UK Power Exchange (UKPX) revealed changes to its futures
contracts last week. The exchange said the enhancements would
make products more user-friendly to trading, back-office and
administrative operations. Laurence Blake, head of risk
management at UKPX, said the new contract follows OTC trading
terms and conditions set out in the grid trade master
agreement. The exchange intends to introduce the changes by the
end of November. Unlike the current contracts, the new
contracts will not cascade. Margin enhancements will enable
netting between contracts covering the same delivery period.
Final settlement, fees and VAT invoicing and payment will be
based on standard monthly cycles; and contract settlement will
be at the original trade price.
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