Nord Pool XBID
12 intraday markets in one
From European Cross-Border Intraday Market (XBID) solution go-live, all Nord Pool intraday customers have access to trade in 12 markets. These encompass new geographic trading areas and a larger intraday liquidity pool. We will help you make the most of this new opportunity.
Enter new markets
You are now able to trade Nord Pool intraday in France, The Netherlands, Belgium and Austria in addition to the Nordic, Baltic and German markets. The UK has no plan to launch XBID until 2019.
To be able to trade in the new market areas you must be a Nord Pool member and to set up a trading portfolio for the specific market. Contact our Customer Service to get this sorted.
Assess your readiness for XBID
Important changes and updates
Trade cancellation at go-live
Due to an error in trade cancellation functionality within the central XBID system, the new cancellation process will be limited until a solution has been deployed to production. For Nord Pool customers, this means:
- Trade cancellation requests will have to be made to Nord Pool by telephone as today. The new automatic solution in the trading client will be disabled until XBID has fixed the error.
- Trade cancellation requests can only be processed if the counterparty is a Nord Pool member
- Apart from this, the new cancellation rules remain, which means that Nord Pool approves cancellation if:
- the counterparty is a Nord Pool member
- there is available capacity to cancel the trade
- the request for trade cancellation is given within deadline i.e. call is received within 5 minutes after trade execution and not less than 20 minutes before gate closure
- Nord Pool also supports the ‘gentleman’s agreement’ in a case where the cancellation request is received outside of the deadline, as described in the new rulebook
- The new fee structure applies thus:
- If request for trade cancellation is given within the deadlines, fee only applies if trade is recalled
- If request for trade cancellation is given outside of the deadlines, a minimum fee of 3000 EUR applies regardless of outcome of the cancellation request
Trading and products
Trade recall requests can be triggered by the trader directly from our trading client and will be managed automatically by the system
- The price tick size will change across all markets from 0.1 to 0.01 EUR/MW
- Minimum size of customised block will increase from 1 to 2 hours
- The XBID order depth visibility (per sell and buy side) is limited to maximum 50 orders, or until sum of orders exceeds 600MW, but never less than 31 orders. The maximum number of orders shown in the order depth for User Defined Blocks is the same, but divided with the duration of the block contract (rounded down).
- The XBID order depth will no longer contain area information (flags) for public orders
Trade ticker is limited to displaying trades where a minimum one of the counterparties is a Nord Pool member
- Trade Ticker will not show the aggressor of the trade as it does today
- Due to all orders sent to the XBID system being anonymised, the current functionality in the system to prevent self-trading within a portfolio will not be present at XBID launch. However there will continue to be visual markers in the market information and order depth windows indicating a user’s own orders. Nord Pool is investigating other potential solutions for this.
- New cancelation process will not take effect from XBID go-live. Nord Pool will publish information about this as soon as agreed with the XBID central project.
Gate opening times and gate closing times change
Energy Identification Code (EIC) change affecting members trading in Germany and the Baltic countries
The Energy Identification Code (EIC) code has changed affecting Nord Pool members trading intraday in Germany and/or any of the Baltic countries.
For all nominations of intraday trades with delivery date 13 June 2018 and onwards, customers must use the new EIC code.
Nord Pool’s member test environment is fully configured and set up for XBID testing. Log in and test any time until XBID go-live.
What can I test?
- Nordic and Baltic members are able to test normal trading on XBID contracts
- If you are trading in Germany you will be able to trade on local contracts as well as XBID contracts, as scheduled in the timeline
- Trade in the new Nord Pool market areas; the Netherlands; Belgium; France and Austria
- To set up a test portfolio in one or all of the new markets, contact your local market manager
- Test how the changes listed below impacts trading and your internal systems
- Test your API solution
- Capacities are added ad-hoc during the normal test period (outside of the market trial period)
- UK members can trade as normal on local contracts, unaffected by XBID