Trayport, provider of exchange trading systems, and HUPX, the Hungarian Power Exchange, announced that an agreement has been reached for the exchange to use Trayport's GlobalVision Exchange Trading System for the operation of HUPX's physical futures market.
HUPX will go-live with Trayport's GlobalVision Exchange Trading System in the second quarter of 2011.
The exchange was established to create an organized market in Hungary. HUPX will initially list local Hungarian contracts including monthly, quarterly and yearly base and peak load futures products. In addition, HUPX and European Commodity Clearing AG (ECC) have signed a letter of intent on the provision of clearing services for the Hungarian physical futures market. As dedicated clearing partner for HUPX, the Leipzig-based clearing house already provides clearing and settlement for the Hungarian spot market products.
HUPX launched its Hungarian day-ahead power market in partnership with EPEX Spot in July 2010 with the first auction of day-ahead power contracts. HUPX will now use Trayport's exchange platform for its physical futures market launch. (BBJ)