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Intercontinental Exchange (NYSE:ICE), the leading global network of exchanges and clearing houses, today announced that ICE Endex expects to introduce physically delivered Italian natural gas futures contracts (Punto di Scambio Virtuale – Virtual Trading Point; PSV) in cooperation with Gestore dei Mercati Energetici S.p.A (GME) and Snam S.p.A., and in compliance with Italian law. The contract will launch on September 14, 2015, subject to regulatory approvals.
In collaboration with GME, the Italian exchange for electricity and natural gas spot trading, Snam, the Italian transmission systems operator, and the Italian authorities, ICE is the first exchange to create a solution for the physical delivery of natural gas futures contracts in Italy.
The launch of PSV futures extends ICE’s European natural gas offering which includes futures markets across the NBP, TTF, ZTP, NCG and GASPOOL natural gas trading hubs. Market participants trading the new PSV contracts on the ICE trading platform will be able to trade implied and locational spreads between ICE’s natural gas hubs, such as TTF and PSV. In addition, PSV futures contracts will trade alongside the recently launched Italian Power Base Load and Italian Power Peak Load futures contracts at ICE Endex. Market participants can therefore benefit from margin offsets and capital efficiencies at ICE Clear Europe.
Pieter Schuurs, President, ICE Endex, said: “ICE Endex would like to thank GME, Snam and the Italian authorities for their cooperation in developing an efficient model that leverages GME’s existing delivery services for PSV futures contracts. ICE Endex is committed to building liquidity, as well as establishing a robust price reference for the Italian gas market and developing PSV as a significant gas hub within continental Europe. The launch of PSV futures confirms ICE Endex as the preferred venue for the European natural gas trading community.”
