Trayport, a leading provider of exchange trading systems, and HUPX, the Hungarian Power Exchange based in Budapest, today announced that an agreement has been reached for the exchange to use Trayport’s GlobalVisionSM 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 organised 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.
“Trayport’s GlobalVision Exchange Trading System is ideally placed to meet HUPX’s need to develop a national exchange for Hungary providing its members with the best technology for immediate and transparent trading," said Zoltan Medveczki, CEO of HUPX. “Our members asked specifically that we use Trayport, as it offers proven delivery of exchange trading systems for power and energy across Europe.”
"Trayport is looking forward to helping HUPX establish itself as the primary market for trading power spot and futures in Hungary and is an indication of how Trayport intends developing business in Central and Eastern Europe," said Akash Nakarja, Sales Manager, Trayport. “HUPX is also important to Hungary, now futures contracts will be listed by the national exchange for the first time.”
Trayport’s system also provides integration with GlobalVision Trading GatewaySM giving HUPX technical access to more than 160 active trading companies across Europe helping to improve liquidity for HUPX.