презентация умвб газ english blue (1)
TRANSCRIPT
Trades on Forwards for gas delivery
at the platform of “UCE Contract House" UICE "
2015
Ukrainian Interbank Currency Exchange UICE
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The consumption of the natural gas by all categories of consumers in Ukraine is about 40 billion m3 per year at the moment.
Main players:
• PJSC "NJSC" Naftogaz of Ukraine "- 87% of the market delivery,
• private mining companies - 8% of the market delivery,
• Collaboration between the private mining companies PJSC "Ukrgasdobycha" and OJSC "Ukrnafta" - 5%.
• Problems of the gas market: almost 100% monopoly of state-owned companies, which are part of PJSC "NJSC" Naftogaz of Ukraine "in the markets of production and delivery, is the result of, the price and tariff regulation by the State. The Preference of privacy, opacity and baseless of state companies to the State, which puts all the other players into the unequal conditions with monopolists. The lack of market pricing mechanism and the absence of implements in the market. As a result of this is an excessive imbalance and distortion of the market in the direction of the monopolists. Restrictions for market players and consumers freedom of choice of supplier.
The gas market in Ukraine UICE
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1. Guaranteed delivery for the Buyer2. Guaranteed payment for the Seller3. Hedging of the price4. No need for the identification of: the buyer –by all sellers, and sellers
– by all buyers5. Transparent pricing6. Liquidity of a market7. Access to trade from anywhere in the world by the Internet
* CD UICE has many years of experience in energy trade, the volume of sales in the last year exceeded to 15 billion UAH.
Gas trading on UICE * gives the following Advantages UICE
P a y m e n t
Central
contemporary
UICE
FORWARDS
Proposed scheme for gas market functioning UICE
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Traders
and
gas companies
Traders
and
ConsumersG a s
Seller Exchange / Central Counterparty (CC) Buyer
The announcemet
and preparation of
bidding
holding a tender
Making transactions
and calculations
Guarantee fee of 20% on account of the Central bank
Preparing the proposal – registration of applications to SET
Provides Exchange documents for accreditation
+ resource reference
Preparation of demand - the registration of applications
to SET *Generates contracts and publish them in the Internet
Accreditation and registration of participants
Trades and identifying of the buyers
Processing of the results and generate output documents (the
Extract from the Registry of concluded exchange contracts)
Gas delivery to the Buyer (+ act)
The signing of the sales contract
Payment for clearing
100% payment or every ten days
Provide the package of documents for accreditation
to the Exchange
The general scheme of preparation and tendering UICE
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CC
Payment for clearing
* SET - the system of electronic trading UICE
Payment of commission to the Exchange
Commission payment to the Exchange
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1. The accreditation2. Bidding (up to 24 the number of OT-1 *)3. Clearing and fulfillment of obligations
The main stages of the Exchange trading UICEOn forward contracts for the delivery of gas:
* T-1 - the month preceding the delivery month
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Accreditation1. Identification of the customer (founder)
2. The establishment of relations (application for accreditation + application for clearing):
Client - Exchange an agreement on the organization and conduction of trading (= the application for accreditation is the contract of adhesion)
36 UAH - only in case of the conclusion of the forward contract
Client-CC a contract for cleaning services, offset counterclaims (application for clearing = contract of adhesion)
0.4% (for all apart from the consumers of gas) and 2.4% (for gas consumers) from the price of the contract of sale, only in case of the contract singing
Client - Exchange an agreement on fulfilment the Client's obligations to the Exchange (the commission payment) and CC (clearing fee, delivery and payment)
In the amount of 1476 uah. per 1 forward contracts (1000 m3), when the price is changed up to 3%, the variation margin in the amount of up to 10 000 UAH. For 1 client is not required
3. Getting the right to participate in the auction
A) lease of brokerage site B) a contract for brokerage services
100 UAH per year; credit period - 5 banking days from the date of signing the contract
broker fee - 1% of the amount of contracts shall be paid at the end of each trading day
availability an employee DS with access to the system The client gives the orders to the broker by e-mail in scans in a standard form: sell cheaper than. ... The Volume ... till ....
Accreditation and admission to trading UICE
Admission to tradingSellers must Provide resource certificate confirmed by UTG
or the same as the buyersBuyers must Provide a certificate of no debts to gas suppliers
provision in the amount of 1476 UAH. per contractResponsibility for F.C
The contract with the ten day payment
Decpay
Contract with a 100% prepaymentРrepay
Seller 1. Sign the contract of sale up to 25 T-1 *2. Enter in the books of balance3. Deliver the gas
buyer 1. Sign the contract of sale up to 25 T-1
2. Pay 1/3 up to 9, 19, 29 T **
1. Sign the contract of sale up to 25 T-1
2. Pay 100% up to 28 T-1
Return the guarantee fee to the Buyer on T + 1 ***
Transfer of guarantee fee after additional payment
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Accreditation and admission to trading UICE
* T-1 - the month preceding the delivery monthT ** - month delivery
*** T + 1 - the month following the month of delivery
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CC
А
E
DСВ
7400
7350
72007250
7350
6800
1476 UAH. /res.warrant +36 UAH.
Block in the amount1 440 / res.warrant.,UAH debt off 36. 1512 грн
1476 uah.
1476 uah.
Block 1440 / res.warrant.,debt off 36 UAH.
Unit 1440,debt off 3636 free
Available 1440debt off 36 + 36,Delta 150
Unit 1440,debt off 36
Trading session UICE
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The content of the application system Обеспечение, изменения
А Application for sale 1 FK for 7400 UAH with VAT 1476 UAH / USD res.spravka +36
B Buying 1 FK for 6800 UAH with VAT 1476 UAH
C Application for sale 1 FK for 7200 UAH with VAT 1476 UAH / USD res.spravka +36 - unit at all, written off 36 USD
D Buying 1 FK for 7250 UAH with VAT 1512 грн = 1476 + 36 – блок на 1440, списано 36, свободно 36
Concluded 1 FK .: With CC, CC D (for 7200 UAH with VAT)
E Buying for 7350 UAH with VAT UAH 1476 - 1440 block, written off 36
D Application for sale of 7350 UAH with VAT free in 1476, written off 36
Concluded 1 FK The Central Committee, the Central Committee of E (for 7350 UAH with VAT)
D shall pay the CC 7200 and CC to pay HD +7350, mutually have to put 1 000 m3 of gas - transfer counter claims of the date of execution of 25 T-1 (date of expiry) - Art. 601 of the Civil Code
Trading Session UICE
The initial state of the trading
accountAccount balance
Payment Exchange and the Central
Committee
arisenrights and obligations
The actual price / warranty
А 1476 UAH / USD res.spravka +36
Also 0 UAH - -
B 1476 грн 1476 грн 0 грн - -
C 1476 UAH / USD res.spravka +36
Block to 1476 UAH / res. reference
Written off 36 UAH 0.4% of the sales contract
put gas on the CC 7200 UAH
7200 - 36 - 28.2 = 7135.8 UAH = guarantee payment
D 1512 UAH 1440 UAH Written off 72 UAH CC D pays 150 UAH (in D can sell cheaper than bought)
78 грн - profit
Е 1476 UAH Block 1440 UAH Written off 36 UAH 0.4% of the sales contract
Pay for gas at 7350 USD (every ten days on 1/3)
7350 - 36 - 29.4 = 7415.4 UAH = delivery guarantee
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Clearing and commitment UICE
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Happening Sanctions
Failure to sign the sales contract
The Exchange lists the margin of the Central Committee as a penalty to the Buyer from the seller - will charge a penalty of 20%
Payment made at decpay The Exchange lists the margin of the Central Committee as a penalty from the Buyer
Payment made at prepay The Exchange lists the margin of the Central Committee as a penalty from the Buyer
Supply of gas a fine of 20% from the Seller
Breach UICE
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Andrey BobyshevMember of the Exchange CouncilUkrainian Interbank Currency Exchangetel .: +38 (044) 379-10-01e-mail: [email protected]
Anton KaminskyExecutive DirectorUniversal Commodity Exchange"Contract house" UICE "tel .: +38 (044) 461-54-34e-mail: [email protected]
Inna Yanovska Legal DepartmentUkrainian Interbank Currency Exchangetel .: +38 (044) 379-10-01e-mail: [email protected]
Contact Information UICE