Commission Implementing Regulation (EU) 2023/736 of 31 March 2023 on the definition of the technical details of the application of the market correction mechanism to derivatives linked to virtual trading points in the Union other than the TTF
Data as of 2026-07-04 · Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Scope
This Regulation defines the technical details of the application of the market correction mechanism to derivatives linked to virtual trading points (‘VTPs’) in the Union other than the Title Transfer Facility (TTF) Virtual Trading Point in accordance with Article 9(1) of Regulation (EU) 2022/2578.
Definitions
For the purpose of this Regulation, the definitions in Article 2 of Regulation (EU) 2022/2578 apply. The following definitions also apply: (1) ‘front-month derivative linked to other VTPs’ means a derivative linked to other VTPs whose expiration date is the nearest among the derivatives with a one-month maturity traded on a given regulated market; (2) ‘front-year derivative linked to other VTPs’ means a derivative linked to other VTPs whose expiration date is the nearest among the derivatives with 12 months’ maturity traded on a given regulated market.
Application of the MCM to other VTPs
This Regulation applies to orders placed for trading derivatives linked to VTPs located in the Union, other than TTF.
Market correction event in relation to other VTPs in the Union
1. A market correction event related to derivatives linked to other VTPs shall occur when the conditions defined in Article 4(1) of Regulation (EU) 2022/2578 are met. 2. The dynamic bidding limit pursuant to Article 4 paragraphs (5) and (7) of the MCM Regulation shall apply to derivatives linked to other VTPs that are due to expire in the period from the expiry date of the front-month derivatives to the expiry date of the front-year derivatives. 3. Market operators on the market for derivatives linked to other VTPs and market participants in such derivatives shall monitor the website of ACER on a daily basis.
Suspension and deactivation of the MCM in relation to derivatives linked to other VTP
This suspension and deactivation of the MCM with respect to derivatives linked to other VTPs shall take place in accordance with Article 5 and 6 of the MCM Regulation.
Grandfathering
This Regulation shall not apply to the following: (a) contracts for derivatives linked to other VTPs concluded before the date of entry into force of this Regulation; (b) buying and selling of derivatives linked to other VTPs in order to offset or reduce contracts for derivatives linked to other VTPs concluded before the date of entry into force of this Regulation; (c) buying and selling of contracts for derivatives linked to other VTP as part of a CCP default management procedure, including OTC trades registered in the regulated market for clearing purposes.
Entry into force
This Regulation shall enter into force on the seventh day following that of its publication in the Official Journal of the European Union . It shall apply from 1 May 2023.
Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.