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HENEX FINANCIAL ENERGY MARKET - DERIVATIVES MARKET
HENEX FINANCIAL ENERGY MARKET – DERIVATIVES MARKET
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#2606180
Déanfaidh oibreoirí margaidh rialáilte i margadh díorthach TTF agus rannpháirtithe sa mhargadh díorthach TTF faireachán ar shuíomh gréasáin ACER ar bhonn laethúil.
Market operators on the TTF derivatives market and TTF derivatives market participants shall monitor the website of ACER on a daily basis.
#1795123
Bíonn deacrachtaí ag contrapháirtithe a bhfuil méid teoranta gníomhaíochta acu i marga díorthach thar an gcuntar rochtain a fháil ar imréiteach lárnach, bíodh sin ina gcáil mar chliant comhalta imréitigh nó trí shocruithe imréitigh indíreacha.
Counterparties that have a limited volume of activity in the OTC derivatives market face difficulties in accessing central clearing, whether as a client of a clearing member or through indirect clearing arrangements.
#2552782
“Interest rate derivatives market turnover in 2019”, [Láimhdeachas margaidh na ndíorthach ráta úis in 2019] Suirbhé Tríbhliantúil Bhanc Ceannais an Bhainc um Shocraíochtaí Idirnáisiúnta 2019, an Roinn Airgeadaíochta agus Eacnamaíoch.
‘Interest rate derivatives market turnover in 2019’, BIS Triennial Central Bank Survey 2019, Monetary and Economic Department.
#2606072
An lá dár gcionn, níor cheart d’oibreoirí margaidh rialáilte glacadh le haon orduithe atá os cionn na teorann dinimiciúla tairisceana agus níor cheart do rannpháirtithe sa mhargadh díorthach TTF orduithe den sórt sin a thíolacadh.
The following day, market operators should not accept any orders above the dynamic bidding limit and TTF derivatives market participants should not submit such orders.
#2606073
Ba cheart d’oibreoirí margaidh rialáilte agus do rannpháirtithe i margadh dhíorthaigh TTF faireachán a dhéanamh ar shuíomh gréasáin ACER ar cheart an praghas tagartha laethúil a fhoilsiú air.
Market operators and TTF derivatives market participants should monitor the website of ACER where the daily reference price should be published.
#518747
(34) D'fhéadfadh saobhadh iomaíoch gan choinne tarlú i margadh na ndíorthach thar an gcuntar má thugtar isteach oibleagáid imréitigh mar aon le próiseas lena shuíomh cé na contrapháirtithe lárnacha is féidir a úsáid ar mhaithe leis an oibleagáid sin.
(34) The introduction of a clearing obligation along with a process to establish which CCPs can be used for the purpose of this obligation may lead to unintended competitive distortions of the OTC derivatives market.
#518754
Ba cheart don Choimisiún leanúint le faireachán géar a dhéanamh ar an athrú a thagann ar mhargadh na ndíorthach thar an gcuntar agus ba cheart dó, nuair is gá sin, idiragairt chun saobhadh iomaíoch a chosc sa mhargadh inmheánach arb é an aidhm atá leis deis chothrom a áirithiú sna margaí airgeadais.
The Commission should continue to monitor closely the evolution of the OTC derivatives market and should, where necessary, intervene in order to prevent competitive distortions from occurring in the internal market with the aim of ensuring a level playing field in the financial markets.
#1770745
D'fhéadfadh saobhadh iomaíoch gan choinne tarlú i margadh na ndíorthach thar an gcuntar má thugtar isteach oibleagáid imréitigh mar aon le próiseas lena shuíomh cé na contrapháirtithe lárnacha is féidir a úsáid ar mhaithe leis an oibleagáid sin.
The introduction of a clearing obligation along with a process to establish which CCPs can be used for the purpose of this obligation may lead to unintended competitive distortions of the OTC derivatives market.
#1770752
Ba cheart don Choimisiún leanúint le faireachán géar a dhéanamh ar an athrú a thagann ar mhargadh na ndíorthach thar an gcuntar agus ba cheart dó, nuair is gá sin, idiragairt chun saobhadh iomaíoch a chosc sa mhargadh inmheánach arb é an aidhm atá leis deis chothrom a áirithiú sna margaí airgeadais.
The Commission should continue to monitor closely the evolution of the OTC derivatives market and should, where necessary, intervene in order to prevent competitive distortions from occurring in the internal market with the aim of ensuring a level playing field in the financial markets.
#1795524
Ar na ceanglais atá ann, tá conarthaí caighdeánaithe díorthach thar an gcuntar a imréiteach go lárnach; ceanglais corrlach agus ceanglais maidir le maolú rioscaí oibríochtúla do chonarthaí díorthach thar an gcuntar nach n-imréitítear go lárnach, oibleagáidí tuairiscithe maidir le conarthaí díorthach, cuidíonn ceanglais ar chontrapháirtithe lárnacha agus ceanglais ar stórtha trádála, leis an riosca sistéamach a laghdú trí thrédhearcacht na margaí díorthach thar an gcuntar a mhéadú agus tríd an riosca creidmheasa do chontrapháirtithe agus an riosca oibríochtúil a bhaineann le díorthaigh thar an gcuntar a laghdú.
The requirements it contains, namely, central clearing of standardised over-the-counter (OTC) derivative contracts, margin requirements and operational risk mitigation requirements for OTC derivative contracts that are not centrally cleared, reporting obligations for derivative contracts, requirements for central counterparties (CCPs) and requirements for trade repositories, contribute to reducing the systemic risk by increasing the transparency of the OTC derivatives market and reducing the counterparty credit risk and the operational risk associated with OTC derivatives.
#1908866
Saintréith de mhargadh na ndíorthach urrúsaithe is ea líon mór eisiúintí éagsúla, gach ceann acu cláraithe leis an taisclann lárnach urrús maidir le méid sonrach, agus leanann aon mhéadú féideartha nós imeachta sonrach arna fhormheas go cuí ag an údarás inniúil ábhartha.
The securitised derivatives market is characterised by a large number of different issuances, each one registered with the central securities depository for a specific size, and any possible increase follows a specific procedure duly approved by the relevant competent authority.
#2125705
Agus é á chur san áireamh gurb é cuspóir Airteagal 4(3a) de Rialachán (AE) Uimh. 648/2012 rochtain ar imréiteach a éascú le haghaidh cliaint a bhfuil méid gnó teoranta acu i margadh na ndíorthach thar an gcuntar agus a bhfuil deacrachtaí acu rochtain a fháil ar imréiteach lárnach, agus i bhfianaise a thábhachtaí atá sé rochtain a fháil ar imréiteach lárnach do chontrapháirtithe atá faoi réir na hoibleagáide imréitigh, ba cheart feidhm a bheith ag an Rialachán seo maidir le seirbhísí imréitigh a chur ar fáil i ndáil le conarthaí díorthach thar an gcuntar atá faoi réir na hoibleagáide imréitigh de bhun Airteagal 4(1) de Rialachán (AE) Uimh. 648/2012.
Taking into account that the objective of Article 4(3a) of Regulation (EU) No 648/2012 is to facilitate access to clearing for clients that have a limited volume of activity in the OTC derivatives market and face difficulties in accessing central clearing, and given the importance of accessing central clearing for counterparties subject to the clearing obligation, this Regulation should apply to the provision of clearing services in relation to OTC derivative contracts that are subject to the clearing obligation pursuant to Article 4(1) of Regulation (EU) No 648/2012.
#2606105
Dá bhrí sin, ba cheart don Choimisiún MCM a chur ar fionraí láithreach má chuireann sé feidhmiú ordúil mhargadh na ndíorthach i mbaol, mar shampla i gcás ina dtagann laghdú suntasach ar idirbhearta dhíorthaigh TTF laistigh den Aontas nó aistriú suntasach idirbhearta dhíorthaigh TTF chuig ionaid trádála lasmuigh den Aontas.
Therefore, the Commission should immediately suspend the MCM if it jeopardises the orderly functioning of the derivatives market, for instance where it leads to a significant decrease in TTF derivatives transactions within the Union or to a significant shift of TTF-derivative transactions to trading venues outside the Union.
#2606125
Chun feidhmiú fónta mhargaí na ndíorthach a chaomhnú, go háirithe próisis bainistithe riosca na gcontrapháirtithe lárnacha (CPLanna) imréitigh agus an gá atá le glao ar éarlais breise mar chomhthaobhacht a íoslaghdú, ba cheart cead a bheith ag páirtithe suíomhanna i margadh dhíorthaigh TTF a fhritháireamh nó a laghdú ar bhealach ordúil más mian leo sin a dhéanamh.
In order to preserve the sound functioning of derivatives markets, in particular the risk management processes of the central clearing counterparties (‘CCPs’), and to minimise the need to call for additional margin as collateral, parties should be allowed to offset or reduce positions in TTF derivatives market in an orderly manner if they wish to do so.
#2606181
Amhail ón lá tar éis an fógra ceartúcháin margaidh a fhoilsiú, ní ghlacfaidh oibreoirí margaidh agus ní chuirfidh rannpháirtithe sa mhargadh díorthach TTF orduithe isteach le haghaidh díorthaigh TTF atá le dul in éag sa tréimhse ó dháta éaga dhíorthach TTF go dtí dáta éaga dhíorthach TTF na bliana is túisce le praghsanna EUR 35 os cionn an phraghais tagartha a d’fhoilsigh ACER an lá roimhe sin (“teorainn dhinimiciúil tairisceana”).
As from the day after the publication of a market correction notice, market operators shall not accept and TTF derivatives market participants shall not submit orders for TTF derivatives that are due to expire in the period from the expiry date of the front-month TTF derivative to the expiry date of the front-year TTF derivative with prices of EUR 35 above the reference price published by ACER on the previous day (‘dynamic bidding limit’).
#2741805
Nuair a tharlaíonn teagmhas ceartúcháin margaidh, leagann an Rialachán maidir leis an MCM teorainn tairisceana dhinimiciúil síos, ar dá réir nár cheart d’oibreoirí margaidh glacadh le horduithe le haghaidh díorthaigh TTF atá le dul in éag le linn na tréimhse ó dháta éaga dhíorthach TTF na míosa tosaigh go dtí dáta éaga dhíorthach TTF na bliana tosaigh ar a bhfuil praghsanna EUR 35/MWh os cionn an phraghais tagartha a d’fhoilsigh ACER an lá roimhe sin, agus nár cheart do rannpháirtithe i margadh dhíorthach TTF orduithe a chur isteach le haghaidh na ndíorthach sin.
Upon the occurrence of a market correction event, the MCM regulation sets a dynamic bidding limit, according to which market operators should not accept and TTF derivatives market participants should not submit orders for TTF derivatives that are due to expire in the period from the expiry date of the front-month TTF derivative to the expiry date of the front-year TTF derivative with prices of EUR 35/MWh above the reference price published by ACER on the previous day.