M-GAS
GME organizes and manages the natural-gas market (MGAS). In the MGAS, parties authorized to carry out transactions at the “Punto Virtuale di Scambio” (PSV - Virtual Trading Point) may make spot purchases and sales, also functional to balancing of the gas system, and forward purchases and sales of volumes of natural gas.
In the MGAS, GME plays the role of central counterparty to the transactions concluded by market participants.
Participants can trade on MGAS also logging in the Trayport® Global Vision portal.
In order to improve the liquidity of the products traded on the market, GME, pursuant to article 27, paragraph 27.1, of the Rules, has foreseen to carry out the Market Making activity.
The MGAS consists of:
1. Spot gas Market (MPGAS), including all the following markets:
•Day-ahead gas market (MGP-GAS).Trading on the MGP-GAS takes place in accordance with the continuous trading method and, only for the segment for the supply of system gas (AGS segment), whose session is carried out on gas day G-1, according to auction trading methods. As for trading in the MGP-GAS, carried out according the continuous trading method, gas purchase/sale offers/bids related to the three gas-days following that of the trading session opening are selected. As for the trading in the AGS segment, carried out according to the auction trading methods, gas purchase/sale offers/bids related to the gas-day following that in which the trading session is carried out, are selected.
• Intra-day gas market (MI-GAS). Trading in the MI-GAS takes place in accordance with the continuous trading method and, only for the segment for the supply of system gas (AGS segment), whose session is carried out on gas day G, according to the auction trading methods. As for trading in the MI-GAS, carried out according to continuous trading methods, gas purchase/sale offers/bids related to the gas-day corresponding to that of trading session opening are selected. As for the AGS segment trading, which takes place according to the auction trading methods, gas purchase/sale offers/bids related to the same gas-day in which the trading session takes place, are selected.
• Locational products market (MPL). The MPL takes place according to the auction trading methods. The MPL sessions are held only upon request of Snam Rete Gas. In this market, authorized users supply Snam Rete Gas with quantities of gas needed to manage the physical demands within the balancing zone or foreseen deviations between overall injections and withdrawals from the network.
• Regulated Market for the trading of gas stored (MGS). The MGS takes place according to the auction trading methods. Bids/offers of gas stored may be traded in the MGS by authorized users and by Snam Rete Gas.
2. Forward Gas Market (MT-GAS). The MT-GAS takes place under the continuous trading mechanism. In the MT-GAS, gas demand bids and supply offers are selected from as many order books as the types of tradable contracts for the different delivery periods. The types of tradable products are defined in the Technical Rules.