OMIP (Operador do Mercado Iberico de Energia), a Portugal-based power market derivatives exchange, has commenced live operation using Trayport’s GlobalVision Exchange Trading System. Trayport is a UK-based provider of exchange trading systems.

Trayport’s Exchange Trading System has replaced OMIP’s previous trading platform and will support the MIBEL Derivatives Market. Using the GlobalVision Exchange Trading System, OMIP will start offering inter-period and inter-product spreads driven by Trayport’s spread functionality and also introduce a range of new opening and closing auctions.

For OMIP’s members, GlobalVision Exchange Trading System will provide the option of accessing the OMIP market through a dedicated front end or the Trayport GlobalVision Trading Gateway. OMIClear, OMIP’s fully owned central counterparty clearing house, will also directly link to the exchange platform.

Jorge Simao, board member at OMIP, said: “After four years of successfully developing the Iberian power derivatives market, OMIP has entered the next phase, enabling continued success and growth through the deployment of Trayport’s Exchange Trading System, enhanced with relevant features to fit OMIP’s market model proven design. Trayport’s Exchange Trading System will provide a standard, robust and swift trading environment that will boost liquidity and is a major step for OMIP to consolidate its status as a reference player in the energy exchange business.”