Terminology CalculatioExplanation

Accout balance 50000 The guarantee deposited for the GasForward CCP platform (ex: Ba
Initial order margin -3000 The guarantee withheld for orders open to the market after the conc
Open position Margin -27000 The guarantee withheld for Netted Positions* initial margin referenc
Variation margin (2 types) 0 The guarantee withheld or cleared/compensated for the price risk o
Positive exposure 0 Positive exposure calculation (see formula)
Negative exposure 0 Negative exposure calculation (see formula)
Adjusted variation margin 0 The
Initialvariation
margin ofmargin which is effectively
the orders+the margin ofused towards
the open the trading
position+ li
the adj
Net margin within the trade -30000
Physical delivery margin 0 Only calculated in the last day of trading a product.
Daily settlement price 100 TO BE INTRODUCED (MARKET PRICE OF THE CURRENT DAY)
Net positions 90 Number of open buying and selling positions (Number of contracts
Transaction sense C The sense of transaction
Transaction MWh Quantity 2790 Number of MWh traded
Transaction Contract Quantity 90 Number of traded contracts at a unique price within a transaction (T
Transaction price 100 The price of the transaction
Transaction limit (+) or Margin Call (-) 20000 Transaction limit (+) or Margin Call (-)

Unique transaction scenario for a BUYER initially set for a monthly product with an initial margin o

In order to simulate portfolio situations and

scenarios introduce/modify values
highlighted with YELLOW and with RED
writing (Daily settlement price, simulated
transactions and account balance)

Extra formula support

Unlimited positive exposure -27000
Sign change for position margin calculation 27000

Positive exposure limited to maximum compensation -27000

Reference value for the initial margin 300
Nr of MWh/ contract 31
Nr of contracts within open orders 10
GasForward CCP platform (ex: Bank letter of guarantee)
s open to the market after the conclusion of a trading session valid for at least the next day. (initial margin reference value/ contracts in lei)
d Positions* initial margin reference value/contracts in lei
d/compensated for the price risk of the transaction reported to the market price (daily settlement price). Positive value (C6) OR negative val

ectively
argin ofused towards
the open the trading
position+ limit. In variation
the adjusted case of amargin
positive variation margin (+) the highest value will be of up to the initial margin for open p

trading a product.
PRICE OF THE CURRENT DAY)
ng positions (Number of contracts bought- Number of contract sold and vice versa) for a product. (No need for mixed calculations within this

unique price within a transaction (This simulator only simulates a unique transaction at a unique price)

duct with an initial margin of 300 lei/ contract and 31 MWh/contract (ex: December)
erence value/ contracts in lei)

ve value (C6) OR negative value (C7)

p to the initial margin for open positions; the algebric sum of the two values is maximum 0. In case of a negative variation margin, the negati

r mixed calculations within this simulator.)

ve variation margin, the negative value is considered (you cannot compensate – with -)
Terminology CalculatioExplanation
Accout balance 50000 The guarantee deposited for the GasForward CCP platform (ex: B
Initial order margin 0 The guarantee withheld for orders open to the market after the con
Open position Margin -27000 The guarantee withheld for Netted Positions* initial margin referen
Variation margin (2 types) -139500 The guarantee withheld or cleared/compensated for the price risk
Positive exposure 0 Positive exposure calculation (see formula)
Negative exposure -139500 Negative exposure calculation (see formula)
Adjusted variation margin -139500 The
Initialvariation
margin ofmargin which is effectively
the orders+the margin ofused towards
the open the trading
position+ the ad
Net margin within the trade -166500
Physical delivery margin 0 Only calculated in the last day of trading a product.
Daily settlement price 150 TO BE INTRODUCED (MARKET PRICE OF THE CURRENT DAY
Net positions 90 Number of open buying and selling positions (Number of contracts
Transaction sense V The sense of transaction
Transaction MWh Quantity 2790 Number of MWh traded
Transaction Contract Quantity 90 Number of traded contracts at a unique price within a transaction (
Transaction price 100 The price of the transaction
Transaction limit (+) or Margin Call (-) -116500 Transaction limit (+) or Margin Call (-)

Unique transaction scenario for a

SELLER initially set for a monthly
product with an initial margin of 300
lei/ contract and 31 MWh/contract (ex:
December)

In order to simulate portfolio situations and

scenarios introduce/modify values
highlighted with YELLOW and with RED
writing (Daily settlement price, simulated
transactions and account balance)

Extra formula support

Unlimited positive exposure -27000
Sign change for position margin calculation 27000
Positive exposure limited to maximum compensation -27000
Reference value for the initial margin 300
Nr of MWh/ contract 31
Nr of contracts within open orders 0
GasForward CCP platform (ex: Bank letter of guarantee)
s open to the market after the conclusion of a trading session valid for at least the next day. (initial margin reference value/ contracts in lei)
d Positions* initial margin reference value/contracts in lei
d/compensated for the price risk of the transaction reported to the market price (daily settlement price). Positive value (C6) OR negative val

ectively
argin ofused towards
the open the trading
position+ limit. In variation
the adjusted case of amargin
positive variation margin (+) the highest value will be of up to the initial margin for open p

trading a product.
PRICE OF THE CURRENT DAY)
ng positions (Number of contracts bought- Number of contract sold and vice versa) for a product. (No need for mixed calculations within this

unique price within a transaction (This simulator only simulates a unique transaction at a unique price)
erence value/ contracts in lei)

ve value (C6) OR negative value (C7)

p to the initial margin for open positions; the algebric sum of the two values is maximum 0. In case of a negative variation margin, the negati

r mixed calculations within this simulator.)

ve variation margin, the negative value is considered (you cannot compensate – with -)