Changes in the invoicing and clearing of RTT

Dear Members,
Please note, that due to reported by You comments, WCCH from the 1st of September introduces new clearing and settlement pattern of CDM (Commodity Derivatives Market) that change the clearing of CDM from day T+2 to T+1. That means the cash settlement of transaction concluded on CDM in delivery period in the Clearing Bank will be in the same day when the energy will be delivered to the buyers. So from the 1st of September WCCH after the session will do the clearing for the following Markets and delivery days:
- DAM+1, DAM+2 (if transactions will be concluded on the Day-Ahead Market instruments);
- IDM (for the same day when transaction on Intra Day Market was concluded), IDM+1 (if transactions will be concluded);
- CDM+1;
- PRM (for the same session day on Property Rights Market on PolPX or when OTC transaction will be concluded);
- EAM (for the same session day on Emission Allowances Market on PolPX).

In the connection with the change in the way of clearing of CDM, WCCH plans to implement intermediate period that will consist of 3 days:
- on 30.08.2010 WCCH will do the clearing of CDM for delivery of energy from the forward market two days later on 01.09.2010 (CDM+2 as it is now) with cash settlement on 31.08.2010;
- on 31.08.2010 WCCH will not do the clearing of CDM for delivery on 02.09.2010 but instead of that WCCH will perform the clearing of that day (02.09.2010) using new clearing and settlement pattern (CDM+1) on 01.09.2010;
- delivery of energy for period 02.09.2010 will go in the same time with the cash settlement in the Clearing Bank.

Please note, that WCCH introduces new invoicing pattern, which is described in WCCH Regulations that You may find on our web site www.irgit.pl in menu Regulations/Documents.

New invoicing pattern says that the invoices will be generated on the day when the cash settlement is performed by the Clearing Bank. For more details please check also new Detailed clearing rules for the markets being run by POLPX.