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SOFIA (Bulgaria), November 18 (SeeNews) - State-owned Bulgartransgaz said on Monday that its unit, exchange market operator Balkan Gas Hub, has signed an agreement to use the exchange trading system (ETS) of UK-based Trayport Limited.
"The new platform aims to bring together many participants in gas trading, including those from the wider region, and we expect this initiative will deliver the long term benefits already experienced in other markets," Kiril Ravnachki, executive director of Balkan Gas Hub, said in a statement.
Balkan Gas Hub will initially introduce over-the-counter (OTC) and exchange contracts, which are deemed the best fit for Bulgarian market participants.
"This includes short term standardised products according to the Network Code for balancing and standardised OTC long term contracts (month, quarters, season, calendar and multiple calendar)," Bulgartransgaz, Bulgaria's gas transmission system operator, said.
The bourse is expected to start operations in early 2020.
Trayport is part of Canadian financial services group TMX.