HUDEX Hungarian Derivative Energy Exchange



New member of HUPX group has been granted operating license for regulated market by the Hungarian Central Bank, MNB

Budapest, 11/12/2017: Hungarian Derivative Energy Exchange, HUDEX, has arrived to a major milestone, having received the operating license for regulated market from the Hungarian Central Bank, MNB. Following the license received this May to establish a company for Financial Exchange, during the second phase of the authorization process, the exchange had to meet numerous requirements to start on the 3rd of January.


Given that physical futures products having been traded so far on HUPX and CEEGEX PhF markets will be subject to MiFID II EU financial regulation from the 3rd of January 2018, the trading of these products will take place on HUDEX Derivative Energy Exchange under the authority of MNB, the Hungarian Central Bank. Trading of financial instruments under MiFID II requires stricter regulation, thus for issuing the operating license, higher security, data protection, information technology and reporting procedures for MNB and for ESMA has had to be developed accordingly.

“Trading on a Financial Futures market requires an even greater degree of professionalism both from the exchange and from its members. This knowledge is already available within HUPX Group, while in case of our members, stricter application requirements, trader exam and Know Your Customer compliance procedure ensure it,” said Peter Tóth Chairman of the Board of HUDEX and CEO of HUPX Ltd. “Besides procedures for meeting the requirements of the operating license, our company has been working successfully on the recruitment of the members, thus HUDEX will start with more than 30 members,” - he added.

Hungarian power and gas futures trading will be available on HUDEX with one membership. While the gas futures products will be always physically delivered, in case of power, physical delivery can be requested on the members’ open positions and will be delivered on the HUPX DA Market. Bids can be placed on the platform of Trayport GlobalVision, which is a system known and trusted across Europe and which one is in use for the current PhF markets. The European Commodity Clearing AG (ECC) will remain the Clearing House for electricity traded products, while in case of gas trading, the Keler CCP Ltd continues providing the clearing services. Day Ahead and Intraday power products will still be available on HUPX, while spot gas products on CEEGEX.