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The Iberian Energy Derivatives Exchange

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OMIP is the derivatives exchange market for Iberian and non-Iberian products (including Mibel), that ensures the management of the market jointly with OMIClear, a company constituted and totally owned by OMIP, which executes the role of Clearing House and Central Counterparty of operations carried out on the market.

OMIP was constituted on June 16th  2003 and has presently a share capital of 2,500,000 Euros.

The main objectives of OMIP are the following:

  •  Contribute to the development of the Iberian electricity market

The existence of an efficient derivatives market is crucial to the development of MIBEL, giving participants the conditions to become more competitive in the electric sector, independent of size, geographical location or type of activity.

  • Promote Iberian Reference Prices

The activity and prices generated on OMIP are extremely useful indicators of the economic activity regarding energy, supporting the liberalisation of market.

  • Supply clients with efficient risk management tools

The main reason for the existence of derivatives contracts is to answer the need to cover market risks, such as price variation, being a natural goal of OMIP to provide efficient tools to manage this risk. The market model allows institutions with know-how in the risk management realm to take on this important role, be it for own account or on behalf of third parties.

  • Overcome Some OTC Market Limitations

OMIP considers the OTC operations clearly complementary to the market managed by it, as, traditionally, a significant part of the activity executed on one market is covered by positions taken on the other market. However, there are some significant differences between the two realities. OTC transactions, by their nature may be perfectly adjusted to the parties needs. On the other hand, OMIP offers totally standardised contracts, which allows participants to benefit from market liquidity and transparency, trading anonymity as well as from the interposition of OMIClear  as central counterparty in all transactions, allowing contract fungibility and eliminating counterpart credit risk. 

As managing entity responsible for the derivatives market Trading Platform, OMIP performs a number of tasks necessary for the regular running of the market, namely:

  1. Admission of participants;

  2. Definition and listing of the Contracts, as well as managing their trading;

  3. Support, in coordination with OMIClear, of the registration of Operations;

  4. Supervision, in coordination with the Supervisory Entities, of the market’s management;

  5. Implementation of disciplinary powers in relation to its members;

  6. Publishing information, which is relevant to the participants and the public in general relative to the running of the derivatives market, namely through a market report. 

 
Taking advantage of the infrastructures in place and acquired knowhow, OMIP widened its services to VPPs, natural gas buy and sell auctions, wind power production licenses assignment auctions, also performing the role of manager in the process of change of natural gas retailer.

 

      



Reporting REMIT