Applicable Regulations for the Natural Gas Markets

• Regulament gaze naturale BRM cu modificarile aprobate prin Ordin ANRE-11-2026
• Regulation on the organized trading framework for standardized products on centralized natural gas markets administered by RCE
• MO – Partea I 406_2026_BRM_extras_pag_1, 5-8

BRM Code of Conduct Procedure – 01.10.2022
Market conduct procedure BRM – 01.10.2022

• Participation Agreement for the Energy Markets Administered by the Romanian Commodities Exchange S.A. – ver. 2.3
• Participation Agreement for the Energy Markets Operated by the Romanian Commodities Exchange S.A. – ver. 2.3

1. Banks participating in the SEPA direct debit scheme
   Banks participating in the direct debit scheme
2. Guarantee deposit/return request, ver. 4 of 25.10.2023
   Request for deposit return of guarantees vers. 4 from 25.10.2023
3. Unified authorization template v1.2 of 2026-03-01 | Empowerment template v1.2 from 01.03.2026
4. RCE SGB endorsed by another bank (RO) | RCE SGB endorsed by another bank (EN)
5. BRM SGB issued by BCR to the order of clients (RO) |BRM SGB issued by BCR to the order of clients (EN)
6. Addendum_SGB (RO) | EN: Addendum_SGB (EN)

1. Banking fees | Banking Fees
2. Tariffs and Fees for the Centralized Natural Gas Market, valid starting from 2026-01-01
   
3. Other tariffs applied by BRM for the services provided to participants under the PARTICIPATION AGREEMENT for the administered energy markets
4. Instruction 3 – Setting the service tariffs
5. FEES – API SERVICES
6. Trayport user fees

During the period June 4, 2026 – June 19, 2026, the following documents are submitted for public consultation:

1. BRM Regulation on compensation, settlement, and risk management – for public consultation
2. Clearing Member Agreement – for public consultation
3. Instruction 1 – Regarding Guarantees intended to cover financial risks – for public consultation
4. Instruction 7 – Determination of the Daily Settlement Price – for public consultation
5. Procedure for the organization and operation of the standardized short-term products market administered by the Romanian Commodities Exchange SA – for public consultation
6. Procedure for the organization and operation of the FWD market – updated following ANRE Order 11_2026 – for public consultation
7. Procedure for trading centralized natural gas markets with central counterparty – for public consultation

We kindly request that any comments be sent to office@brm.ro.

Thank you!

În perioada 20.03.2026 – 06.04.2026, supunem consultării publice următorul document:

01. Regulament BRM de compensare decontare si gestionare a riscului – consultare publica 20.03.2026

Avem rugămintea ca eventualele observații să le trimiteți la adresa office@brm.ro.

Vă mulțumim!

În perioada 12.12.2025 – 29.12.2025, supunem consultării publice următorul document:

Procedura de tranzactionare a produselor pe termen scurt – SPOT – in consultare publica

Avem rugămintea ca eventualele observații să le trimiteți la adresa office@brm.ro.

Vă mulțumim!

În perioada 25.07.2025 – 15.08.2025, supunem consultării publice următorul document:

• Procedura de tranzactionare a produselor pe termen scurt SPOT – in consultare

We kindly request that any comments be sent to office@brm.ro.

Thank you!

În perioada 06.06.2025 – 23.06.2025, supunem consultării publice următoarele documente:

• 1. Procedura de organizare si functionare a pietei produselor standardizate pe termen mediu si lung – consultare publica 06.06.2025
  2. Trading procedure for short-term SPOT products – public consultation 06.06.2025

We kindly request that any comments be sent to office@brm.ro.

Thank you!

În intervalul 14.02.2025 – 28.02.2025, supunem consultării publice

• 01. Regulament-BRM-de-compensare-decontare-si-gestionare-a-riscului_14.02.2025
• 02. Acord-de-Membru-Compensator_consultare_14.02.2025
• Instrucțiunea-1-Privind-Garanțiile-destinate-acoperiri-riscurilor-financiare_in consultare
• Instructiunea-2-Stabilirea-Programului-Zilnic_in consultare
• Instructiunea-3-Stabilirea-Tarifelor-aferente-serviciilor_in consultare
• Instructiunea-4.-Determinarea-Valorilor-Marjei-Initiale_in consultare
• Instructiunea-5-Determinarea-Valorilor-Marjei-de-Livrare-Fizica_in consultare
• Instrucțiunea-6-Privind-elementele-Structura-Zilnica-a-Contului-și-rapoartele-furnizate-de-BRM-catre-MC_in consultare
• Instructiunea-7-Determinarea-Pretului-Zilnic-de-Decontare_in consultareregulament, acord MC, intructiunea 1-7 (RO)

We kindly request that any comments be sent to office@brm.ro.

Thank you!

Between February 14, 2025 – February 28, 2025, we are submitting the documents for public consultation.

• BRM Clearing Settlement and Risk Management Regulation
• Clearing Member Agreement
• Instruction 1 on Bonds covering financial risks
• Instruction 2 on determining the daily settlement schedule
• Instruction 3 setting fees and charges for service
• Instruction 4 on determining the Initial Margin Values
• Instruction 5 on determining the Values of the Physical Delivery Margin
• Instruction 6 Regarding the elements Daily Account Structure and reports provided by the RCE to the CM
• Instruction 7 The establishment of the Daily Settlement Price

Please send any comments or observations to office@brm.ro.

Thank you!

În intervalul 22.10.2024 – 12.11.2024, supunem consultării publice

• PROCEDURA gaz FWD_consultare publica_22.10.2024
• Gas forward procedure_public consultation_22.10.2024

We kindly request that any comments be sent to office@brm.ro.

Thank you!

Urmare a desfășurării, în intervalul 14.08.2024 – 28.08.2024, a consultărilor publice, atașăm sintezele observațiilor:

• Sinteza observatiilor Instructiunea 3 | Summary of observations Instruction 3
• Sinteza observatiilor Procedura de tranzationare FWD | Summary of observations FWD trading procedure
• Sinteza observatiilor Procedura de tranzactionare CCP | Summary of observations CCP trading procedure
• Sinteza observatiilor Regulament CCP | Summary of comments on the CCP Regulation

În intervalul 14.08.2024 – 28.08.2024, supunem consultării publice

• Procedura Gas Fwd – consultare publica – 14.08.2024
• Procedura termen mediu si lung Contraparte – consultare publica_14.08.2024
• Regulament BRM de compensare decontare si gestionare a riscului – consultare publica 14.08.2024
• Instructiunea 3. Stabilirea Tarifelor aferente serviciilor – 14.08.2024 – consultare publica

We kindly request that any comments be sent to office@brm.ro.

Thank you!

În intervalul 16.07.2024 – 05.08.2024, supunem consultării publice

• Procedura de tranzactionare a produselor pe termen scurt – SPOT – consultare publica – 05.08.2024
• Short Term Product Trading Procedure – SPOT – Public Consultation – 05.08.2024

We kindly request that any comments be sent to office@brm.ro.

Thank you!

During the period 28.06.2024 – 10.07.2024, we are submitting for public consultation

Participation agreement for the energy markets administered by RCE
Participation agreement for the energy markets administered by RCE (EN)

We kindly request that any comments be sent to office@brm.ro.

Thank you!

During the period 18.04.2024 – 30.04.2024, we are submitting for public consultation

• Participation agreement for the energy markets administered by RCE
• Participation Convention for the Energy Markets Administered by RCE

We kindly request that any comments be sent to office@brm.ro.

Thank you!

Urmare a desfășurării, în intervalul 25.04.2024 – 10.05.2024, a consultării publice cu tema “PROCEDURA DE ORGANIZARE ȘI FUNCȚIONARE A PIEŢEI PRODUSELOR STANDARDIZATE PE TERMEN MEDIU ṢI LUNG ADMINISTRATĂ DE SOCIETATEA BURSA ROMÂNĂ DE MĂRFURI”, atașăm sinteza observațiilor.
Sinteza observatiilor – Procedura de tranzactionare Forward 23.05.2024

În intervalul 25.04.2024 – 10.05.2024, supunem consultării publice

• PROCEDURA DE ORGANIZARE ȘI FUNCȚIONARE A PIEŢEI PRODUSELOR STANDARDIZATE PE TERMEN MEDIU ṢI LUNG ADMINISTRATĂ DE BRM – consultare publica RO. vers. 25 apr. 2024
• PROCEDURE FOR THE ORGANISATION AND OPERATION OF THE MEDIUM- AND LONG-TERM MARKET FOR STANDARDISED PRODUCTS ADMINISTERED BY RCE – public consultation EN. vers. 25 apr. 2024

We kindly request that any comments be sent to office@brm.ro.

Thank you!

În intervalul 18.04.2024 – 10.05.2024, supunem consultării publice

• Contract Standard BRM
• Contract Standard BRM – BILINGV

We kindly request that any comments be sent to office@brm.ro.

Thank you!

Following the public consultation held during the period 21.09.2023 – 06.10.2023, on the topic “Participation agreement for the energy markets administered by RCE”, we are attaching the summary of comments.
Summary of comments – Participation agreement

During the period 21.09.2023 – 06.10.2023, we are submitting for public consultation

• Conventie de participare unificata
• Participation agreement in public consultation

We kindly request that any comments be sent to office@brm.ro.

Thank you!

Consultari publice – Istoric (arhiva)

1. Licenta administrare a pietelor centralizate de gaze naturale – 14.12.2018
2. Lista centralizata a produselor standardizate
3. Istoric decizii (arhiva)

• Letter to NRA regarding Orders 143 and 144 of 2020
• Reply: NRA response to the letter regarding Orders 143 and 144 of 2020
• BRM letter no. 4408 – 28.07.2020
• Reply: ANRE letter no. 61335-05.08.2020
• BRM letter no. 4583-10.08.2020
• Reply: ANRE letter no. 62605-11.08.2020
• ANRE no. 70862-08.09.2020
• Competition Council letter 10447_22.09.2020
• ANRE no. 86433-30.10.2020
• Letter to Transgaz regarding the Balancing Market fee
• ANRE letter 99767_14.12.2020
• ANRE letter 100206_14.12.2020
• ANRE no. 1237_06.01.2021
• ANRE letter 3582 28.06.2021

• RCE no. 786-24.02.2025

Certificate no. 2247 – Romanian Commodities Exchange

• Law no. 123/2012 on electricity and natural gas
• Emergency Ordinance no. 27/2022 on measures applicable to end customers in the electricity and natural gas market during the period April 1, 2022 – March 31, 2023, as well as for amending and supplementing certain normative acts in the energy sector
• Emergency Ordinance no. 192/2022 for amending and supplementing Government Emergency Ordinance no. 27/2022 on measures applicable to end customers in the electricity and natural gas market during the period April 1, 2022 – March 31, 2023, as well as for amending and supplementing certain normative acts in the energy sector
• Emergency Ordinance no. 153/2022 for amending and supplementing Government Emergency Ordinance no. 27/2022 on measures applicable to end customers in the electricity and natural gas market during the period April 1, 2022 – March 31, 2023, as well as for amending and supplementing certain normative acts in the energy sector and amending Government Emergency Ordinance no. 119/2022 for amending and supplementing Government Emergency Ordinance no. 27/2022 on measures applicable to end customers in the electricity and natural gas market during the period April 1, 2022 – March 31, 2023, as well as for amending and supplementing certain normative acts in the energy sector
• Regulation (EU) No 1227/2011 of the European Parliament and of the Council on wholesale energy market integrity and transparency (REMIT)
• Commission Implementing Regulation (EU) No 1348/2014 on data reporting implementing Article 8(2) and Article 8(6) of Regulation (EU) No 1227/2011 of the European Parliament and of the Council on wholesale energy market integrity and transparency
• Commission Regulation (EU) 2015/1222 establishing guidelines on capacity allocation and congestion management

Natural Gas

• Order no. 95/2021 for the approval of the Regulation on the organized framework for trading standardized products on the centralized natural gas markets administered by the Romanian Commodities Exchange – S.A.
• Order no. 144/2020 on the obligation of natural gas market participants to offer on centralized markets
• Order no. 143/2020 on the obligation to offer natural gas on centralized markets for natural gas producers whose annual production in the previous year exceeds 3,000,000 MWh
• Order no. 105/2018 for the approval of the General Rules on centralized natural gas markets
• Order no. 16/2013 – Network Code for the natural gas transmission system
• Approval Decision no. 1755/2023 for amending the Annex to ANRE President’s Decision no. 1397/2018 on the Centralized List of tradable products within the short-term standardized products market, the medium and long-term standardized products market, the medium and long-term flexible products market, and the medium and long-term standardized derivative products market

Electricity

• Order no. 134/2022 for the approval of the General Rules on organized electricity forward markets
• Order no. 117/2022 approving the Regulation on the organization and operation of the forward electricity contracts market, organized by Societatea Bursa Română de Mărfuri — S.A.
• Order no. 65/2022 for the approval of the Regulation on the organized framework for electricity contracting by large end customers
• Order no. 213/2020 for the approval of the Regulation on the calculation and settlement of imbalances of balance responsible parties – single imbalance price and for amending certain ANRE orders
• Order no. 20/2004 for the approval of the Technical Code of the Electricity Transmission Network

Common provisions for electricity and natural gas

• Order no. 13/2022 for the approval of the Procedure on establishing and individualizing contravention sanctions related to turnover, by the ANRE Regulatory Committee, following investigation actions
• Order no. 25/2017 on the approval of the Regulation for organizing and conducting investigation activities in the energy sector regarding the functioning of the wholesale energy market

Derivatives

• European Regulation No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR)
• Law no. 126/2018 on markets in financial instruments, which ensures the transposition of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II)
• Annex III to REMIT Transaction Reporting User Manual (TRUM) – Reporting of contracts for energy derivatives under REMIT and EMIR (ver. 2.1)