PXIL launches new trading platform – PRATYAY
An upgraded web-based platform with enhanced security features
Power Exchange India Limited (PXIL), India’s first institutionally promoted Power Exchange has unveiled its new technology-based Trading Platform – PRATYAY, which has gone live from today. The tech-enabled platform aims to ease participation and provide customer delight for trading on the exchange. The new service provides a single platform for all segments and offers hassle-free migration from thick client-based solution to a complete web-based solution with many other benefits.
Equipped with a user-friendly approach, ‘PRATYAY’ includes features such as Auto Update at user end, web browser operations, ease of report export and printing and smart UI. The technologically advanced platform helps to eliminate participant-driven update on their PC such that no action is required on client’s end. The client starts experiencing revised features and functionalities as and when an upgrade is available.
PRATYAY also contains modules for Risk Management as well as Clearing and Settlement. It enables stage-wise risk management and margining, which allows payment security and trade margins to be applicable based on status of order, transaction, clearance and settlement. This allows more efficient capital deployment by participants for their trades and reduces the cost of working capital for participants while at the same time retaining the underlying security of financial settlement while transacting through the power exchange.
The contract creation modules, matching algorithms and the robust and yet flexible database structure helps to reduce time to introduce any new contract or functionality as may be required for development of the market.
Started in 2008, PXIL launched the Term Ahead Market in 2009 and REC segment in 2011 and achieved a substantial market shares in these segments. The contracts listed on the exchange are divided into two broad categories, ‘Physical’ and ‘Certificate’. The ‘Physical’ category is further classified into – ‘Collective’ and ‘Bilateral’, wherein ‘Collective’ segment consists of ‘Day Ahead Spot’, which has now been re-launched and ‘Real Time Market’, which is likely to start in coming months.
Under the ‘Bilateral’ segment are the products, ‘Day Ahead Contingency’, ‘Intraday (24x7)’, ‘Weekly’ and ‘Anyday’. In the remaining category of ‘Certificate’ includes ‘Renewable Energy Certificates (RECs) and ‘Energy Saving Certificates (ESCerts).
Talking on the launch of ‘PRATYAY’, Mr. Prabhajit Kumar Sarkar, Managing Director and Chief Executive Officer, Power Exchange India Limited said, “PRATYAY is the tangible outcome of an intense consultative process encompassing all stakeholders in the sector that has resulted in a platform which permeates all forms of transactions in the Power Markets.
The power markets in our country are fast evolving now, with transactions expected to span durations of a few minutes to a few months and years. PXIL is ready to support and work with all the participants in the power markets to help them best fulfil their electricity requirements.”
At present, PXIL has turned itself around to be a profitable enterprise and a zero-debt company from a position where it was once declared as unprofitable with severely eroded networth. With months of efforts and product innovations, the exchange has revived its operations, retained and increased its member base and ensured profitability of its business.
PXIL is promoted by NSE (National Stock Exchange of India Ltd.) & NCDEX (National Commodity and Derivatives Exchange). PXIL’s other shareholders are Power Finance Corporation from the Central Sector, Gujarat UVNL, Madhya Pradesh PMCL & West Bengal SEDCL from the State Sector, and TPTCL, GMRETL & JSWPTC from the Private Sector.
Power Exchange India Limited (PXIL), launched in 2008 is India’s first institutionally promoted Power Exchange promoted by NSE (National Stock Exchange of India Ltd.) & NCDEX (National Commodity and Derivatives Exchange). PXIL has revolutionized the way Indian power markets operate by providing innovative and credible solutions for market operations. PXIL’s electronic transaction platform facilitates the trading of electricity at a national level, with users ranging from State Utilities and State Procurement agencies, industrial consumers, independent power producers as well as captive power producers. Thanks to the institutional ownership and leveraging the strength of the promoters of running an exchange for over 20 years, robust risk management, ethical business principles and sound governance form the bedrock of PXIL’s operations.