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Jonas Törnquist Jonas.Tornquist@edftrading.com EFET Gas Market Transparency Requirements GTE Transparency Workshop Brussels, 29 May 2007 Törnquist European Federation of Energy Traders 1 Brussels, 29 May 2007
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2 Dublin, 23-24 April 2007 Törnquist EFET and Transparency Information Transparency in Gas Markets (August 2006). See www.efet.org/default.asp?Menu=283 www.efet.org/default.asp?Menu=283 This paper sets out our broad transparency requirements and explains why transparency is very important for efficient markets to develop. EFET Gas Transparency Requirements (23 May 2007). Same web address as above. The press release is available at www.efet.org/default.asp?Menu=30. www.efet.org/default.asp?Menu=30 This new transparency requirements list details EFET’s expectations of gas market transparency.
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3 Dublin, 23-24 April 2007 Törnquist Why transparency is vital To inform market participants Creates market confidence in prices and price formation Improves liquidity as confidence grows Enables competition on an equal footing Helps market participants take informed decisions in accessing new markets To aid capacity purchases To enable regulators to carry out market monitoring and regulation of network companies and tariffs To assist security of supply Transparency is vital for market efficiency and access by new entrants
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4 Dublin, 23-24 April 2007 Törnquist Transparency requirements Information should be released unless there is a very good reason not to release it But of course there is a balance between transparency and proprietary commercial information Incomplete information restricts its usefulness Materiality thresholds should be as small as practicable – let the market decide what is material and not EFET has published a detailed list of gas market transparency requirements Take a look at it!
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5 Dublin, 23-24 April 2007 Törnquist Content versus form The initiative from GTE to harmonise access to information is welcome But the first priority is to have the information published So please do not let these good efforts to create a platform delay or impede getting important information into the public domain We are used to gather and analyse data To gather information efficiently we need it in a readable “raw” format The most important thing is to have the information in the first place
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6 Dublin, 23-24 April 2007 Törnquist And just to recap… Transparency is vital for market efficiency and access by new entrants EFET has published a detailed list of gas market transparency requirements The most important thing is to have the information in the first place
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7 Dublin, 23-24 April 2007 Törnquist European Federation of Energy Traders Tel: +31 (0)20 5207970 Email: secretariat@efet.orgsecretariat@efet.org www.efet.org
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