Dear Sir or Madam,
Please be informed that on September 18, 2024, Izba Rozliczeniowa Giełd Towarowych S.A. ("IRGiT”) together with Towarowa Giełda Energii S.A. ("TGE") will conduct default management test with the participation of Clearing House Members.
The tests will be carried out in accordance with the "Rules of Conduct in the Event of Default" available on the IRGiT website. The tests will be a default case scenario (insolvency) of a hypothetical Clearing House Member whose positions will be closed in accordance with the applicable rules. The portfolio to be closed will include both positions from the spot and forward markets for electricity and gas. As a key part of the tests, the mechanisms of the close-out of open positions directly on the market will be tested.
The aim of the tests will be to conduct all of the activities of IRGiT, TGE and the Clearing House Members who create the market in the default event as accurately as possible. Therefore your participation is essential from the point of view of the success of the tests. At the same time, we would like to inform you that the result of the tests will be used to verify the applicable assumptions, improve the mechanisms for default handling and will positively affect the efficiency of the models used.
The tests will be carried out only with the use of the X-Stream Trading test system, available at: https://xstream-dev.tge.pl
In order to take part in the above-mentioned tests, please send your application to the following e-mail address: @email by September 13, 2024, specifying
- test participant's company name
- test participant's name and surname
- test participant's e-mail address
- test participant's telephone number
- type of access to the X-Stream Trading quotation system (trader, trade manager)
- test participant's IP address.
Verification of access accounts will be possible on September 17, 2024 from 9:00 am.
The test schedule is presented below:
| Test activity | Day | Hour |
|---|---|---|
| Submission of applications for participation in tests by Exchange Member | by 13 September 2024 | n/a |
| Receipt of login details | by 16 September 2024 | until the end of the business day on September 16, 2024 (if the application was submitted by September 13, 2024) |
| Verification of the access to the X-Stream Trading system by the Exchange Member | 17 September 2024 | 09:00-15:00 |
| Information regarding the start of default management tests | 18 September 2024 | 08:00 |
| Trading start in the X-Stream Trading system | 18 September 2024 | 08:00 |
| Information on the occurrence of a default event – IRGiT’s message to the Exchange Members taking part in the tests | 18 September 2024 | 10:00 |
| Information on the start of defaulters position close-out - IRGiT’s message to the Exchange Members taking part in the tests | 18 September 2024 | 10:30 |
| Orders placing by Exchange Members (on the markets indicated in the announcement) | 18 September 2024 | 10:30-15:00 |
| Information on the opening of the auction in order to close the position – IRGiT’s information to Exchange Members taking part in the tests | 18 September 2024 | 12:00 |
| Opening of the auction, placing orders by Exchange Members | 18 September 2024 | 14:00-14:15 |
| Close of X-Stream Trading system | 18 September 2024 | 15:30 |
| Information regarding the end of default management tests with the participation of the Exchange Members | 19 September 2024 | 16:00 |
| Information on the result of the position closing process – IRGiT’S message to the Clearing Members | 20 September 2024 | n/d |
If you have any questions, please contact us:
- in matters of access to the X-Stream Trading system: @email
- in other matters:
- Tomasz Wieczorek, Director, IRGiT Risk Management Department @email, 696-880-400
- Łukasz Grządka, Vicedirector, IRGiT Risk Management Department @email, 665-650-757