Currently, prices of products marketed on PRISMA are set by TSOs and SSOs, and usually correspond to their national currency. The price currency listed on the PRISMA platform is the same currency referred to in all related contracts with TSOs and SSOs' .
In order to facilitate capacity marketing in countries using a different currency, TSOs may allow that bids submitted in their Base Currency are displayed also in an Alternative Currency.
Bearing in mind!
- The display of Alternative Currencies on PRISMA is for convenience purposes only, and each Bid will be deemed to have been submitted in the Base Currency used by the TSO.
- The multi-currency functionality does not amend or change the contractual rights or obligations between the TSO and the Shipper.
How does the Exchange Rate works?
- PRISMA calculates the Reference Exchange Rate on the basis of the latest available foreign exchange rate published by the European Central Bank.
- PRISMA prepares the arithmetic calculation for the determination or use of the Reference Exchange Rate with 23 decimals. The values will be rounded using Bankers' Rounding principles.
- The Reference Exchange Rate published by PRISMA at the start of the auction will be valid and will remain the same throughout the whole auction including all auction windows.
- If the two TSOs involved in a bundled auction use different currencies, bids can be placed in either currency.
Multi currency trading process
Hereby steps of the multi currency trading process on PRISMA:
- PRISMA pulls the actual FX rates from the European Central Bank on a daily basis.
- TSOs upload their products in their national currency.
- PRISMA publishes the auction with both currencies applied by the TSOs as well as the actual FX rate.
- Shippers can submit bids in either one of the currencies used in the auction. The used currency from the shipper may differ between different auctions and bids.
- All bids are internally converted into Eurocent in order to create the descending order of bids.
- The booking confirmation contains the original bid, the national currency as well as the applied FX rate.
- TSOs send the invoices to the shippers in their national currency.
- The current and past exchange rates can be found by clicking 'Exchange Rates' under the heading 'User Info' in the menu at the bottom of any page on the platform.
- The list of past exchange rates can be filtered by currency, validity start and end, and exchange rate.
- Each list of exchange rates can be saved as a CSV file.
Selecting a currency during a short-term auction
If more than one currency is available for an auction, users can select which one to use for their bid.
Display of currency information in the auction details
- Before, during, and after an auction has taken place, all price information can be viewed in the auction details.