MEFFPower grows exponentially and now has 56
participants
MEFFPower had an excellent year, with the volume of
registrations increasing four-fold and the number of
participants increasing by 44%. The accumulated volume
to November was 30.6 TWh, compared to 7.7 TWh in the
same period of 2012.
The number of trades registered in 2013 increased three
and a half times, with 3,587 trades. October was the
highpoint for the year, with a volume of 6.4 TWh and 682
trades registere
MEFFPower is BME Clearing’s electricity market service,
enabling registration of trades in Spanish electricity
OTC derivative. This service was launched in 2011 and
has since consolidated its activities, being supported by
the main domestic and international energy companies,
leading investment banks, funds, and medium-sized
European energy trading and marketing entities.
Regulation of OTC derivatives
Regulatory pressure on derivates markets remained
intense in 2013, as it has been since the outbreak of the
crisis. The reforms driven by global regulators, based on
general guidelines established by the G20 in 2009, aim
to channel trading in OTC derivatives, which are traded
bilaterally and not subject to trading rules or standard
trading conditions. The huge volume of such trading
increases systemic risk and clouds transparency in this
market. The regulations aims to channel trading in such
derivatives towards organised markets, with settlement
through central counterparties (CCPs) and registration
in Trade Repositories for OTC derivatives that cannot be
standardise
The notional volume of ITC derivatives globally in June
2013 was $693 trillion, according to the BIS (Bank for
International Settlement). The notional value of deriva-
tives contracts traded through stock markets and organ-
ised markets globally meanwhile was just $66 trillion,
less than 10% of the total notional value of outstanding
derivatives worldwide.
MEFFPower: Registered volume and participants
Source: BME
70
60
50
40
30
20
10
0
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
-
Volume registered MWh
dec-12 jan-13 feb-13 mar-13 apr-13 may-13 jun-13 jul-13 aug-13 sep-13 oct-13 nov-13 dec-13
MWh
Num. Participants Lineal (volume registered MWh)
53
Business Areas
Annual
Report 2013
BME
1...,43,44,45,46,47,48,49,50,51,52 54,55,56,57,58,59,60,61,62,63,...236