Starting with the market session of 5 November 2008, GME will become
the
central counterparty of all transactions in the Green Certificates
Market.
GME’s status of central counterparty will completely eliminate the counterparty risk
and simplify the administration-accounting formalities arising from participation
in a regulated market.
WHAT CHANGES:
Before the market session
To participate in the market, purchasing Market Participants
are required to make a single payment to GME as a guarantee deposit covering
all their purchases. The trading system will accept purchase orders
only if they are entirely covered by the available deposit.
During the market session
In purchase and sale orders, prices must quoted NET OF VAT.
The system will automatically compute the value of the transaction including VAT,
updating the available deposit during the session, confirming the executed transactions
and carrying out administration-accounting tasks.
After the end of the market session
a) Sellers must issue a single invoice to the purchaser GME;
b) Purchasers will receive a single invoice from GME.
The provisions governing the operation and management of the Green Certificates
Bilaterals Registration
Platform (PBCV) will remain unaltered.
For more information, refer to Technical
Rule no. 01 MCV