Establishing the principles and guidelines that shall govern the operation of markets and auctions, as well as the processes prior and subsequent to negotiation
This policy applies to all employees, directors, and administrators of all companies that make up OMI Group, in their own activities as well as in the services they offer to other platforms where OMI Group participates, regardless of their position, seniority, or geographical location. To this end, the following will be considered companies pertaining to OMI Group: OMI-Polo Español, S.A., OMIClear, C.C., S.A., OMIP-Polo Português, S.G.M.R., S.A., OMEL Diversificación, S.A., and any other of their member companies.
The purpose of this document is to set forth the principles and guidelines that shall govern the operation of markets and auctions, as well as the processes prior and subsequent to negotiation (registration, compensation, settlement, warranty management, etc...) that are OMI Group’s responsibility, in order for them to be managed in a transparent, objective, secure, rigorous manner with no discrimination, respecting free competition, efficient, complying with regulations that are in effect and the operational rules established for each market.
- Apply principles of excellence to ensure continual improvement in the field of operation and economic management, in all processes prior to negotiation, negotiation itself, and after negotiation of the markets and auctions managed by OMI Group.
- Ensure proper price setting in transactions and in handling offers made on the markets so that they constitute a reliable reference price for electricity, promoting a whole, transparent, competitive, open system.
- Manage, in accordance with prudent risk management, the collateral deposited by the agents, guaranteeing compliance with physical and financial settlements resulting from negotiation between agents in different markets.
- Ensure transparency in decision making, providing all market agents, regulatory bodies, and society at large with relevant information on how the markets operate and how they’re managed.
- Ensure confidentiality for data and information as determined by legal regulations and internal policies.
- Ensure that the information received from agents who participate in different markets is considered in all processes prior to negotiation, negotiation itself, and after negotiation of the markets and auctions managed by OMI Group.
- Fulfill roles so that the decision-making process used by the corresponding Market Operator, as well as that of the Central Counterparty, is carried out objectively, efficiency, independently, and fairly.
- Encourage and strengthen dialog and the exchange of information with market agents and with relevant institutions (regulatory agencies, System Operators, and others) in order to facilitate proper execution of each party's roles.
- Promote and collaborate with Iberian and European institutions on initiatives for the processes necessary for creating the European Union's internal electricity market.
- Ensure that the operation of markets and auctions; the economic management of markets, registration, compensation, and close of resulting transactions; and decisions made in that regard are in accordance with the corresponding rules of operation.
- Support and work with energy and financial regulators from Spain and Portugal, as well as with other relevant institutions in the European Union for proper development of the wholesale energy markets from the aspect of developing physical energy markets and in the field of corresponding financial regulation, as well as regarding compensation and close of their operations.