– Structure and market participants
The basis for the RTRS operations is:
· Exchange (i.e. Towarowa Giełda Energii S.A., TGE), which organises the trade and keeps the listing on RTRS for commodities allowed for trading;
· Exchange Clearing House / House (i.e. Exchange Clearing House operated by Izba Rozliczeniowa Giełd Towarowych S.A./ IRGIT), which organises and manages the transaction security system and conducts settlement and clearing of transactions made via the Exchange;
· Authorised Warehouses, which – having been approved by the Exchange for the participation in the Authorised Warehouse System (System Magazynów Autoryzowanych, SMA) – are responsible for verifying and maintaining the quality of goods traded on the Exchange and clear goods subject to transactions made on the Exchange, making the physical transfer of goods from the seller to the buyer possible.
What is more, the activities of RTRS are supported by the following entities:
· Brokerage houses/ brokers, which, as professional market participants, act as intermediaries facilitating the execution and settlement of exchange transaction for end trading partners, that is the sellers and buyers of physical commodities within the Exchange who do not have the Exchange Member status;
· Appeal Laboratories, the role of which is to carry out appeal laboratory tests upon an order from the trade participants with the aim to determine whether a specific batch subject to an exchange transaction meets the quality requirements specified by the Exchange;
· Control and authorisation unit, which, upon the Exchange’s order, verifies whether entities applying for being included in the Authorised Warehouses System or already operating within the System meet the technical and organisational requirements.