Auctions for the Hungarian Government

On Monday 11 December and if necessary also on 18 December we will be executing auctions for the sales of European Allowances (EUAs) from the Hungarian Government. The Climex Alliance partner euets.com has been coordinating the selling.

We would like to inform you about some crucial preparations and proceedings for these auctions.

1.Since the transactions that result from the auctions will be cleared by our central counterparty, the first step you need to take is to ensure sufficient cash collateral (volume x price + use related transaction fee’s) is available on your APX Cash account. The amount available on your account on the Friday before the auction at 17.00 hours CET only, may be used to participate in the auction.

2.The Climex Spot trading platform will be closed Monday morning from 9.00 till around 14.00 hours CET. You will receive a notification when the Climex Spot trading platform is reopened.
The Climex Spot trading platform will reopen as soon as all transactions conducted during the auction have been cleared by our central counter party and are processed into the collateral balances available for the Climex Spot market. We cannot predict exactly how much time that will take but expect to be finished before 14:00 hours.

3.We have created a separate URL for the auctions. Please use this URL on Monday morning:
https://euetsspotauction.newvalues.net
Your existing logins can be used to login and participate in the auctions. In case you have a question about your logins you can contact the Customer Service Desk at csdesk@newvalues.net or +31 (0)20 – 305 4073.

4.You can login to the Climex Auction platform as of Monday 9.00 hours CET. The total amount of cash collateral available to you will be visible on screen, in the bottom left corner.
Bids can be placed from 10.00 – 11.00 hours CET on the ‘Order Overview’ Screen and on the ‘Current Responses’ Screen’
The on screen clock (bottom left corner, part of the menu) will be leading for the opening and closing times. Any bid entered after 11.00 hours will not be accepted. The Climex platform is not responsible for any delays or disconnects resulting from your internet connection.
Since this is a blind auction, you will only be able to view your own bids in the ‘Current Responses’ screen.

5.You are not supposed to enter any regular Orders (neither buy nor sell) on the platform during the Auction. You are also not supposed to directly accept any regular Orders on the platform. We only allow you and only accept your submitting responses for the Sales order that has been entered by the Hungarian Government. All other entries are considered to be void.

6.From 11.00 – 12.00 hours CET the Hungarian Government will be engaged in finalising their decision; the price against which the bids will be accepted and as a result, how many EUAs will be sold because of the auction.

7.Shortly after 12.00 hours all successful bids will receive order confirmations, stating the accepted volume and clearing price.
If you have not received an order confirmation by 12.30 hours your bid has not been accepted.
The transactions will also be shown on the Transaction log of the Climex auction platform, in the upper right corner and in the ‘Transactions overview’, which is part of the menu.
Both the accepted and the rejected bids can be viewed in the 'Order History’ screen, which is also part of the menu

8.At around 14.00 hours CET the Climex auction platform will be shut down and the Climex Spot platform will be reopened.
Your transactions conducted during the Auction will, after clearing by the central counterparty, be visible on the Climex Spot Platform as OTC transactions. Your collateral will have been updated for these transactions.
Any unused collateral will be available for trading, immediately on the Climex Spot platform.
Any acquired EUAs will also be available directly for trading on the Climex Spot platform.
Of course, you are also free to transfer money and/or EUAs back into your company accounts.

We hope to have informed you sufficiently on how to prepare for and participate in the auctions. Please do not hesitate to contact us if you have any further questions.

Sascha Bloemhoff

Sales Manager