Trayport Exchange Systems, a leading provider of exchange trading systems and OMIP (Operador de Mercado Ibérico de Energía), the Iberian power market derivatives exchange, today announced that they have entered into an agreement for the provision of a replacement exchange trading system.
Trayport's Exchange System will replace OMIP's existing trading platform and is intended to go-live in Summer 2010. It will support OMIP's operations as the managing body for the MIBEL Derivatives Market, including exchange trading activities (auctions and continuous trading) as well as OTC reporting. In parallel, OMIClear, OMIP's fully owned central counterparty clearing house will be updating its risk management and clearing systems.
"OMIP and OMIClear now have 47 participants from all over Europe and the USA and the technology from Trayport offers the fastest and most scalable route to access the European energy trading community. The new system will also meet OMIP's needs to autonomously operate a reliable exchange trading system. This latest initiative is a result of OMIP's permanent commitment to provide our members with the best technical conditions for fast, simple and transparent trading," said Jorge Simão, OMIP Board Member.
"Trayport is excited to announce OMIP as one of our clients and we look forward to supporting and partnering with OMIP in its future growth," said Adrienne Muir, Head of Trayport Exchange Systems. "We have seen a significant increase in business from the Iberian region in the last year and believe there is enormous growth potential for energy trading in this market. Trayport has more than 15 years experience in developing software platforms and we expect a smooth transition to the new exchange trading system for both OMIP and its members."