EFET Master Agreement - Gas

Nivel 3

ecological-concept-greenhouse-gas-emissi
15 februarie 2022

Master Agreements provide a vital role in managing the process of energy trading. By trading under a Master Agreement counterparties do not need make complicated legal and commercial arrangements for each deal, and can instead concentrate on the deal itself. The relevant Master Agreement covers a wide range of areas including credit, netting, confirmation and settlement to simplify and standardize the trading process.

The EFET-Master Agreement for the trade of natural gas has been drafted by EFET and is an umbrella agreement which comprises of General Terms and Conditions on supply, payment, settlement risks, risks of failure, netting compensation and the term. This applies to each of the underlying transaction.

This course is organized in collaboration with Entrima, founded (2014) to provide a solution to market participants for the influx of regulation of capital and energy markets. Various regulatory packages require staff training; education being a mandatory part of the compliance framework. Interpretation of case studies requires specific knowledge of markets, products, prices and trading, as well as value chains of metals, agricultural products, oil, gas, coal and electricity

  • Introduction to master agreements

    • Basics and what is covered

    • General provisions versus commercial terms

  • Contents of legal frameworks

    • About rights & obligations

    • Payment due dates, business days, timetables

  • Types of master agreements

    • ISDA, EFET, GTMA, IETA and SCoTA frameworks

  • Risks

    • Types of risk: legal, operational, credit, political risks

    • Risk management under master agreement

  • EFET master agreement for gas

    • Supported transactions

    • Implied parties

    • Requirements

  • Negotiating the Election Sheet to the EFET Master Agreement – Gas

    • Main part of the document

  • Confirmation process

    • About deal confirmation and automatized processes

    • Confirmation process & confirmation officers in the back office

  • Settlement process

    • Delivery, invoicing and payment

    • Cash settlement contracts

  • Netting

    • About bilateral netting, multilateral netting & close-out netting

    • Including exposure netting & payment netting

  • Defaults

    • What are termination processes? When can these occur?

    • When can force majeure be claimed? What does it concern?

  • Credit support annex

    • About amendments to master agreements such as CSAs

    • Collateralisation

  • EFET Master Agreement advantages

Cost

  • 2000 lei/person;

AFEER members:  

  • 1300 lei/person or 7 pointsAFEER+