Currently, two types of day-ahead auctions (an independent auction at 10:15 and a market-coupling auction at 12:00) are offered at EXAA for AT, DE, BE, FR and NL, with different clearing prices per product and delivery day.
10:15 Auction The 10:15 auction is an independent auction for AT, DE, BE, FR, and NL. The early auction time at EXAA as part of its own 10:15 auction gives traders an important initial price signal for the rest of the
trading day. This price signal is particularly important for individual hours, as these values are difficult to read on the OTC market. The first spot auction in Europe also provides EXAA participants with an important indication of market developments for traded block products. Overview of services offered: • First spot price reference for the market areas of Austria, Germany, France, Belgium, and the Netherlands • Fully integrated and cross-product trading of quarter-hours, hours, and blocks • Extensive optimization options for your trading portfolio through unique spread products (location spread & cross-auction spread)
Location Spread & Cross Auction Spread On March 5, 2019, EXAA successfully expanded its product line by introducing physical location spreads that allow a virtual coupling of the geographical price zones. In addition to their bids for blocks, hours and quarter hours, traders can also use a new spread editor to place bids on the price difference countries and buy or sell this spread with or without a limit. If a spread bid is accepted at the auction, a quantity of the same amount is bought in one price zone and simultaneously sold in the other price zone. The price of the spread is determined by the simultaneous auctions, taking into account the entire order books. The spread is physically settled in the respective market area. In addition to the location spread, another trading product was introduced at EXAA in 2022: the cross-auction spread. It can be used to profit from price differences between the EXAA 10:15 auction and the 12:00 MC auction as a part of portfolio optimization.
12:00 Uhr Market Coupling Auction Since July 2, 2019, EXAA trading participants can also take part in the 12:00 Market Coupling Auction. • Market areas: AT, DE, FR, BE, NL • Standard Day Ahead contracts • Unchanged favorable membership fee • Direct clearing and demand-driven risk management • Trade limits calculated based on the 10:15 Market Clearing Price • Competitive transaction fees At 12:00 p.m., as part of European market coupling, the order books for the countries offered on EXAA are implicitly auctioned with the corresponding cross-border capacities. The cross-border capacities are included in the same way as all other cross-border capacities between the various European price zones, resulting in a 12:00 p.m. price for AT and, depending on the utilization of the available transmission capacities, possibly a different 12:00 p.m. price for the other countries. == teem-Trainings ==