Towarowa Giełda Energii S.A. is currently managing four markets, used by the Members of the Exchange as platforms for trading electrical power, property rights and CO2 emission allowances. To support producers from the renewable sources and co-generation sectors, POLPX is managing three central registers. A the same time, POLPX is organizing clearing of transactions concluded by its members on particular markets and settlement of OTC transactions.

Organization of exchange trading on the POLPX markets

Trading on the POLPX. market is managed by the CONDICO trading and clearing system. This system allows trading of all instruments and clearing of the concluded transactions. It is very efficient in registration and realization of orders and, at the same time it is reliable and safe, providing fully automated handling of order circulation and conclusion of transactions, as well as effective access of market participants to the trading system. It provides a wide range of options for on-line usage of market status information.
Members of the Exchange may use the free-of-charge brokerage application for the trading system - CONDICO Trade. The supplier of this application is NASDAQ OMX. Members of the Exchange have participated in the specification of functional requirements for the application. Their input and comments are basis for work on the functionalities of the system.
(To go to the CONDICO Trade guide - click >>)

Trading on particular markets is carried out using three systems:

Fixed rating system
Trading in this system is based on the so-called fixing procedure - setting a price based on orders filed before initiation of the trading process. Based on the received correct orders, the Exchange is setting a fixed rate for conclusion of transactions in a way to achieve balance between demand and supply.

Continuous trading system
In the continuous trading system, the buyer and seller are placing orders, which are being realized on an ongoing basis, after submission to the Exchange. Transactions are being concluded at a rate equal to the price limit specified in the previously placed order.

OTC transactions system
OTC (Over The Counter) transactions are those concluded outside the continuous and fixing Exchange systems. By placing an order in that system, a Member of the Exchange dedicates it to a specific contractor. This transaction is being concluded after approval by the contractor of all its terms (price and volume). OTC transactions can be divided into OTC transactions cleared by TGE (TGE guarantees financial settlement of the transaction) and non-cleared OTC transactions (TGE does not guarantee the settlement).

Clearing of the transactions

Transaction on POLPX are cleared by Izba Rozliczeniowa Giełd Towarowych S.A. (Warsaw Commodity Clearing House) which  has been established to clear and settle all transactions executed on Polish Power Exchange (TGE S.A.) as well as  to clear  and settle transactions executed on other commodity markets.

More information about WCCH: www.irgit.pl