OMIE – The Spanish division of the Iberian Energy Market Operator (Operador del Mercado Ibérico de Energia, SA) is the managing entity for the spot electricity market with daily transactions and intraday adjustments (intraday markets), wherein electricity sale (production) and purchase programmes are established for the day following that of the trade. Thus, OMIE is responsible for the settlement of the daily and intraday markets.
As per its articles of association, the OMEL carries out the following duties:
OMIP – Iberian Energy Market Operator (Portuguese Division), SGMR, S.A. was established on 16 June 2003 and ensures the management of the MIBEL futures market (Iberian Electricity Market) in Portugal and is currently a regulated market.
OMIP’s main objectives are as follows:
As the managing entity responsible for the trading platform of the derivates market, OMIP regulates market functioning, namely as to the:
1. Admission of participants;
2. Definition and listing of contracts as well as its relevant trading management;
3. Promoting registration of transactions in coordination with the OMIClear;
4. Providing material information to participants and to the public as a whole regarding the functioning of the futures market and the establishment of official reference prices, namely via the disclosure of the Market Bulletin;
5. Supervision of the market’s functioning in coordination with the relevant Authorities;
6. Exercising disciplinary power over its Members.
OMIClear – The Clearing Platform for the Iberian Forward/Derivatives Markets (Sociedade de Compensação de Mercados de Energia, SGCCCC, SA) was created on 6 April 2004 as a clearing house, central counterparty and settlement system
OMIClear was established pursuant to Implementation Order No. 927/2004 of 27 July as a Clearing and House and Central Counterparty for all market transactions managed by OMIP including the clearing of OTC market transactions or of other markets which have energy-based products or similar structure as their underlying assets. Thus, its main activity is that of clearing, registration, risk management and the settlement of transactions traded on the OMIP. Its participants may be Direct Clearing Members, General Clearing Members, Financial Settlement Agents and Physical Settlement Agents