Circular No 316 - Introduction of Intraday Products With Continuous Matching

Power Exchange India Limited
CIRCULAR
Circular No : PXIL/Operations/2020-2021/316
Date of Issue : December 14, 2020
Subject : Introduction of Intraday products with Continuous Matching
Dear Member(s),
In pursuance of its Rules, Byelaws and Business Rules, the Exchange hereby notifies the introduction of
Intraday products with continuous matching Contract w.e.f. Tuesday, December 15, 2020. The
Intraday Product with continuous matching methodology will have two sub products as under:
 I_DayStatic_C  I_DayDynamic_C
I_DayStatic_C stands for Intraday Static Continuous product (Hourly) having fixed hourly delivery
period (24 hourly slots) and accordingly matched.
I_DayDynamic_C stands for Intraday Dynamic Continuous product (Dynamic). Participants can choose
any Delivery Period (hours/15 minutes in a day), as per their requirement. Such orders for a delivery
period can match with opposite orders of the same delivery period.
In I_DayDynamic_C participants can choose From Delivery Time to Delivery Time in HH:MM format i.e.
in 15 min slots also as per Annexure A
The Matching for the I_DayStatic_C and I_DayDynamic_C shall be separate i.e. buy orders of
I_DayStatic_C will match with sell orders of I_DayStatic_C and vice versa. Similarly, buy orders of
I_DayDynamic_C will match with sell orders of I_DayDynamic_C and vice versa.
The trading timelines of the contracts is mentioned in Annexure B attached herewith.
The contract details of I_DayStatic_C and I_DayDynamic_C are provided in Annexure C.
All Members are requested to kindly take a note of it. The Exchange may add, extend, advance or
reduce trading hours by notifying the Members as and when it deems fit and necessary.
The gate closure time is 3 hours and 15 minutes before the start of delivery block for both the
Intraday Products at the Exchange end.
For both the above-mentioned products, the Application for scheduling will be created at the exchange
end immediately upon matching of bids. The trade participants have to provide their consent through
OPEN ACCESS (BILATERAL TRANSACTION) -CONCURRENCE FROM SLDC (in Format II) within
Thirty (30) minutes of receiving the OPEN ACCESS (BILATERAL TRANSACTION)- APPLICATION
FOR SCHEDULING (in Format I) and OPEN ACCESS (BILATERAL TRANSACTION) -CONCURRENCE
FROM SLDC (in Format II) from the Exchange end. The application will be made to the appropriate
RLDC / SLDC based on consent received from SLDC/Clients.
If consents are received by the exchange before the RLDC/SLDC delivery timelines for a particular
hour, then the application will be punched on RLDC/SLDC as per the formats generated/Matched bids
as those delivery hours will be accepted by RLDC as per their rules and regulations for Bilateral
transactions. In case consent from SLDC/Clients is received later an application will be made to the
concerned RLDC (S) / SLDC(S) for the permissible delivery time as per the RLDC/SLDC timelines. For
POWER EXCHANGE INDIA LIMITED 9th Floor, #901,Sumer Plaza, Marol Maroshi Rd, Andheri East, Mumbai, Maharashtra
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marketoperation@pxil.co.in www.powerexindia.com CIN: U74900MH2008PLC179152
Instance, if the RLDC application gate closure for from delivery hour 16:00 Hr is 13:30 Hr and the
consent is received at 13:35 Hr then the application shall be made from delivery hour 16:15 Hr.
For further details or any further assistance feel free to get in touch with Market Operations
Department on below mentioned phone or email.
Tel No : - +91- 22- 4009 6667/687/695 Fax No : - +91- 22- 4009 6690/ 33
Mobile No : +91-9167969003 Email :marketoperation@pxil.co.in
For and on behalf of

Power Exchange India Limited
Sd-
Mukti Prakash Marchino
A.VP & Head, Membership, Clearing and Settlement & Market Operations
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ANNEXURE A
Trading timelines of 15 Minutes Contract in Intraday Dynamic Continuous (I_DayDynamic_C)

Contracts:
Gate Closure Delivery Start Delivery End

Product
Time Time (Hours) Time (Hours)
I_DayDynamic_C 00:45 04:00 24:00
I_DayDynamic_C 01:00 04:15 24:00
I_DayDynamic_C 01:15 04:30 24:00
I_DayDynamic_C 01:30 04:45 24:00
I_DayDynamic_C 01:45 05:00 24:00
Subsequent Time Blocks
I_DayDynamic_C 19:45 23:00 24:00

I_DayDynamic_C 20:00 23:15 24:00
I_DayDynamic_C 20:15 23:30 24:00
I_DayDynamic_C 20:30 23:45 24:00
I_DayDynamic_C 20:45 00:00 24:00
These delivery timelines are applicable only for I_DayDynamic_C product. Participants can enter orders
from any 15 minutes slots to any other any 15 minutes slots as per their requirements. Even hourly
orders would be accepted by the system.
For Example:
Let us consider a case:
Participant Delivery slot (Hour) Quantity (MW) Rate (Rs/MWH)

Buyer Order 04:00-04:15 100 3000
04:15-04:30 100 3000
04:30-04:45 100 3000
04:45-05:00 100 3000
Seller Order 04:00-04:15 50 3000

04:15-04:30 100 3000
04:30-04:45 100 3000
04:45-05:00 50 3000
In this case, the buyer and seller will match instantly and the quantity will be matched as per the
quantum entered by seller in each block as partial clearance is possible in I_DayDynamic_C product.
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ANNEXURE B
Trading timelines of Intraday Static Continuous (I_DayStatic_C) Contracts:
For Same (T) Day Delivery (E.g., DD:10 June) For Next (T+1) Day Delivery (E.g., DD: 11 June)
Gate Gate
Token Delivery Delivery Token Delivery Delivery End
Closure Closure
Short Code Start Time End Time Short Code Start Time Time
Time Time
1006200505 04:00 24:00:00 00:45 - - - -
1006200606 05:00 24:00:00 01:45 - - - -
1006200707 06:00 24:00:00 02:45 - - - -
1006200808 07:00 24:00:00 03:45 - - - -
1006200909 08:00 24:00:00 04:45 - - - -
1006201010 09:00 24:00:00 05:45 - - - -
1006201111 10:00 24:00:00 06:45 - - - -
1006201212 11:00 24:00:00 07:45 - - - -
1006201313 12:00 24:00:00 08:45 - - - -
1006201414 13:00 24:00:00 09:45 - - - -
1006201515 14:00 24:00:00 10:45 - - - -
1006201616 15:00 24:00:00 11:45 - - - -
1006201717 16:00 24:00:00 12:45 - - - -
1006201818 17:00 24:00:00 13:45 - - - -
1006201919 18:00 24:00:00 14:45 - - - -
1006202020 19:00 24:00:00 15:45 - - - -
1006202121 20:00 24:00:00 16:45 - - - -
1006202222 21:00 24:00:00 17:45 - - - -
1006202323 22:00 24:00:00 18:45 - - - -
1006202424 23:00 24:00:00 19:45 1106200101 0:00 24:00:00 20:45
- - - - 1106200202 1:00 24:00:00 21:45
- - - - 1106200303 2:00 24:00:00 22:30
The token shall be in the form of DDMMYYHRHR= DD-Delivery date, MM-Month, YY-Year, HR-End of
Slot hour for the Delivery from Hourly Time slot E.g.: If Delivery Date is 10th June 2020, Delivery period
12:00-24:00Hrs than token short code is 1006201313.
After the expiry of token at token end time specified above, the delivery of the said hour given in table
will not be allowed. For Instance, if token with short code 1006200505 expires, the delivery of hour
04:00-05:00 will not be allowed further for order entry.
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ANNEXURE C
I_DayStatic_C & I_DayDynamic_C Contract Specifications:
Type of Market I_DayDynamic_C & I_DayStatic_C Continuous on a Term Ahead Basis

Trading System PRATYAY
Type of Contract Firm Delivery Contract
As per Matching Rules of Exchange specified in circular no
Matching Methodology PXIL/Operations/2019-2020/00279 dated January 18, 2020.
Trading Hours Round the clock (RTC)
1) FAK acronym for Fill and Kill means the quantity which can
be matched against resting order according to the matching rules
will be matched and balance will be immediately cancelled.
FAK type orders will never rest in the order book.
2) FOK acronym for Fill or Kill means either entire order quantity
Type of Orders is matched against resting order according to the matching rules or
the order will be cancelled i.e. either order will be matched fully
or is cancelled. FOK type orders will also never rest in the order book.
3) Limit orders will rest in the order book until matched according to the
Matching rules or cancelled either by the bidder or the session end.
For more details, please refer circular: PXIL/Operations/2020-21/

Hourly contracts for I_DayStatic_C
Delivery Period and
15 minutes and multiples of 15 minutes contract for I_DayDynamic_C
Delivery Minimum Order
1 MW
Volume
Minimum Volume
Quotation Step 1 MW
Minimum Price Quotation
Rs. 1 per MWh
step
The delivery point shall be on the state/regional periphery of the
Delivery Point selling entity
The transmission charges to be paid by the buyers and sellers for Exchange
Transactions would be as laid down under the Central Electricity Regulatory
Commission (Open Access in inter-State Transmission) Regulations, 2008
Transmission charges and Central Electricity Regulatory Commission (Sharing of Inter-State
Transmission Charges and Losses) Regulations, 2010, as amended from time
to time and would be payable to the Exchange in cash.
The delivery point shall be at the Regional periphery of the respective Seller
and Buyer. Hence, the following shall be applicable.
Buyer shall bear the operating charges to be paid to the RLDC of the region
and SLDC of the state in which Buyer is located.
Seller shall bear the operating charges to be paid to the RLDC of the region
Operating Charges and SLDC of the state in which Seller is located.
In case both the Buyer and Seller are from the same Region then the RLDC
operating charges shall be shared equally between the Buyer and the Seller.
In case of intermediate region, the intermediate RLDC operating charges
shall be shared equally between the Buyer and the Seller. Please refer
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circular: PXIL/Operations/2016-2017/207
The losses would be charged and handled as per the Central Electricity
Regulatory Commission (Open Access in inter-State Transmission)
Regulations, 2008 and Central Electricity Regulatory Commission (Sharing
Transmission Losses of Inter State Transmission Charges and Losses) Regulations, 2010 as
amended from time to time.
As per Matching Rules of Exchange specified in circular no
Traded Price
PXIL/Operations/2019-2020/00279 dated January 18, 2020.
Payable to the Exchange by the Buyer and the Seller @ 2paise per
Transaction Fees
KWh.
105% of cost of power (COP) value for Buy orders only. System at the receipt
of the orders will check for Pre-bid margin and will not accept Orders if
Pre- Bid Margin
sufficient margin is not available.
100% of cost of power (COP) value for Buy orders only. This margin would
be applied at the time of Application creation. Charge margin on buy side.
The Margin shall be recomputed on Application Acceptance. Released on
Post Trade Charge Margin
Payment of obligation on
Pay-in Day.
Pay-in will be done on T+1 day. All Pay-in will be done to the Exchange by
Pay-in
11:00 Hrs.
Pay-out will be done on T+2 day to Sellers. All Payouts will be done after
Pay-out
11:00 Hrs.
Continuous Matching:
The Continuous Matching shall as per the Circular No: PXIL/Operations/2019-2020/00279 dated
January 18, 2020 (Introduction of CONTINUOUS TRADE MATCHING in new Trading system PRATYAY).
I_DayStatic_C (Static Continuous) product:
 The product consists of hourly contract where participants will get order and get hourly
delivery.
 The bidding gate closure for a specific hour will be as per the Annexure B.
 The price discovery shall be as per Circular No: PXIL/Operations/2019-2020/00279
 The matching will be separately for each hourly slots (delivery hours).
 In case of contiguous orders say from 10:00 to 14:00 hrs., depending on the counter orders,
orders of any hours may match and any hours can remain unmatched.
 Buy orders of I_DayStatic_C will only match with sell orders of I_DayStatic_C and vice versa
I_DayDynamic_C (Dynamic Continuous) Product:
 Participants can enter orders (From Delivery Time to Delivery Time) based on their
requirement, and the same will act as a token for further processing.
 As soon as participants enter order in the system, the system creates a contract for the
specified delivery automatically.
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 All Members can view the orders and accept the orders or put a counter order.
 In case of contiguous orders, say from 10:15 to 14:30 hrs. Such orders for a delivery period can
match with opposite orders of the same delivery period (from 10:15 to 14:30 hrs.). However,
partial quantity may get matched.
 The bidding gate closure for a specific hour will be as per the Annexure A.
 The price discovery shall be as per Circular No: PXIL/Operations/2019-2020/00279
 Buy orders of I_DayDynamic_C will only match with sell orders of I_DayDynamic_C and vice
versa
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Illustrations of Cases
1. I_DayStatic_C (Static Continuous) product:

Case 1:
Seller A entered a sell order from 18:00 to 20:00 Hrs for 100 MW at Rs. 2450.00/- per MWH for
each hourly slot. Buyer B has entered for same delivery slot to fulfill his requirement of 100MW
at Rs. 2450.00/-per MWH for each hourly slot. Consider the orders are entered before gate
closure for 18:00-19:00 hour delivery (14:45 Hour is gate closure time for this particular
hour). Since the matching is continuous in nature, orders once entered and found a match will
be matched instantly.
Participant Time Slot Quantity(in MW) Rate(in Rs./MWH)

Seller A 18:00 to 20:00 Hrs 100 2450
Buyer B 18:00 to 20:00 Hrs 100 2450
The seller A and Buyer B order will match for 18:00 to 20:00 Hrs for 100 MW at Rs. 2450.00/-
per MWH. After 14:45 Hour the orders for 18:00-19:00 hour will be rejected by system as it
will be past gate closure for the specified hour.
Instant Matching will

take place
before 14:45 Hrs
Case 2:
Here The Seller A has entered a sell order from 18:00 to 19:00 Hrs for 100 MW at Rs. 2500.00/-
per MWH for each hourly slot. Buyer B has also entered for same delivery slot to fulfill his
requirement of 100MW at Rs. 2500.00/-per MWH for each hourly slot.
Seller A 18:00 to 19:00 Hrs 100 2500
Buyer B 18:00 to 20:00 Hrs 100 2500
The order from 18:00 to 19:00 Hrs will match and the buy order from 19:00 to 20:00 Hrs will
remain as unmatched order and will be carried forward for further matching in subsequent
hours until the gate closure of the specified hourly slot. The result of this scenario is as shown
below.
After 14:45 Hour the orders for 18:00-19:00 hour will be rejected by system as it will be past
gate closure for the specified hour

take place
before 14:45 Hrs
Case 3:
In this case, Orders are entered before 13:45 hour from participating entities as under.
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Seller A 18:00 to 21:00 Hrs 100 2500
Buyer B 17:00 to 20:00 Hrs 100 2500
In static product, the orders are stored in separate slots of 1 hour each. Post matching before
13:45 hour, the quantity will be matched from 18-20 hours as these are the match-able orders
available in the system. The orders in other hours remain open for further matching in case
new counterpart orders are available in the system for further matching.
Post 13:45 hours, the order for the hour 17:00-18:00 will expire and only the order for 20:00-
21:00 hour will remain open for further matching.
If the order is entered after 13:45 hrs, the order for 17:00-18:00 hour will be rejected and the
other orders will be accepted in the system as the time has passed the gate closure time for the
specified hour. The matching results will be same as the above case illustrates.
If the order is entered after 14:45, the order for the slot 18:00 - 19:00 hour will get rejected and
the other orders will remain active get matched as per the counter orders available in the
system and only the order for delivery hour 20:00- 21:00 will remain open.
2. I_DayDynamic_C (Dynamic Continuous) product:
Case1:
The Seller A has entered a sell order from 18:00 to 20:00 Hrs for 100 MW at Rs. 2450.00/- per
MWH for each hourly slot. Buyer B has also entered for same delivery slot to fulfill his
requirement of 100MW at Rs. 2450.00/-per MWH for each hourly slot. Consider the orders are
entered before gate closure for 18:00-19:00 hour delivery (14:45 Hour is gate closure time for
this particular hour). Since the matching is continuous in nature, orders once entered and
found a match will be matched instantly. In Dynamic Continuous product, the orders will be
stored as complete block as entered in the system. Once the gate closure for the starting hour
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of the block expires, the whole block order gets cancelled.
Participant Time Slot Quantity (in MW) Rate (in Rs./MWH)

Seller A 18:00 to 20:00 Hrs 100 2450
Buyer B 18:00 to 20:00 Hrs 100 2450

take place
before 14:45 Hrs
Case 2:
Here the Seller A has entered a sell order from 18:00 to 19:00 Hrs for 100 MW at Rs. 2500.00/-
per MWH for each hourly slot. Buyer B has also entered for same delivery slot to fulfill his
requirement of 100MW at Rs. 2500.00/-per MWH for each hourly slot.
Participant Time Slot Quantity (in MW) Rate (in Rs./MWH)

Seller A 18:00 to 19:00 Hrs 100 2500
Buyer B 18:00 to 20:00 Hrs 100 2500
In dynamic product, the delivery period of sell side does not match with the buy side. Hence,
the orders will remain unmatched and open until a counterpart with same delivery period is
available for matching or until gate closure. In dynamic product, partial clearance is also
possible but the delivery period must be same. After gate closure, the whole order will expire
and will not be available for matching i.e., after 14:45 Hrs, the whole block of order will expire
as shown below.
Special Case:
In this case, Seller A and Buyer B have entered 2 orders for a single hour i.e., 16:00-17:00 Hrs but at a
different rate. Please refer the table below.
Participant Time Slot Quantity Rate (in Time of order Gate
(in MW) Rs./MWH) Closure
Seller A 16:00-17:00 Hrs 100 3000 11:30 Hrs 12:45 Hrs
Buyer B 16:00-17:00 Hrs 100 3000 11:31 Hrs 12:45 Hrs
Seller A 16:00-17:00 Hrs 150 2500 11:32 Hrs 12:45 Hrs
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Buyer B 16:00-17:00 Hrs 150 2500 11:33 Hrs 12:45 Hrs
At 11:31 Hrs, the orders of buyer B and seller A will match instantly. However, if the seller and buyer
wish to buy more power and the orders match at a different rate at 11:33Hrs as shown in the table
above. In such cases, 2 applications will be made for same hour as the rates at which matching is done
for both the applications are different. Under such cases there will be 2 applications made between
same parties for 100 MW for Time slot 16:00-17:00 Hrs & 150 MW for Time slot 16:00-17:00 Hrs at Rs.
3000 /MWH and Rs. 2500/MWH respectively.
However, if the seller A and buyer B enter orders into PRATYAY as per the table below, then a single
application will be made with the collated quantity in case the application for the first trade that is at
11:31 Hrs is not made. A single application will be made for 250 MW for time slot 16:00-17:00 Hrs at
Rs. 2750 /MWH.
Participant Time Slot Quantity Rate (in Time of order Gate Closure
(in MW) Rs./MWH)
Seller A 16:00-17:00 Hrs 100 2750 11:30Hrs 12:45 Hrs
Buyer B 16:00-17:00 Hrs 100 2750 11:31Hrs 12:45 Hrs
Seller A 16:00-17:00 Hrs 150 2750 11:32Hrs 12:45 Hrs
Buyer B 16:00-17:00 Hrs 150 2750 11:33Hrs 12:45Hrs
This will be applicable for both I_DayStatic_C & I_DayDynamic_C product.
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Power Exchange India Limited

The trading timelines of the contracts is mentioned in Annexure B attached herewith.

The contract details of I_DayStatic_C and I_DayDynamic_C are provided in Annexure C.

For and on behalf of

Trading timelines of 15 Minutes Contract in Intraday Dynamic Continuous (I_DayDynamic_C)

Gate Closure Delivery Start Delivery End

Subsequent Time Blocks

I_DayDynamic_C 19:45 23:00 24:00

Participant Delivery slot (Hour) Quantity (MW) Rate (Rs/MWH)

Seller Order 04:00-04:15 50 3000

I_DayStatic_C & I_DayDynamic_C Contract Specifications:

Type of Market I_DayDynamic_C & I_DayStatic_C Continuous on a Term Ahead Basis

For more details, please refer circular: PXIL/Operations/2020-21/

I_DayStatic_C (Static Continuous) product:

I_DayDynamic_C (Dynamic Continuous) Product:

1. I_DayStatic_C (Static Continuous) product:

Participant Time Slot Quantity(in MW) Rate(in Rs./MWH)

Instant Matching will

Instant Matching will

2. I_DayDynamic_C (Dynamic Continuous) product:

Participant Time Slot Quantity (in MW) Rate (in Rs./MWH)

Instant Matching will

Participant Time Slot Quantity (in MW) Rate (in Rs./MWH)

This will be applicable for both I_DayStatic_C & I_DayDynamic_C product.

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