Please be informed that on September 22, 2021, 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", the extract of which is 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 we encourage all market participants to participate in default management test.
We plan to conduct similar tests at least once a year in the future. At the same time, we would like to inform 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.
In order to take part in the above-mentioned tests, please send your application to the following e-mail address:
by September 17, 2021, 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 (observer, trader, trade manager)
- test participant's IP address.
If you have any questions, please contact us:
- in matters of access to the X-Stream Trading system:
- in other matters:
Tomasz Wieczorek, Director of the IRGiT Risk Management Department
Łukasz Grządka, Deputy Director in the Risk Management Department of IRGiT