How to become a member of POLPX?
According to the Trading Rules for the Commodity Market of the Polish Power Exchange only the parties that have entered into a membership agreement with the Exchange and have been admitted by the Exchange Management Board to operate on the market are allowed to transact on the commodities market.
The membership agreement is concluded at the time when the Exchange Management Board adopts a resolution granting the status of an Exchange Member pursuant to an application of the party willing to enter into a membership agreement with respect to the Commodities Market of the Polish Power Exchange.
The entities eligible to become Exchange Members are specified in Article 9 section 3 of the Act on Commodity Exchanges of 26 October 2000, and include specifically:
- commodity brokerage houses within the meaning of Article 2 section 8) of the Act on Commodity Exchanges;
- brokerage houses within the meaning of Article 2 section 9) of the Act on Commodity Exchanges;
- energy companies and customers with legal personality that are eligible to switch their supplier under the Energy Law Act of 10 April 1997.
In order to be admitted to operate on the market of choice, the Exchange Member has to fulfil the requirements set forth in the Act on Commodity Exchanges and in the internal regulations of the Exchange, i.e.:
- Submit a complete application for the execution of a membership agreement
- Obtain the status of an Exchange Member
- Obtain a permit from the PFSA to maintain commodity registers or accounts, or a permit to carry out brokerage activities
- Obtain of the membership in the Warsaw Commodity Clearing House (WCCH) and obtain the clearing member status with the House
- Engaging a person to represent the company in exchange transactions on the Exchange Commodities Market, who conforms to requirements defined in article 41a(1) of the Commodities Exchanges
- Submit a complete application for admission to operation on the Market
- Be admitted by the Exchange Management Board to operate on the chosen markets.
Entities that do not meet the requirements for obtaining the Exchange Member's status, or for being admitted to operate on the markets of their choice, may participate in these markets through the intermediary of a brokerage house or a commodity brokerage house (being an Exchange Member), provided that:
- with respect to electricity markets – they advise POLPX of the scheduling unit to be used for the notification of transactions;
- with respect to gas – they advise POLPX of the shipper code to be used for the notification of transactions;
- with respect to the EAM – they hold an account with the National Centre for Emissions Management;
- with respect to the PRM – they obtain membership in the Certificate of Origin Register maintained by the Exchange.