The Iberian Energy Clearing House

The Iberian Energy Clearing House, trading as OMIClear, C.C., S.A., is a Portuguese clearing house and central counterparty (CCP) that has provided clearing and settlement services since 3 July 2006. It was established following approval by the Portuguese Securities Market Commission (CMVM) and operates as part of the OMI Group, the Iberian market operator group that also includes the OMIP power derivatives exchange and the OMIE spot electricity market. OMIClear is the entity through which trades executed on connected Iberian energy markets are novated, meaning it becomes buyer to every seller and seller to every buyer from the moment an order is matched or a bilateral over-the-counter trade is registered and accepted for clearing. OMIClear's core business is the clearing and settlement of Iberian and non-Iberian power derivatives contracts traded or registered on the OMIP SGMR regulated market, as well as natural gas derivatives contracts at the PVB-ES virtual trading point traded or registered across connected markets including OMIP SGMR, MIBGAS Derivatives and MIBGAS. The company positions itself as a pioneer in implementing innovative solutions and as a clearing house whose markets are integrated with Europe. Its services are aimed at energy market participants — generators, suppliers, traders and industrial consumers — who need counterparty risk mitigation and efficient settlement for their exchange-traded and OTC energy derivative positions. On 31 October 2014, following the implementation of the European Market Infrastructure Regulation (EMIR, Regulation (EU) No 648/2012), OMIClear was approved by CMVM and the other members of the EMIR College to operate as an 'authorised CCP'. It is included in the list of central counterparties authorised to offer services and activities in the European Union published by the European Securities and Markets Authority (ESMA), and it is a member of the European Association of CCP Clearing Houses (EACH). CMVM acts as OMIClear's national competent authority, responsible for ongoing supervision of its activity and its compliance with EMIR obligations. OMIClear operates within a wider Iberian market infrastructure. Its connected markets include OMIP - Pólo Português, S.G.M.R., S.A., a regulated market under MiFID II, and Mibgas Derivatives S.A., an organised market. The group's integrated report describes OMIClear as a company in the process of diversification, reflecting its expansion beyond pure power derivatives into natural gas clearing and related services. Through its role as a CCP, OMIClear supports the functioning of the Iberian electricity and gas derivatives markets and contributes to the integration of those markets with the broader European framework for central clearing.

OMIClear, C.C., S.A. began operations as a clearing house and central counterparty in July 2006, following approval by the Portuguese Securities Market Commission (CMVM). It was established within the OMI Group, the Iberian market operator structure that also encompasses OMIP (the Portuguese power derivatives exchange) and OMIE (the Spanish-Portuguese spot electricity market operator). From the outset, OMIClear's role was to interpose itself between buyers and sellers of energy derivatives, becoming the central counterparty through novation once trades were matched on connected markets or registered as bilateral OTC transactions. In its early years, OMIClear focused on clearing and settlement of power derivatives contracts traded or registered on the OMIP SGMR regulated market, serving the emerging Iberian electricity derivatives market. The company's activities were supervised by CMVM as its national competent authority. Over time, OMIClear expanded its service scope to include natural gas derivatives, clearing contracts at the PVB-ES virtual trading point across connected markets including OMIP SGMR, MIBGAS Derivatives and MIBGAS. A major regulatory milestone came on 31 October 2014, when OMIClear was approved by CMVM and the other members of the EMIR College to act as an 'authorised CCP' under the European Market Infrastructure Regulation (EMIR, Regulation (EU) No 648/2012). This authorisation allowed OMIClear to provide clearing services across Europe in compliance with the EU's post-crisis derivatives market reforms. Following authorisation, OMIClear was included in ESMA's list of central counterparties authorised to offer services and activities in the European Union, and it became a member of the European Association of CCP Clearing Houses (EACH). OMIClear has continued to develop its service offering and market connectivity. Its connected markets include OMIP - Pólo Português, S.G.M.R., S.A., a regulated market as defined under MiFID II, and Mibgas Derivatives S.A., an organised market. The OMI Group's integrated report describes OMIClear as a company in the process of diversification and a pioneer in implementing innovative solutions, with markets integrated with Europe. Through its CCP role, OMIClear supports counterparty risk management and settlement efficiency for Iberian and non-Iberian energy market participants, contributing to the integration of the Iberian energy derivatives markets within the broader European clearing landscape.

• OMIClear begins activity as a clearing house and central counterparty following approval by CMVM.

• OMIClear is approved by CMVM and the EMIR College as an 'authorised CCP' under EMIR.

• GME, HENEX, OKTE, OMIE and OTE, as NEMO Initiators, launch the NEMO Transparency Platform.

• OMIE launches a daily price spread index for the Iberian market.

• OMIE implements 96-gate trading in the continuous intraday market.

Pioneer in the implementation of innovative solutions; markets integrated with Europe; clearing and settlement services delivered with excellence, professionalism and best practices.

• Power derivatives clearing

  Clearing and settlement services for Iberian and non-Iberian power derivatives contracts traded or registered on the OMIP SGMR regulated market.

• Natural gas derivatives clearing

  Clearing and settlement services for natural gas derivatives contracts at the PVB-ES virtual trading point, traded or registered across connected markets OMIP SGMR, MIBGAS Derivatives and MIBGAS.

• Central counterparty (CCP) novation

  OMIClear becomes buyer to every seller and seller to every buyer from the moment an order is matched or a bilateral OTC trade is registered and accepted for clearing.

1. 1OMIClear official websiteomiclear.pt
2. 2About us | OMIClearomiclear.pt
3. 3The Iberian Energy Clearing House - Wikidatawikidata.org