Shippers can use PRISMA for a bilateral trade of capacity in the transmission system. Entry and exit capacities are tradable via the secondary functionalities offered on the platform.

Prerequisites to trade on the secondary market are: a successful registration on the Platform, and the secondary access approval by the Transmission System Operator (TSO).

General Trading Process

a. A Trade Proposal is made: to buy or to sell. This proposal must then be validated.

b. Depending on the trade type, one or more shippers submit a Trade Response. The selling shipper may then accept or reject the proposal.

c. Once a response is matched with a proposal, a trade is created.

d. The trade is subsequently validated by the platform and the TSO(s). A confirmation is sent to the shippers and the TSO(s).

e. The trade is finally published on the platform and needs to be reported to ACER.

Types of Trade

Trading procedures

Trading procedure

  • A Trading Procedure can be considered as the approach how a Trade Proposal is matched with Responses

There are three types of trading procedures (see next sections):

  • First Come First Served (FCFS)
  • Call for Orders (CFO)
  • Over the Counter (OTC)

Basic Principles

  • Contract Duration - the contract period of each trade proposal can be defined individually by the shipper
  • Capacity Categories - firm and interruptible capacity of all categories supported by the respective TSO can be traded on the secondary market
  • Transaction Types - capacity assignment & transfer of use are supported by PRISMA; TSOs can configure which transaction types are allowed to be traded at the corresponding points
  • Trading Times - secondary products can be traded 24/7 on the platform; lead time of the respective TSO must to be considered when trade proposal expiry date is set by the shipper
  • Anonymity - all non-OTC trading procedures are anonymous until the deal is concluded; only then the parties are revealed to each other. The counterparties may remain completely anonymous during the entire contract lifecycle if supported by the TSO (only possible for capacity assignments, with a price of € 0,00)
  • Prices
    • Prices (shipper to shipper) are entered in currency subunit (e.g. ct/kWh/h)
    • Negative prices are allowed, i.e. the selling shipper could pay the buying shipper for taking over capacity
  • Bundling - unbundled entry & exit products at the same point can be sold as a bundle if supported by the TSO
  • Product Settings - the shipper placing the trade proposal can indicate whether it is allowed to buy/sell only a part of the offered/requested amount or period. Additionally, a minimum amount or period per trade can be set.

Over the Counter (OTC)


  • One of both Shippers creates Trade Proposal and states the counterparty.
  • The shippers agree on a capacity trade in advance (bilaterally outside of the platform), registration, confirmation and validation is done on the PRISMA platform.
  • Price and conditions of the trade are agreed upon by the parties in advance.
  • Counterparty is notified as soon as the Trade Proposal has been submitted and validated.
  • Counterparty can respond to the Trade Proposal, the Request/Offer is considered as the confirmation of the counterparty.

Rules that apply for OTC deals:

  • The counterparty that accepts or rejects the deal cannot change the price
  • The vendor can also send the OTC request to several parties

Initiated by Selling ShipperInitiated by Buying Shipper
OTCOffline negotiation on price & conditions
•Selling Shipper registers transaction
•Buying Shipper only confirms
Offline negotiation on price & conditions
•Buying Shipper registers transaction
•Selling Shipper only confirms

OTC Process Chart

Trade Types

First Come First Served (FCFS)

  • The price of the proposal to buy or sell is considered as the fixed price the buyer/seller is willing to pay/sell for.
  • Once the Request or Offer was submitted, it is automatically accepted
  • FCFS proposals are anonymous until the deal has been confirmed

Initiated by Selling ShipperInitiated by Buying Shipper
  • Binding offer by Selling Shipper at fixed price
  • Countered with (partial) Response by Buying Shipper

  • Binding request by Buying Shipper at fixed price
  • Countered with (partial) Response by Selling Shipper

FCFS Process Chart

Call for Orders (CFO)


  • Price of the proposal to buy/sell is considered as max./min. the buyer/seller is willing to pay/sell for
  • The party who created the Trade Proposal can wait for more Requests or Offers to come
  • The party who created the Trade Proposal can select the Requests or Offers he accepts from all received Requests or Offers.
  • CFO proposals are anonymous until the trade has been confirmed; this implies that the trade cannot be negotiated.

Rules that apply to Call for Orders:

  • When placing a request, the buyer can set a maximum price he is willing to pay.
  • When placing an offer, the vendor can set a minimum price he is willing to accept.
  • Both the buyer and the vendor have to set the maximum amount of capacity that they request/offer.

Initiated by Selling ShipperInitiated by Buying Shipper
CFO•CFO started by Selling Shipper
•Buying Shipper proposes (partial) Response & price
•Response evaluation by Selling Shipper
CFO started by Buying Shipper
•Buying Shipper proposes (partial) Response & price
•Response evaluation by Buying Shipper

CFO Process Chart

Additional Secondary Features: Trader Lists

  • Trader lists can be used to restrict secondary trading to a defined number of counterparties
  • Trader lists help shippers to restrict trading in accordance with their company’s  requirements (e.g. in terms of credit worthiness)
  • When creating a trade proposal or placing a response shippers can decide whether they would like to apply a trader list in their trade proposal / response
  • It is possible to prepare a number of trader lists in advance


  • A trader list has to have at least three entries
  • Once a trader list is used, it can be withdrawn but no other list can be applied to the same trade proposal or response
  • Once a trader list is applied, additional entries (shipper companies) may be added to the list
  • Entries may only be removed after the trade proposal or response has reached a final status (e.g. expired or finished)

Steps on the UI: Trader Lists

  • Trader lists allow you to create groups of 3 or more shippers that you like to be able to participate in secondary trading for you proposals / responses

Additional Secondary Features: Trading Conditions

  • Shippers can choose standard trading conditions provided by PRISMA (EFET standard contract) or attach their own trading conditions to the product.
  • Individual trading conditions can be uploaded to the platform. Those documents are then available during the creation of a trade proposal.

Registration – viewing a shippers’ secondary market access

The status of a shippers’ activation in the primary and secondary market can be viewed under “Account setting” → “Assignment of operators” → expansion of respective TSO.

Secondary trading navigation

You can either create a trading proposal of your own by clicking "Create trade proposal" or respond to an existing one by clicking "Details" of one of the existing proposals in the list.