How can I access the sell-off platform?
The sell-off is accessed via a web-based platform which is currently being developed. The log-in details will be provided to you once you are admitted to EEX/ECC. Alternatively, you can also use the services of an intermediary (see question “What is an intermediary?” under "Admission").
How often will sell-offs take place?
Sell-off events will be scheduled twice a week throughout the year, with a time window of 6 hours. The exact dates will be published in the sell-off calendar six weeks ahead of the sell-off start date.
Are there plans to expand the frequency of the sell-offs to more than twice a week?
At present, we assume that two sell-offs per week will be sufficient. There are currently no plans to expand the number of sell-offs per week.
What quantity of certificates will be available in the sell-offs?
The quantity per sell-off is not limited.
What limits will apply in the sell-off?
a. Cash limit:
i. For Non-Clearing Members and Clearing Members there are no mandatory limits but limits are possible in accordance with the settings in the ECC Member Area.
ii. For Direct Clearing Participants, a mandatory limit shall apply in accordance with the collateral provided.
iii. No limit applies to the new special form of EEX/ECC membership for nEHS-only access. However, the delivery of the nEHS certificates will as well only take place after the payment has been made.
b. The post-purchase-limit
The following applies to all participants from 2022 onwards: Only a quantity of 10% of the nEHS certificates with the vintage of the previous year held in an associated compliance account on 31.12. in the previous year can be purchased in the current year (in 2022 this would be the vintage of 2021).
Example: A participant has 1,000 nEHS certificates with a vintage of 2021 in his compliance account on 31st December 2021. Now he or an intermediary acting on his behalf may buy up to 10% of this quantity, i.e. 100 nEHS certificates, with a vintage of 2021 in 2022.
I would like to participate in the sell-off without becoming an EEX member. How can I do that?
You can conclude a contract with an intermediary. A list of intermediaries can be found here.
Will there be an interface to other EEX trading systems?
This is not planned in the first step.
Will it be possible to upload buy bids in bundles or is manual input necessary?
There will be an import / upload functionality on the sell-off platform. The import is possible via uploading a .txt or .csv file. More information and a file template can be found on the nEHS website of EEX.
What vintages will be available?
Two vintages will be available per calendar year. The vintage of the current year can be acquired to an unlimited extent and, from 2022 onwards, also the vintage of the previous year can be purchased. However, subsequent purchases are limited to 10% of the previous year's quantity and are only possible with delivery no later than on 30th September of the respective year (see question "What limitations will apply in the sell-off?" under “Sell-Off”).
Is it permissible for a company A (which is not itself subject to a mandatory surrender obligation) to procure nEHS certificates on behalf of a company B of the same group (which is subject to a surrender obligation) and to make them available by transferring them via the respective accounts?
This is possible. Corresponding prerequisites for acquiring nEHS certificates for third parties were explicitly created within the framework of Article 5 of the Fuel Emissions Trading Ordinance (BEHV).
How does the post-purchase rule work in detail?
Pursuant to Article 6 (2) BEHV, the balance of nEHS certificates shown on the compliance account of a obligated party at the end of the calendar year is decisive for the application of the so-called "post-purchase rule", which allows the limited (post-)purchase of nEHS certificates at the price of the previous year between January and September of the following year. A corresponding deposit of the balances of all compliance accounts with the sales platform is implemented so that compliance with the limitation is ensured for the post-purchase dates. The balances of trading accounts are not relevant for the assessment basis of the post-purchase rule.
Balance of the compliance account on 31.12. - Assessment basis (emission allowances)
Entitlement according to post-purchase rule (emission certificates) - 10% until 30.09.
While in example 1 the entitlement resulting from the post-purchase rule is distributed to three compliance accounts, example 2 shows a bundling of the nEHS certificates (and thus the assessment basis) in a single compliance account.
In principle, obligated parties have the possibility to plan the balances of the compliance account individually. Thus, it is conceivable that a company to which several individual obligated parties belong, bundles the quantities acquired in the regular sell-off of a calendar year on one compliance account instead of holding individual balances on the individual compliance accounts of the respective shareholders. The application of the post-purchase rule is stringently applied to the balance of each compliance account at the end of the year and thus determines the respective permitted post-purchase quantity for the respective compliance account in the following year. Here, there is room for manoeuvre for the companies to "bundle" the nEHS certificates into a compliance account at the end of the year (as the assessment basis for the additional purchase rule). Third parties (e.g. intermediaries or trading departments of companies) can also participate in the post-purchase for obligated persons; in this case, the data of the obligated person for whom the purchase of the nEHS certificates is made as well as his compliance account must be indicated. The purchase of nEHS certificates on the sell-off platform by obligated persons or third parties can in principle take place via a compliance or trading account.
For the surrender of nEHS certificates on 30 September must it be ensured that the quantity of nEHS certificates required for compliance is surrendered from the individual compliance account of a obligated person. I.e. if nEHS certificates were purchased by third parties, a timely transfer to the compliance account of the obligated party must be ensured before the surrender deadline..
Secondary trading can be established independently of the sale on the sell-off platform. In this context, transactions are possible between compliance and trading accounts as well as between trading accounts and compliance accounts. In principle, operators are free to purchase nEHS certificates in an establishing secondary market - also independently of the use of the post-purchase rule.
Does the so-called 10% post-purchase rule only apply to procurement on the primary market?
Yes, there is only a limitation of sell-offs in the following year for nEHS certificates with the vintage of the previous year in the primary market. In the current year, the quantity offered per sell-off date with nEHS allowances of the vintage of the current year is not limited.
Is post-purchase possible with a trading account?
No, a post-purchase is only possible by specifying a compliance account to which the delivery of the nEHS certificates will be made in accordance with the so-called 10% post-purchase rule.
Is the quantity of nEHS certificates held on a compliance account limited through the so-called 10% post-purchase rule?
No, the balance of the compliance account on 30.09. is not limited to the balance on 31.12. of the previous year +10%. Certificate inflows and outflows can take place in the compliance account, e.g. in bilateral trading, via intermediaries and/or intra-company transactions.
Is it permitted that company A admits to EEX and company B logs in as a service provider via company A's access and buys?
Can I resell purchased nEHS certificates to third parties?
In principle, this is possible. However, if you wish to serve specific customer orders as an intermediary, the third party's data must be provided at the time of purchase. Being listed as an intermediary on the EEX website is possible at any time in compliance with the respective requirements.