Market Access

SETTLEMENT OF PAYMENTS

PAYMENT OF COMPLETED TRANSACTIONS

With a view to settling payments, if the week of delivery of the gas traded is identified with “W”, then the period of settlement of payables/receivables relating to the MGAS will be the week “W+1”.

On the first working day of the week W+1, GME will determine the Market Participant's net position of debit or credit towards GME (net balance to be settled) on the basis of the amounts (including VAT, if chargeable) resulting from the purchase and sale transactions completed in the MGAS during the week (W) – running from Monday (T-6) to Sunday (T) – in which the gas has been delivered.

Where possible and for the sole purpose of making payments according to the procedures defined in the Technical Rules, GME will determine the overall amount owed by the Participant in respect of the payables/receivables arising from transactions concluded by the same Participant in/on each market/platform managed by GME. Exceptions are the sessions of the MGS and MPL for which the week (W), for the purpose of determining the net position, is considered to be the one which runs from Sunday (T-7) to Saturday (T-1).

For details about the determination of the net balance to be settled, see Technical Rule no. 16 MGAS.

With regard solely to Public Administration (PA) Participants: if, as a result of the above-mentioned determinations, they qualify as net debtors towards GME, then GME will satisfy its receivables by using their non-interest bearing cash deposit made as a guarantee, until reaching the amount of such receivables. GME will do so after completing the invoicing process in compliance with the applicable legislation on electronic invoicing towards the above-mentioned PA Participants.

Payables owed by Market Participants or GME will be settled according to a specific TIMETABLE and by urgent SEPA Credit Transfer (or equivalent method) with value date on the same date. GME will make payments by SEPA Credit Transfer (or equivalent method) with value date on the same date under the procedures and within the time limits indicated in Technical Rule no. 16 MGAS. An example of the standard timing of the settlement cycle is provided below.

Net debtor Participants that do not pay the amount due within the payment deadline indicated in the appropriate Timetable may, no later than 4 p.m. of the third working day following the deadline, pay the amount due, increased by default interest and a penalty, through urgent SEPA Credit Transfer (or equivalent method).
All payments must be made by Participants through urgent SEPA Credit Transfer (or equivalent method) - using the bank details previously communicated to GME by sending the appropriate form signed by the person holding the necessary powers of representation - to the following GME’s bank account:
Banca Popolare di Sondrio
IBAN IT58 E056 9603 2110 0000 7210 X36
SWIFT CODE POSOIT22