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JOINT PRESS RELEASE BY FGSZ LTD. AND THE KELER GROUP

Daily Natural Gas and Capacity Trading Market (NFKP) starts on 1 July

On 21 April, 2010 FGSZ Ltd. and the KELER Group jointly organized the NFKP Conference in which potential market players and customers showed great interest.

The Act on natural gas supply requires FGSZ Ltd. as the operator of the high pressure domestic natural gas transmission system to establish and operate from 1 July, 2010 the daily natural gas and capacity trading market (NFKP). The goal of the Internet based trading platform is to create a market where gas market players can quickly and efficiently trade natural gas and the capacity of the transmission system at transparent competitive terms and prices reflecting actual demand and supply. The KELER Group is responsible for the settlement, clearing and collateral management of the market that opens on 1 July, 2010.

Mr. István Keresztesi, Director System Operation and Capacity Trade at FGSZ Ltd. stated in his opening speech that several months of intense work paved the way for the market opening in the middle of this summer. After working together with the KELER Group and suppliers they are now ready to introduce to interested parties in several phases the trading system of NFKP and the system of settlement, position management and guarantees. The conference is the first step of the training process during which gas market traders can get detailed information on the operation of the platform and learn how to use the system. During the breaks at the conference participants had the chance to get a feel for the system at the work station located at the premises. Based on the keen interest it seems a sufficient number of traders will join the platform. After information is provided and trainings are held shippers will have two months from May until the system goes live to get familiar with the system.

 

TRADING

The representatives of FGSZ Ltd. gave information on the antecedents of establishing NFKP. The platform introduced complies with Hungarian legal regulations and also meets European regulatory requirements and is structured in a way that is in line with changes that can be sensed already in the European gas market regulatory environment.

Mr. Zoltán Gellényi, Head of Capacity Sales at FGSZ Ltd. covered in detail the trading system and the traded products of NFKP and elaborated on how the daily natural gas and capacity trading market is linked to daily gas supply and other market processes. In the new platform market players can trade in natural gas and the capacity of the transmission system within so-called deals preceding the gas day and deals within the gas day. The products, the process of making offers and concluding deals and the order of settlement allow that the NFKP operates similarly to a stock exchange.

 

SETTLEMENT

In his presentation on Wednesday Mr. György Dudás, Chief Executive Officer of the KELER Group introduced the Group (KELER Ltd. and KELER CCP Ltd.) that won the public procurement announced by FGSZ Ltd. for the financial settlement of the NFKP. The Group, a key institution of the Hungarian capital market offers a complex service package to traders that include account maintenance and cash management services in addition to position management, clearing, guarantee undertaking and settlement. KELER Group completing the settlement of transactions reduces to a large extent the risk of financial performance of the deals concluded in the new market.

Mr. Kristóf Matuszka, Head of Business Development at KELER Ltd. provided details to participants on the financial and collateral management mechanisms of the NFKP market and how the relevant IT system of the KELER Group ties in with market trading. Having regarded to current processes the KELER Group provides a client friendly settlement model to market participants at attractive prices. The customer relationship system is easy to implement, safe and cost efficient. The KELER Group pays increased attention to inform and train future gas market customers also.

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