News
2006-06-08 - Major Energy Brokers launch benchmark TTF Pricing Index
LEBA / PR / 2006 / 01
1 June 2006
For immediate release
Major Energy Brokers launch benchmark TTF Pricing Index
LEBA, the London Energy Brokers’ Association, today launches a new benchmark index for the energy markets: the LEBA TTF Pricing Index - for trades concluded on the Dutch gas market at the TTF (Title Transfer Facility). The aim of this independent benchmark index is to contribute towards a more transparent and liquidly traded market in gas. This will be published daily at 18.00 hours along with a Day-Ahead Trading Window Index for trades between 16.20:00hrs and 16.30:00hrs.
David Clark, current Chair of LEBA, “This index gives evidence to the status and maturity of the marketplace and will undoubtedly be used by all of those who consider the energy markets to be an important part of today’s financial markets and offer end users, as well as market practitioners, the chance of hedging and participating.”
“ICAP are fully behind these new indices,” says Paul Newman, Managing Director of ICAP Energy Limited. “The basis of the LEBA TTF Pricing Index is to provide our customers with a clear and accurate gauge of the market.”
Andrew Polydor Managing Director of Tullett Prebon Energy Limited commented “ We are looking forward to adding the TTF Pricing Index to the suite of indices that LEBA already provide. We believe that this will help to increase liquidity by attracting more participants.“
“This index is based on high volumes of confirmed trades. It is also based on the same reliable and robust LEBA methodology that has been such a success on other markets. Such qualities mean that it should quickly become a pricing standard for all companies with an interest in or exposure to the TTF market,” said Richard Frape, Director of Market Services at Spectron.
Full details of the index can be found on the attached Specification.
Enquiries:
Val Chitty ICAP +44 (0) 207 532 4223
Steve Auvache Tullett Prebon Energy +44 (0) 207 200 7733
Richard Frape Spectron +44 (0) 207 074 2008
To be added to the daily distribution list, please contact Michelle Caulfield
mcaulfield@wmba.org.uk
+44 (0)20 7200 7553
Notes to Editors:
1. LEBA, the London Energy Brokers’ Association, is the industry association representing the wholesale market brokers in the over the counter, OTC, and the exchange traded UK and liberalised European energy markets. These brokers intermediate, and facilitate bilateral contracts to be concluded, between banks, trading houses, commercial enterprises, public utilities, and integrated energy businesses, providing liquidity and price discovery to these markets as well as contributing liquidity to European exchange traded markets. The major products that they deal in are crude oil and refined petroleum products, gas, electricity and emissions.
2.The LEBA member firms who currently trade the TTF Pricing Index are:-
ICAP Energy Limited www.icap.com
Tullett Prebon Energy Limited www.cstl.com
Spectron Energy Services Limited
www.spectrongroup.com
3. LEBA is launching the following indices:
LEBA TTF Day-ahead Window (16:20:00-16:30-:00)
LEBA TTF Weekend Window (16:20:00–16:30:00)
The above indices will be calculated using the volume based weighted average between the times stated in brackets. All trades, prices and volume will be submitted by the three LEBA members actively broking the TTF contract – Tullett Prebon Energy, Spectron and ICAP.
The LEBA TTF Day-ahead Index and the LEBA TTF Weekend Index are calculated using the volume based weighted average of all day-ahead trades executed by the three brokers between the hours of 08:00hrs and 17:00hrs GMT.
4. LEBA currently publishes benchmark indices to support the UK power and CO2e markets.
|
