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April 23, 2021

Sibex takes energy derivatives from right under BVB’s nose

Sibex will put on trade energy derivatives, after the Sibiu-based exchange reached an agreement with the operator of the energy and gas market, integrally controlled by Transelectrica, bursa.ro informs.  Sibiu thus takes this business from the Bucharest Stock Exchange (BVB), which had a partnership for derivatives with OPCOM since 2010, but was unable to make it operational. The OPCOM-Sibiu is yet another image blow dealt to BVB, which seemed very close to the energy exchange operator.
BVB president Lucian Anghel recently said in an interview that he favour the idea of a merger BVB-OPCOM. Now, it is to be seen if there still anything for Lucian Anghel to support. Under the contract signed by OPCOM and Sibex, futures products will have as active support the indices of the spot electricity market ROPEX_DAM, calculated by OPCOM. “We expect the trading of energy derivatives to start in the fourth quarter and the clearing will be made through an experienced Central Counterpart (CCP),” said Ovidiu Petru, CEO of Sibex. Starting this autumn, European norms require that transactions with derivatives are paid via authorised Central Counterparts with a minimum capital of EUR 7.5 M. Local bourses were unable to achieve the project of setting up a local CCP, so Sibex shareholders decided to resort to a foreign CCP. The contract with OPCOM obliges Sibex to rapidly solve the problem of the CCP, in order to save itself and also to secure the success of the prestige deal represented by this partnership. According to Ovidiu Petru, the big advantage of Sibex is that this exchange operates the derivative market in our country and its transaction platform is used by energy exchanges.

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