Role of the Exchange Council
The Exchange Council of EPEX SPOT is an official body of the exchange. 16 members represent the diversity of economic and corporate profiles that exists among the Exchange Members from various sectors: power trading companies, transmission system operators, regional suppliers, brokers and financial service providers, as well as commercial consumers and academics. This diversity reflects the objective of providing an efficient and competitive market in Europe.
The missions of the Exchange Council include in particular the adoption of the Rules and Regulations of the exchange and their amendments as well as the introduction of new trading systems. The body makes sure that the services and products of the exchange correspond to the needs of the market and that they can be implemented in legal and operational terms. Its task also comprises the appointment of the Head of the Market Surveillance.
The Exchange Council also takes a position whenever the design of the European power market has an impact on the Exchange or on its capacity to choose, develop, maintain and constantly enhance the trading platforms which suit best the needs of the market. In this respect, the Exchange Council defends the necessary elements of competition in a non-discriminative manner which will guarantee innovation and efficiency among the trading platforms to the benefit of exchange members based on a strict Code of Conduct in line with the EPEX rules.
One of the main topics of the activities of the Exchange Council was the final resolution on the Exchange Rules related to CWE market coupling in close cooperation with the TSOs. The Council supported the implementation of a market model for cross border intra-day market on the existing infrastructure.
The Exchange Council members agreed to further strengthen the admission criteria and specification of information rights pertaining to the Market Surveillance office, such as the submission of documents or hearing of persons. The amendments allow EPEX SPOT a greater overview and surveillance of the exchange members. In this respect the Exchange Council took note of harmonizing the process their EPEX SPOT and EEX have of admitting new members to the exchange. The aim is to prevent the situation where candidates are being admitted at one of the exchanges but not at the other, due to different criteria.