MIP (Operador do Mercado Ibérico de Energía), the Iberian power market derivatives exchange and Trayport, a leading provider of exchange trading systems, today announced that the OMIP market has commenced live operation using Trayport’s GlobalVision Exchange Trading System.

Trayport’s Exchange Trading System has replaced OMIP’s previous trading platform and will support the MIBEL Derivatives Market. Using the GlobalVision Exchange Trading System, OMIP will start offering inter-period and inter-product spreads driven by Trayport’s industry leading spread functionality and also introduce a range of new opening and closing auctions. For OMIP’s members, GlobalVision Exchange Trading System provides the option of accessing the OMIP market through a dedicated front-end or the Trayport GlobalVision Trading Gateway. OMIClear, OMIP’s fully owned central counterparty clearing house, will also directly link to the exchange platform.

“After four years of successfully developing the Iberian Power Derivatives Market, OMIP has entered the next phase, enabling continued success and growth through the deployment of Trayport’s Exchange Trading System, enhanced with relevant features to fit OMIP’s market model proven design”, said Jorge Simão, OMIP Board Member. “Trayport’s Exchange Trading System will provide a standard, robust and swift trading environment that will boost liquidity and is a major step for OMIP to consolidate its status as a reference player in the energy exchange business”.

Trayport’s Exchange Trading System, the market leading energy trading platform, provides seamless integration with the GlobalVision Trading GatewaySM giving OMIP immediate access to 130 active trading companies across Europe,” said Elliott Piggott, Managing Director, Trayport. “In choosing Trayport's Exchange Trading System, OMIP has shown a commitment to making integration with its members’ systems a high priority and to supporting the development of integrated and transparent European markets” he added.