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Trading Concept
The orders placed by each market participant are collected in a closed orderbook. Afterwards, the daily auction is conducted. Market participants are informed of the prices determined at the auction (market clearing price = MCP) and the volumes allocated to the individual market participants immediately after the auction. The physical fulfillment of the trades takes place on the day after the trade (day-ahead trade).
The principal objective of the operation of the electronic trading platform with an auction system is to bundle liquidity as much as possible. Additionally, it also promotes the efficiency of trading activities by considerably reducing the work load involved in the execution of trades compared to bilateral trading. The neutrality of the energy exchange, the guaranteed anonymity of the bids and the immediate publication of the prices substantially heighten fairness in the overall market. The stringent statutory requirements and the constant monitoring of compliance with all criteria, makes EXAA a reliable counterparty for the trades concluded by market participants. The exchange is therefore an organized marketplace with simple and strictly regulated procedures.
Trading hours of the electricity spot market
| Austria and Germany | Hungary | Daily action |
|---|---|---|
| T 0 | T 0 | Trade day |
| T 0 8.00 - 10.12 a.m. | T 0 9.00 - 11.00 a.m. | Orders are sent |
| T 0 10.12 a.m. | T 0 11:05 a.m. | Auction is held; calculation of the prices; information sent to exchange members on prices per product and preliminary volumes allotted per exchange member – publication of existing surplus volumes per product in the trading system |
| T 0 10.16 - 10.19 a.m. | T 0 11.06 - 11.09 a.m. | Possibility of entering post-trade orders for surplus volumes per product and trading day within a period of 3 minutes at the price determined in the auction MCP ( =Market Clearing Price); the final volume allocations are published subsequently per exchange member |
| T 0 10.20 a.m. | T 0 11.10 a.m. | Final data on trading available (total volume and volumes allotted per exchange member) |
| Subsequently | Subsequently | Balance group coordinators, clearing agents and control area leaders receive schedules. |
| T 0 + 3 | T 0 + 2 | Financial settlement for exchange members (payment flows) |