participant has the right t appint ne Authrized User. Subject t the payment f a Fee in accrdance with the Fee, Invicing and VAT Prcedure, a Participant may appint additinal Authrized Users. The Access f an Authrized User t the Trading Platfrm is subject t the permissins and restrictins assigned by the Participant t this Authrized User. These permissins and restrictins are set ut in the appintment f the Authrized User and may be changed ver time. The different permissins and restrictins that may be granted t an Authrized User are explained in the table hereunder and depend f the Market Segment. Permissins and restrictins are always granted t an Authrized User per specific Psitin Accunt, meaning that, an Authrized User may be granted different permissins and restrictins fr each f the Psitins Accunts, assigned t this Authrized User. On Belpex DAM: Permissin Read Write Management Restrictin Max. Off-take vlume Max. Delivery vlume Explanatin Allws the Authrized User t read all infrmatin in respect f the identified Psitin Accunt f the Participant, regardless f wh entered the infrmatin. Allws the Authrized User t enter, mdify and withdraw Orders fr the identified Psitin Accunt f the Participant and t read all assciated infrmatin f this identified Psitin Accunt. Allws the Authrized User t read all infrmatin fr the identified Psitin Accunt f the Participant. Als, it allws the Authrized User t enter, mdify, withdraw, retrieve and verwrite Orders f ther Authrized Users fr the same Psitin Accunt. Explanatin In respect f a Psitin Accunt, maximum Off-take Order vlume that an Authrized User may enter. In case the Participant des nt define this limit, Belpex will apply a default cap f 2000 MW. In respect f a Psitin Accunt, maximum Delivery Order vlume that an Authrized User may enter. In case the Participant des nt define this limit, Belpex will apply a default cap f 2000 MW. On Belpex CIM: Permissin Read Explanatin Allws the Authrized User t read all infrmatin in respect f the identified Psitin Accunt f the Participant, regardless f wh entered the infrmatin. 13/30 January 21 st, 2014

14 Write Back-Office Only Allws the Authrized User t enter, mdify and withdraw Orders fr the identified Psitin Accunt f the Participant and t read all assciated infrmatin f this identified Psitin Accunt. Allws the Authrised User t read all infrmatin available in EurLight in respect f the identified Psitin Accunt f the Participant, regardless f wh entered the infrmatin Appintment f an Authrized User The appintment f an Authrized User and the determinatin f its permissins and restrictins as well as the cnfirmatin by the Participant/Applicant that the wrkstatin and netwrk that will be used by the Authrized User meet the minimum system requirements as defined under chapter 2 f this, shall be dne by means f the Authrized User Frm. The Authrized User Frm must als be used in case Participant authrizes the Authrized User t submit Orders fr an Indirect Participant's accunt and risk, appints an additinal Authrized User, terminates the Access f an Authrized User r wishes t change the permissins r cntact details f an appinted Authrized User. In case f a simultaneus appintment f several Authrized Users, terminatin f Access f several Authrized Users r mdificatin f the permissins, restrictins r cntact details f several Authrized Users, different Authrized User Frms must be used (ne per Authrized User). Applicant must, in accrdance with the Admissin and Access Prcedure, jin the duly cmpleted Authrized User Frm(s) t the applicatin file (as Annex 3 t the Participatin Agreement). Participant must fax the duly cmpleted and signed Authrized User Frm(s) t the CSD and this at least: 7 Days befre the request must enter int effect if it cncerns the authrizatin f an Authrized User t submit Orders fr an Indirect Participant's accunt and risk, r the appintment f a new Authrized User; 3 Days befre the request must enter int effect in all ther cases. The Authrized User Frms shall frm part f the Participatin Agreement. In accrdance with the Market Rules, Belpex will cnfirm in writing the request fr terminatin f Access f an Authrized User and/r the granting f Access t a new Authrized User. By appinting an Authrized User the Participant warrants that the persn(s) appinted as Authrized User(s) has and will maintain the prfessinal qualificatin and necessary persnal reliability fr trading n the Belpex Spt Market. Furthermre, the Participant warrants that he has n knwledge f any circumstance affecting r pssibly affecting the persnal cmpetence r the prfessinal qualificatin f an appinted Authrized User. In case such circumstances ccur r becme knwn after the appintment, the Participant will infrm Belpex withut delay. 14/30 January 21 st, 2014

15 4.2.3 Digipass security system After having received the duly cmpleted and signed Authrized User Frm(s), Belpex will grant the Authrized User Access t the Trading Platfrm as sn as pssible and in any event within seven (7) Days after the cnclusin f the Participatin Agreement. Fr the purpse f such Access, the CSD will prvide Authrized User with all the necessary material t access the Trader Client(s) (see chapter 2) and will deliver a Digipass security system. A Digipass is required t Access the Trading Platfrm and is used by Belpex t enfrce the authrizatins f an Authrized User. Nte that EurLight and Elbas have separate Digipass systems. The full detail f the Digipass security systems is set ut in the EurLight Digipass User Manual and in the Elbas User Manual. Questins related t the Digipass security system are t be addressed t the CSD. 4.3 Psitin Accunt Psitin Accunt(s) is (are) held n the Trading Platfrm fr a Participant fr the purpse f administratin f its Orders and Cntracts and, where applicable, fr the administratin f the Orders and Cntracts f an Indirect Participant fr whm this Participant acts as Brker pursuant t the Indirect Participatin Agreement. If tw Authrized Users are related t the same Psitin Accunt and subject t the necessary permissins, Orders entered by ne Authrized User may affect the entering f Orders by the ther Authrized User. (Fr instance ne Authrized User may verwrite the Orders entered by anther Authrized User; the Orders entered by bth Authrized Users need t be cvered by Cllateral f the (Indirect) Participant). Subject t the permissins granted t an Authrized User, ne Authrized User may change an Order riginally entered by anther Authrized User ( management permissin ). T this end, the last entries, mdificatins r withdrawals that were recrded are deemed valid. This is regardless f which Authrized User entered, mdified r withdrew the Orders. The Belpex Trading Platfrm will keep track f all entries, mdificatins r withdrawals f Orders in cnnectin t the relevant Authrized User(s). Fr the avidance f dubt, Participants may chse t request Belpex t maintain multiple Psitin Accunts and t restrict access by Authrized Users t these Psitin Accunts. Upn Access t the Trading Platfrm, a Participant will receive in principle tw Psitin Accunts, ne assciated with the Delivery Accunt fr internal intra-day transfers f energy and ne assciated with the Delivery Accunt fr internal day ahead transfers f energy (see article 4.5 and chapter 10). In case a Participant has an Access limited t the Belpex CIM, this Participant will receive ne Psitin Accunt nly, assciated with the Delivery Accunt fr internal intra-day transfers f energy. A Psitin Accunt is always related t the Delivery Accunt assciated with the Elia hub t which the Cntracts administered in that Psitin Accunt must be nminated (see Market Segment Prcedure). Fr each Admissin by Belpex f an Indirect Participant, tw additinal Psitin 15/30 January 21 st, 2014

16 Accunts shall in principle, subject t the cnditins f the Market Rules, be granted by Belpex t the Participant acting as Brker fr such Indirect Participant fr the submissin by the Participant in its wn name f the Orders f such Indirect Participant (withut any additinal Fee being due fr such Psitin Accunt). In case an Indirect Participant has an Access limited t the Belpex CIM, the Participant acting as a Brker fr such Indirect Participant will receive ne Psitin Accunt nly fr the submissin by the Participant in its wn name f the Orders f such Indirect Participant, assciated with the Delivery Accunt fr internal intra-day transfers f energy. As an additinal Service and subject t the payment f a Fee in accrdance with the Fee, Invicing and VAT Prcedure, a Participant may hld mre than tw Psitin Accunts n the Trading Platfrm. Every pening r clsing f a Psitin Accunt (upn Admissin r in a later stadium) is dne by means f the Psitin Accunt Frm. In case Applicant/Participant wishes t pen and/r clse simultaneusly several Psitin Accunts, different Psitin Accunt Frms must be used (ne per Psitin Accunt). Applicants, must, in accrdance with the Admissin and Access Prcedure, jin the duly cmpleted Psitin Accunt Frm(s) t the applicatin file (as Annex 2 t the Participatin Agreement). Participants must fax the duly cmpleted and signed Psitin Accunt Frm(s) t the CSD and this at least 3 Days befre the request must enter int effect. The Psitin Accunt Frm(s) shall frm part f the Participatin Agreement. The infrmatin in the Psitin Accunt can be viewed by the Indirect Participant thrugh its Read-Only Access. 4.4 Settlement Accunt Fr purpse f administratin Belpex shall establish a Settlement Accunt fr each (Indirect) Participant. The Settlement Accunt is a financial accunt assigned t a (Indirect) Participant and held in the Trading Platfrm fr the purpse f administering the cash cllateral, the bank guarantee and the financial bligatins arising frm trading. Infrmatin in the Settlement Accunt can be viewed by an Authrized User thrugh the Balance Sheet in the EurLight Trading Platfrm, r by an Indirect Participant thrugh its Read-Only Access. 4.5 Delivery Accunt Fr purpse f administratin Belpex shall establish in principle tw Delivery Accunts fr each (Indirect) Participant, ne assciated with the internal intraday transfer f energy hub f Elia and ne assciated with internal day ahead transfer f energy hub f Elia (see article 4.3 and chapter 10). In case a (Indirect) Participant has an Access limited t the Belpex CIM, this Participant will receive ne Delivery Accunt nly, assciated with the internal intra-day transfer 16/30 January 21 st, 2014

17 f energy hub f Elia. A Delivery Accunt is maintained in the Trading Platfrm by Belpex in the name f an ARP (which is either the (Indirect) Participant that is recgnized as an ARP r the ARP designated by the (Indirect) Participant). Purpse f the Delivery Accunt is t register the net deliverable psitin arising frm Cntracts created thrugh trading and t be nminated, under the ARP Cntract, t Elia n the Elia hub t which the Delivery Accunt is assciated. Infrmatin in the Delivery Accunt can be viewed by an Authrized User thrugh the Psitin View in the Belpex Trading Platfrm, r by an Indirect Participant thrugh its Read-Only Access as the case may be. Hwever, Authrized Users will nly be prvided with the infrmatin related t the Psitin Accunts they have permissins t (with Read permissin as a minimum). Mre details abut the Delivery Accunt and the quantities t be nminated t ELIA are set ut in chapter /30 January 21 st, 2014

18 5. Organizatin f trading and supprt 5.1 Trading phases and availability f the Trading Platfrm Trading n the Market Segments f the Belpex Spt Market is rganized thrugh different trading phases. Fr each Market Segment, the applicable trading phases, Fixing Prcess and assciated time schedules are determined by its Market Segment Specificatins. As indicated in the Market Segment Specificatins, a perid may be freseen during which (part f) the Trading Platfrm is nt accessible. This perid, t which is referred as idle perid, is used fr rutine maintenance. During this perid, Authrized Users will be able t lg in but will nt be able t enter, mdify, withdraw r retrieve Orders r t retrieve any reprts available n the Trading Platfrm. Frm time t time, Belpex may decide t extend the idle perid, r t set the Trading Platfrm t idle at ther times than indicated in the Market Segment Prcedure. This can be the case when Belpex sees the need fr maintenance r administrative activities utside the scpe f regular maintenance. In such cases if reasnably pssible Belpex will give prir ntice t Participants via and breaking message in the Trading Platfrm. Indirect Participants will have access t this infrmatin thrugh their Read-Only Access. 5.2 Supprt in relatin t trading General supprt Supprt in relatin t trading n the Belpex Spt Market (questins related t trading and Trading Platfrm, the Market Prcedures, the cllateral requirements, Order submissin, Psitin Accunts, Authrized Users, nminatins) can be addressed t the Belpex Custmer Service Desk f which the pening hurs and cntact details are listed in the Belpex Cntact Infrmatin Frm (Annex 1 f this ) Supprt in case f a Manifest Errr An Authrized User may request the cancellatin f Cntracts related t Instruments traded cntinuusly in the event f a Manifest Errr. The prcedure that gverns the Manifest Errr is detailed in Annex 6 f this. The cntact details f Belpex t be used in case f a Manifest Errr are specified in Annex 1 f this. 18/30 January 21 st, 2014

19 6. Orders 6.1 Types f Orders and executin cnditins On the Belpex Spt Market different Order types may be submitted. The Market Segment Specificatins f a Market Segment indicate which Order types are available fr that Market Segment as well as, if any, which rder executin cnditins. The different Order types (Limit Orders, Blck Orders, Market Orders) and their characteristics and executin cnditins are described in the Market Rules. 6.2 Submissin f Orders If an Authrized User submits a new Order, the Trading Platfrm will assign a unique Order sequence number, a versin number (in EurLight nly), a timestamp and a status t such Order. This infrmatin will be displayed via the Authrized User s user interface. Only the last valid entry f an Order will be taken int accunt in a Fixing Prcess. The vlume and price fr a specific Instrument that creates a Limit Order must cmply with the system minimum and maximum Order price limit as referred t in article 31.2 f the Market Rules. Mre details n hw t Access and use the screens available fr Order entry, are set ut in the EurLight Trader User Manual r Elbas User Manual. 6.3 Receptin and validatin f Orders Orders are validated bth lcally at the Authrized User s wrkstatin and upn arrival at the back-end systems f the Trading Platfrm. If the Order successfully passes the validatins, it will be deemed a pending Order. If the Order fails ne r mre validatins, it will nt be accepted by the Trading Platfrm and will therefre be cnsidered as invalid. An errr message will appear, setting ut the reasn validatin failed Lcal validatin Lcal validatin takes place at the Authrized User s wrkstatin via the EurLight and Elbas Trader Clients (hereafter Trader Clients ). The fllwing validatins are applied: Date: Trader Client will check whether the date fr which the Order applies (applying date) is cnsistent with the sessin date. If this is nt the case the Order cannt be submitted t the Trading Platfrm and an errr message will appear in the left belw crner f the windw; In case f Limit Orders, Trader Client will nly validate: 19/30 January 21 st, 2014

20 If the Order prices are equal t r within the system minimum and maximum Order price limit as annunced by Belpex; and If fr each Order bth a price and quantity is entered; In case f Blck Orders, Trader Client will nly validate: If the Order price is equal t r within the system minimum and maximum Order price limit as annunced by Belpex; and If the last hur is equal t r later than the first hur; and. If fr each Order bth a price and a quantity is entered; In case f Market Orders, Trader Client will nly validate: If fr each Order a quantity is entered; An Order cannt be submitted t the Trading Platfrm until the Order has passed lcal validatin User Preference warnings In the EurLight Trader Client, Authrized Users can set, amngst thers, individual preferences in respect f fr instance minimum and maximum Order prices and vlumes (hereafter User preferred minimum and maximum Order price limit, nt t be cnfused with the system minimum and maximum Order price limit ). Validatin against these user preference settings will result in warnings prvided in the rder cnfirmatin dialgue. Nte that Authrized Users may chse t ignre these warnings by submitting the Order(s) i.e. the preference settings will nt prevent the Order f being submitted Central validatin Upn arrival f the Order at the back-end systems f the Trading Platfrm (i.e. applicatin server f the Trading Platfrm) the Order is registered and assigned an Order number. Afterwards the fllwing validatins are applied: Date: same validatins as under lcal validatin (see 6.3.1); Time: Orders can nly be entered fr Instruments that are eligible fr trading therwise, the Order will nt be taken int cnsideratin; Limit Orders: same validatin as under lcal validatin (see 6.3.1); Blck Orders: same validatin as under lcal validatin (see 6.3.1) as well as Blck Orders restrictins as cmmunicated frm time t time by means f a Cmmunicatin; Market Orders: same validatin as under lcal validatin (see 6.3.1) Permissins and restrictins: the Order specificatins must be cnsistent with the permissins and restrictins f the Authrized User submitting the Order; 20/30 January 21 st, 2014

21 Cllateral: availability f sufficient cllateral. In accrdance with the rules described in Appendix C t the Participatin Agreement CSS, the cllateral (sum f bank guarantee and utstanding credit-balance) must be at least equal t the required cllateral. Cllateral: T the extent prvided fr by the Market Segment Specificatins, Order validatin may be subject t the Order value f an Order being cvered by excess cllateral, as defined in the Participatin Agreement CSS Unsuccessful validatin Any Order that des nt successfully pass the abve central validatins in EurLight is submitted t the watchlist and, if submitted during the pening hurs f the Belpex Custmer Service Desk as defined in Annex 1 brught under the attentin f the Belpex market peratrs. This is indicated by the Order status rejected t watchlist. Fllwing such rejectin, and prvided it is during the pening hurs f the Belpex Custmer Service Desk, the Belpex market peratr may cntact the cncerned Authrized User. Fllwing cnsultatin f the Authrized User, the market peratr can either accept r reject the Order. Any Order that des nt successfully pass the abve central validatins in Elbas may be inactivated by a Belpex market peratr. Trading is disabled with a manual inactivatin prcedure until the required cllateral amunt has been depsited by the Participant. Fllwing such inactivatin, the Belpex market peratr may cntact the cncerned Authrized User. Fllwing cnsultatin f the Authrized User, the market peratr can either accept r reject the Order Authrized User ntificatin n Orders When trading in EurLight, the Trading Platfrm autmatically shws in the Order Bk windw all the Orders and their crrespnding status. In case f an invalid Order, the Authrized User will be ntified f the reasn f the invalidatin by means f the Order status. Each change t any Order (i.e. partial r fully cntracting, mdificatin r withdrawal) is tracked and the resulting infrmatin is available in real-time t the Authrized User. When trading in Elbas the Trading Platfrm autmatically shws in the Order Bk windw all the pending Orders. Orders which have been cancelled, matched r which expired withut being matched will be shwn in the Order Histry windw and will be available in real-time t the Authrized User. 6.4 Mdificatin and withdrawal f Orders by the Authrized User Fr every Psitin Accunt assigned t an Authrized User and subject t the permissins r restrictins granted t this Authrized User fr this Psitin Accunt (see chapter 4), an Authrized User may, in respect f the Orders the Authrized User submitted (Authrized User with write permissin r management permissin ) r the Orders submitted by anther Authrized User (nly Authrized Users with management permissin ) and prvided the Orders have nt been executed: 21/30 January 21 st, 2014

22 Retrieve a validly submitted Order, mdify the Order details and resend it. Once validated, this updated Order will replace the previus Order (if valid). A new versin number will be given in EurLight (Versin numbers start at 0, first mdificatin = versin 1, secnd mdificatin = versin 2 ). There is n versin number in Elbas. Retrieve a validly submitted Order and withdraw it. The system will withdraw this Order and all its versins if applicable. Still subject t having the necessary permissins, the Trading Platfrm allws an Authrized User t withdraw all pen/pending Orders frm the Order Bk wned by his lgin ID, and fr all Psitins Accunts he has permissin t (i.e. all Orders the Authrized User submitted, irrespective f the Psitin Accunt and Market Segments; fr Authrized Users with write permissin r management permissin ) r t withdraw all pen/pending Orders frm the Order Bk, fr all Psitin Accunts and Market Segments he has permissin t, even if his lgin ID des nt wn the Orders (i.e. Orders submitted by the Authrized User and ther Authrized Users; nly fr Authrized Users with management permissin ). In the EurLight Trader Client, Authrized Users can, by means f the user preferences, chse t switch n r ff a cnfirmatin dialgue t be activated upn withdrawal f Orders. By default this cnfirmatin dialgue will be switched n and Authrized Users are advised nt t switch this ff. 6.5 Order Bk details Once an Order has been received by the Trading Platfrm, the Order will be enriched with data in supprt f an audit trail. This enriched data is shwn in the s called Order Bk n the Trading platfrm and includes, amngst thers, the fllwing: Order N.: Unique sequence number awarded t each Order submitted int database f the Belpex Trading Platfrm; Header N.: Unique sequence number awarded t a set f Limit Orders entered at nce r t the partial Orders that make up a Blck Order (in EurLight nly); Instrument/Id: displays Instrument cde t which the Order relates; Interval: displays start and end hur f delivery (in EurLight nly); Order Type: Displays rder type (in EurLight Trader Client) being: SptLimit: Series f Limit Order submitted at nce; Limit: Limit Order and Market Order submitted n its wn; SptBlck: Blck Order; Header Type: Displays inf n executin cnditins (if relevant) being: LinkedFamily: Series f Linked Blck Orders; ExclusiveGrup: Series f Exclusive Blck Orders; Or is identical t Order Type if nne f the abve. Accunt/User: Displays Psitin Accunt/User frm which Order riginates; Lt: Displays vlume tick (in EurLight Trader Client); Sell Qty./AQty: Displays the nn-executed vlume fr Order; Buy Qty./BQty: Displays the nn-executed vlume fr Order; Limit Price/Price: Displays Order price; Status/State: Displays the status f Orders. Fr mre details, please refer t the EurLight Trader User Manual and/r the Elbas User Manual. 22/30 January 21 st, 2014

23 6.6 Trading n behalf In case f technical r functinal prblems during the transmissin f Orders, an Authrized User may request Belpex t enter r delete Orders n its behalf int the Belpex Trading Platfrm. This prcess is referred t as Trading n behalf. When submitting such a request, an Authrized User transmits the Order t be entered int the Trading Platfrm t the Belpex Custmer Service Desk as an attachment t an . Immediately thereafter, the Authrized User must ntify the Belpex Custmer Service Desk by phne that a request was submitted. The allwed file types fr submitting Orders are *.xls and *.xml files. Mandatry *.xls templates and/r the syntax fr *.xml files will be prvided by the Belpex Custmer Service Desk n request r may be dwnladed frm the Belpex website. An Authrized User shall in additin send a signed fax r an with a signed and scanned dcument attached t the Belpex Custmer Service Desk in which Belpex is given permissin fr submitting Orders n Participant s behalf and in which Belpex is indemnified frm all cnsequences resulting frm Belpex submitting Orders n Participant s behalf. A template f this fax frm will be prvided by the Belpex Custmer Service Desk n request r may be dwnladed frm the Belpex website. In respect f Market Segments n which Instruments are traded by Auctin, bth the fax requesting the Trading n behalf and the *.xls r *.xml file with the relevant Order(s) must be received by the Belpex Custmer Service Desk ultimately half hur befre the Market Clsing Time. Any request submitted after that time will r may ptentially nt be cnsidered by Belpex. The service f trading n behalf is nly ffered during the pening hurs f the Belpex Custmer Service Desk as specified in Annex 1 t this, is subject t availability f human resurces, and is prvided n a best effrts basis nly. 23/30 January 21 st, 2014

24 7. Fixing Prcess The Fixing Prcess assciated t a Market Segment is described in its Market Segment Specificatins. Upn creatin f a Cntract, an Authrized User is infrmed theref and will be prvided all relevant infrmatin regarding these Cntracts thrugh the Trading Platfrm r by any ther means. Cntracts cncluded n the Belpex Spt Market are firm and irrevcable, unless a Cntract is cancelled by Belpex fllwing applicatin f article 38.1 f the Market Rules r upn request by an Authrized User in line with article 38.2 f the Market Rules and the Manifest Errr prcedure (Annex 6 f the ). The CCP shall cancel the trade legs (as defined in the Participatin Agreement CSS) t which such Cntract gave rise in accrdance with the prvisins f the Participatin Agreement CSS. 24/30 January 21 st, 2014

25 8. Trade administratin Upn Order executin, a Cntract is created. Cntracts can be visualized in the s called Cntract Bk n the EurLight Trader Client which includes the fllwing: Cntr. ID: indicates unique identificatin cde awarded t a Cntract; Instrument: Indicates t which Instrument the Cntract relates; Accunt: Refers t the Psitin Accunt registered with the Order generating the Cntract; B / S: B indicates a Off-take Cntract; S indicates a Delivery Cntract; Price: Indicates the price applicable fr that Cntract; Quantity: States the cntracted vlume in MWh f that Cntract; Timestamp: Represents creatin time f a Cntract; Clearing status: all Belpex Spt Market Cntracts receive status Cleared ; Order ID: reference t the executed Order that resulted in the Cntract User: Represents the Authrized User wh initially submitted the Order that led t the Cntract. Indirect Participants will have access t this infrmatin thrugh their Read-Only Access. Cntracts created n the Trading Platfrm in Elbas will als be available in the Trade Histry windw. 25/30 January 21 st, 2014

26 9. Clearing structure 9.1 Overview The Clearing and Settlement f the Cntracts cncluded n the Belpex Spt Market and the cllectin f the related Fees as referred t in the Market Rules and VAT, if any, is rganized by the CCP within the framewrk f the Participatin Agreement CSS as cncluded between the CCP and the (Indirect) Participant. Fr further detail and fr the definitin f the capitalized terms that are nt in the (Indirect) Participatin Agreement, please refer t the Participatin Agreement CSS. Furthermre, in case f cntradictin between the Participatin Agreement CSS and this chapter 9 f the, the Participatin Agreement CSS prevails. Once Cntracts have been cncluded, Belpex transmits the relevant data t the CCP, in accrdance with the Market Rules, fr registratin. The CCP will act as central cunterparty fr Cntracts registered fr Clearing and Settlement. Subsequently the CCP calculates the hurly psitins f each (Indirect) Participant and uses this data fr the calculatin f the Unrealized Settlement. The new Unrealized Settlement amunt fr each (Indirect) Participant is calculated daily, taking int accunt financial bligatins deriving frm Cntracts, fr which n payments have been made r received yet (i.e. n Settlement ccurred). Unrealized Settlement is accrued each Trading Day during trading n Trading Days which are nt Business Days. Unrealized Settlement is taken int accunt in the calculatin f the Required Cllateral. As a result, mvements in Unrealized Settlement may reduce the funds available (Excess Cllateral) t a (Indirect) Participant fr its daily trading activities. On the first Business Day fllwing trading n Trading Days which are nt Business Days, as described in and in accrdance with the terms f the Fee, Invicing and VAT Prcedure, (Indirect) Participant will receive frm Belpex the invice/self-bill in respect f its Unrealized Settlements. Fllwing invicing/self billing by Belpex, the CCP cllects frm Participants held t pay a remuneratin fr the exchange f electricity the net amunts and makes payment t Participants entitled t a remuneratin fr the exchange f electricity the net amunts, accrding t the Participatin Agreement CSS. In rder t secure the fulfillment f financial transactins, the CCP requests (Indirect) Participants t depsit Cllateral. 9.2 Settlement and Cllateral infrmatin n the Trading Platfrm Financial infrmatin in respect f a (Indirect) Participant s Settlement Accunt is prvided thrugh the Trading Platfrm based n infrmatin received frm the CCP. Fr this purpse, the EurLight Trading Platfrm maintains a s-called Balance Sheet, listing the Cllateral depsited with the CCP and liabilities resulting frm Cntracts cncluded n the Belpex Spt Market. Hereunder an verview is prvided listing the values presented in the Balance Sheet: Tt.Cll.Op.Val.: means Ttal Cllateral Operating Value, which is the sum f the ttal amunt f Cash Cllateral and the value f the bank guarantee (if applicable). 26/30 January 21 st, 2014

27 Tt.Marg.Req.: means Ttal Margin Requirement and represents the sum f the Initial Cllateral, Variatin Cllateral, Initial Margin, Variatin Margin, and Additinal Cllateral (if any) as annunced by CCP frm time t time and required t secure the trading by a (Indirect) Participant. Unreal.Settl.: means Unrealized Settlements, which is the amunt cmprising f nn-realized payment bligatins accrued during Trading Days which are nt Business Days (n each relevant market the (Indirect) Participant is member f) Cll.Req.: means Required Cllateral, which is the ttal amunt f security due by (Indirect) Participant, pursuant t the prvisins f the Participant Agreement CSS. This amunt cmprises f Ttal Margin Requirement and Unrealized Settlements. Avail.Cll.: means Available Cllateral and represents the Excess Cllateral, i.e. the amunt by which the depsited Cllateral exceeds the Required Cllateral and the sum f Accrued Orders, if available. Accr.Ords.: means Accrued Orders and represents, fr the Market Segments t which it applies (cf. article f the ) the accrued value f the submitted Delivery and/r Off-take Orders that are pen fr executin (as applicable). 9.3 Invicing Each Trading Day, Belpex calculates preliminary invices based n (Indirect) Participants Cntracts cncluded that Trading Day. The preliminary invice amunt is accrued t the Unrealized Settlement amunt that affects (Indirect) Participants Available Cllateral. Invices are finalized i.e. realized each day fllwing the day f delivery, unless such a day is nt a Business Day. In that case the invices and self-bills shall be drawn up and sent by Belpex the next Business Day. After payments have been prcessed, accunt balances are updated and Unrealized Settlement amunts are remved. Mre details n the invicing/self-billing prcess and the VAT treatment are set ut in the Fee, Invicing and VAT Prcedure. Fr the purpse f cnvenience, Belpex makes available a cmplete invice and self-bill histry via the Back-Office Website. 9.4 Back-Office website In additin t the access t the Trading Platfrm via the Trader Clients, Participants and Indirect Participants are prvided secured access t the Belpex Back-Office Website. This website allws them t access their entire histry f Orders, Cntracts and detailed invice and self-bill infrmatin. Infrmatin is made available in its mst detailed frm, but can be rlled-up t mre aggregate 27/30 January 21 st, 2014

28 levels fr the cnvenience f users. All reprts can either be cpied, r exprted in CSV frmat. Available reprts include, but are nt limited t: Histrical General Matching Results; Histrical Orders (fr Belpex DAM nly); Histrical Cntracts; Histrical Settlement Data; Invices and Self-bills; Cllateral requirements. The Back-Office Website is accessible t Participants and Indirect Participants by means f a passwrd that is prvided t them by the CSD upn appintment r request. Mre detailed infrmatin n the Back-Office Website, its available reprts and navigatin is set ut in the Back-Office Website User Manual. Any reference t the ntin buy (r purchase r B ) n the Back-Office Website refers t an Off-take Order and any reference t the ntin sell (r sale r S ) n the Back-Office Website refers t a Delivery Order. 28/30 January 21 st, 2014

29 10. Fulfilment f electricity cntracts All Cntracts cncluded n the Belpex Spt Market shall be nminated against Belpex thrugh the Elia nminatin systems, in accrdance with the rules applying t each Market Segment as set ut in the Market Segment Specificatins and in accrdance with the rules set ut in the ARP Cntract. The nminatins shall be carried ut by the (Indirect) Participant having designated itself as ARP and/r the ARP(s) designated by it (hereafter the Nminatin Party ). It is the Nminatin Party wh is respnsible fr nminatins against Belpex fr the Cntracts cncluded by itself as well as fr the Cntracts cncluded by ther (Indirect) Participants having designated the Nminatin Party as ARP. Belpex will perfrm the necessary cunter-nminatins against the Nminatin Parties, in accrdance with the rules applying t each Market Segment as set ut in the Market Segment Specificatins and in accrdance with the rules set ut in the ARP Cntract. The nminatins are f the same type as the ther nminatins that ARP s in the Belgian electricity grid are used t make under the ARP cntract with Elia. Fr every (Indirect) Participant the Delivery Accunt in the Trading Platfrm registers, fr the Elia hub t which it is assciated ( internal intra-day transfer f energy hub r internal day-ahead transfer f energy hub) (see article 4.3 and 4.5), the net vlume f Cntracts cncluded n the Belpex Spt Market by that (Indirect) Participant and, as the case may be, by all ther (Indirect) Participant having designated that (Indirect) Participant as their Nminatin Party t be nminated n thrugh that hub. T query the infrmatin in the Delivery Accunt, an Authrized User must use the psitin view in the Trading Platfrm. Prvided he has the necessary permissins, the psitin view allws the Authrized User f a Nminatin Party t query the amunts that need t be nminated against Belpex, and this in respect f the different nminatin types. In ther wrds, the Authrized User which is assigned t a Participant A, wh is itself als appinted as Nminatin Party f a (Indirect) Participant B (i.e. Participant A is the Nminatin Party fr the Cntracts cncluded by itself and by Participant B), will be able t btain the net vlume psitin, per nminatin type, in respect f all Psitin Accunts fr which he must make nminatins, including the Psitin Accunts assigned t (Indirect) Participant B. The freging implies that the delivery infrmatin in the psitin view thus cntains the aggregated delivery psitin f Participant A and (Indirect) Participant B (and eventually ther (Indirect) Participants that have appinted Participant A as their ARP), making up the net deliverable psitin t be nminated by Participant A in its capacity as Nminatin Party. Authrized Users assigned t Participant B (having appinted a third party as ARP/Nminatin Party) will nly be able t btain the net psitin in respect f the Psitin Accunts fr which permissins were assigned, i.e. nly the net vlume f Participant B itself can be cnsulted. Infrmatin related t the 29/30 January 21 st, 2014