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Exchange Technology Platform

Overview

Exchange Technology Platform

Our Exchange Technology Platform is built on a state-of-the-art, component-based flexible architecture designed to meet the rigorous demands of trading participants. At its core lies the trading system, which supports the seamless execution of trades across multiple market segments. With key functionalities such as anonymous order matching, real-time reference pricing, and dynamic margin monitoring, the platform ensures price transparency and delivers prompt, reliable order routing, trade reporting, and market data dissemination, all while maintaining robust market surveillance. Central to this trading system is the highly trusted matching engine, which has consistently earned the confidence of market participants. This engine not only facilitates efficient and rapid price discovery but is also engineered to maximize Social Welfare in line with CERC Power Market Regulations.

Our trading platform provides members with the flexibility to place bids using three distinct trading interfaces, each tailored to different needs and preferences:

Trading System Interfaces

1. Standalone User Interface (Desktop Client Applications)

These are desktop client applications (TWS and MAT) provided by the Exchange, designed for members who prefer a robust and feature-rich interface. The standalone application offers a high-performance environment with a dedicated MPLS/VPN connection to the Exchange, ensuring seamless access to the platform's full capabilities. It is ideal for users who require deep integration with their trading workflows, providing them with a stable and secure interface for executing trades, monitoring market activity, and accessing detailed analytics.

The Trader Workstation (TWS) is used by traders to place bids on the Exchange while Member Admin Terminal (MAT) is used by members to place bids on behalf of its users and to do surveillance of users on real time basis. TWS and MAT supports all market segments including iDAM, RTM, TAM, REC and TRAS.

2. Web-Based User Interface (Standard Web Browser)

For users seeking convenience and accessibility, our platform offers a web-based interface that can be accessed through any standard web browser, such as Google Chrome. This interface is designed to be user-friendly and accessible from anywhere, without the need for additional software installations. It provides a streamlined experience, allowing members to place bids, view real-time market data, and manage their accounts from any device with internet access. The web interface is ideal for users who prioritize flexibility and the ability to trade on the go. The web interface can be conveniently used to place bids across all the market segments including iDAM, RTM, TAM, REC and TRAS.

3. Application Programming Interface (API)

For members with more sophisticated trading needs, we offer an API that allows for seamless integration into client’s applications. This API enables direct interaction with our platform, allowing users to automate their trading processes, customize their workflows, and integrate the platform's functionalities into their own systems. The API supports a wide range of operations, from order placement and trade data retrieval to real-time monitoring. It is particularly suited for high-frequency trading firms, and institutions that require tailored solutions to enhance their trading strategies. APIs are available for iDAM and RTM market segments.

Each of these interfaces is designed to ensure secure, reliable, and efficient access to the trading platform, catering to the diverse needs of our members while maintaining the high standards of performance and transparency that define our exchange. The schematic diagram below depicts Exchange’s core trading system along with key trading components.

Trading Flow

Exchange Admin Terminal (EAT)

Beyond the core trading system, the Exchange Platform is equipped with two crucial components: the Exchange Admin Terminal (EAT) and the Clearance and Settlement System (CnS). These systems are designed to streamline the operational and financial aspects of the exchange, ensuring smooth, secure, and efficient market operations.

The Exchange Admin Terminal (EAT) is an internal application that serves as the operational hub for the Exchange’s Market Operation team. It provides a powerful interface for efficiently managing daily operational tasks across all market segments. Through the EAT, the Market Operation team can monitor and oversee the execution of market rules. This terminal is integral to ensuring that the trading environment remains orderly, transparent, and compliant with regulatory standards.

Clearance and Settlement System (CnS)

The Clearance and Settlement System (CnS) is the backbone of the Exchange’s post-trade operations. This sophisticated application facilitates seamless end-to-end clearance and settlement processes, facilitating both the delivery of traded electricity by integration with NLDC systems and the financial settlements associated with those trades. The CnS system is fully integrated with banking systems and corporate finance functions, enabling the automated processing of payments. To further safeguard the integrity of the exchange, the platform continuously monitors capital adequacy by tracking each member’s margin utilization and exposure limits in real time. These exposure limits are dynamically calculated by the CnS system based on each member’s available collateral and bank balances, with predefined haircuts applied where necessary, thereby ensuring that all trades are adequately backed by sufficient financial resources.