Question 3.2.10 Data field (24) to (30)

Reference to documents: TRUM – Table 2 Reporting – Fixing Index Details (Fields 24-30)

Are FX indexes reportable under this section of Table 2?

If we have transaction to deliver physical gas, with the GBP or EUR price payable linked to a complex formula of USD Oil, the formula will contain a FX conversion index such as Bank Of England reference rate. Is that FX index also reportable as a fixing index under this section of Table 2?

Example 9.01 in Annex II would seem to suggest the answer is no.

Based on Example 9.01, our interpretation is that the answer is No. Could ACER confirm this explicitly as we would like to understand why FX indexes are treated differently from oil commodity indexes, and therefore if there is anything else that is not reportable under this section?

Answer:

n the FAQs document the Agency has already indicated that there is no need to report an FX index in the fixing index details session (fields 24 to 30 of Table 2). If any FX index has to be reported, it can be reported in the formula. Only indexes related to the energy commodity should be reported in the fields from 24 to 30 of Table 2. This would include also oil and coal or any other energy commodity to fix the price of gas or electricity.

Examples of non-standard contracts reportable with Table 2 and available in Annex II to the TRUM, such as 9.01-13.01-14.01-25.01, were provided to the Agency by market participants. These examples clearly indicate that, in the industry’s view, Oil Index and Coal Index should be reported.