Market Access

M-GAS

RULES HOW TO PARTICIPATE HOW TO OPERATE FEES, SETTLEMENT AND GUARANTEE SYSTEM LIST OF MARKET PARTICIPANTS M-GAS LINK

Market Making

HOW TO OPERATE

Access to Natural Gas Market IT system takes place through security procedures characterised by digital identification tools, smart cards, designed to guarantee the authentication of the electronic signature and, therefore, the conclusion of gas purchase/sale contracts. The digital certificate for market access can be issued by Agid-certified certification companies and must comply with the provisions of the DigitPA Resolution - Digit PA - No. 45 of 21 May 2009 as subsequently amended and supplemented (Commissioner Order no. 69-2010).
The market is managed by GME from its trading room where all the computer equipment that allows the collection and management of transactions is installed, under conditions of maximum security.

MARKET SESSIONS
The MGAS sessions take place according to the following timing:

MGP-GAS:

Trades, which are carried out under the continuous trading mechanism, take place according to the reference timetable:
1. for daily products, trades are carried out as specified below:
  1. G-i: from 06:00 on calendar day G-i to 02:30 of the following calendar day G-i (i.e. G-i + 1)*.
  2. G-3: from 06:00 on calendar day G-3 to 02:30 on calendar day G-2.
  3. G-2: from 06:00 on calendar day G-2 to 02:30 on calendar day G-1.
  4. G-1: from 06:00 on calendar day G-1 to 02:30 on calendar day G.
2. for the weekend product (product with a delivery period equal to single consecutive gas-days corresponding to Saturday and Sunday, and, if there are holidays under the reference timetable, also to the holidays that, under the same timetable, immediately precede or follow Saturday and Sunday), trades take place from 06:00 on the next-to-the-last working day under the reference timetable to 02:30 of the last working day that, under the same reference timetable, precedes the first day included in the weekend product;
3. for the working days next week (WK/DY NW) product (product with a delivery period consisting of single consecutive gas-days from Monday to Friday of the week following the one in which the contract is traded  excluding possible holidays that, under the reference timetable, precede and/or follow Saturday and Sunday), trades take place as specified below:
  1. from 06:00 on Monday of the week preceding the one to which the product refers to 02:30 on Friday of the week preceding the one to which the product refers;
  2. the AGS auction takes place every day according to the following timing:
    1. the sitting for submitting bids/offers opens at 08:00 and ends at 13:30 on the gas-day preceding the gas-day (G) subject to trading;
    2. the results are published by GME by 14:00 on the gas-day preceding the day (G) subject to trading.

MI-GAS:

trades, which are carried out under the continuous trading mechanism, take place every day, from 06.00 to 02:30 of the following calendar day. Therefore, gas-day G will be negotiable on the same gas-day G from 06:00 on calendar day G to 02:30 on calendar day G+1.
the AGS auction takes place every day according to the following timing:
1. the sitting for submitting bids/offers opens at 08:00 and ends at 13:30 on the same gas-day (G) subject to trading;
2. the results are published by GME by 14:00 on the same gas-day (G) subject to trading.

MT-GAS:

Trades take place every day from 9.00 to 17.00 for all tradable forward products.

The sessions of the MPL and the MGS are held according to the timing defined in Technical Rule no. 5 MGAS.

MAXIMUM PRICE LIMIT OF BIDS/OFFERS
In the MPL and MGS the maximum price limit of bids/offers is equal to 500 €/MWh.

* if the market session takes place on a gas-day G, which is a working day under the reference timetable, followed by at least three holidays under the same timetable. In this case, the daily contracts refer to the delivery days following G+3 and include the first working gas-day following the last of the holidays under the reference timetable.