Day-Ahead contract means contracts where the trading window is open one day prior to the day of delivery, delivery period being for one day only. The trade occurs on day (T) for delivery of gas on next day (T+1)

The price and quantum of gas to be traded are determined through continuous trading mechanism

The operations are carried out in accordance with the Market Rules and IGX holds the right to modify parameters as specified by it from time to time if needed.


Trading of contracts from 10:00 Hrs to 14:00 Hrs on ‘T’ day for delivery on next gas day, T+1 (06:00 Hrs (T+1) to 06:00 Hrs on (T+2).

Continuous trading process.

Only Ex-hub contacts to be traded under Day-ahead Contracts

Risk management through the requisite margin, including any additional margin as specified for the respective trading segment or the type of contracts in the Market Rules.


  1. 0930 hrs

    Initial Margin Check

  2. 1000 – 1400 hrs

    Continuous Trading Process

  3. 1400 hrs
    Market Closed
  4. From 1600 hrs
    • Ex hub Contracts-Buyer to arrange for Transportation Services
    • Delivered Contracts-Exchange to arrange for Transportation Services on behalf of Buyer as per predefined conditions
  5. D day, 1800 hrs

    Schedule sent by Transporter to buyer in Ex-hub and to IGX in Delivered transactions

  6. NA

    Payin adjusted with Margin

  7. 1200 hrs (D+2)

    Payout to Seller subject to Proof of Delivery on D+1 basis

  8. After the end of contract

    Final Reconciliation by Exchange

Trading Process

  • Participants enter bids for sale or purchase of gas for delivery depending on its contract specification.
  • Bidding session: 1000 Hrs. – 1400 Hrs.
  • The bids entered are stored in the central order book. The bids entered during this phase can be revised or cancelled till
    • either trade is not executed or
    • end of bid call period i.e.14:00 hrs. of trading day.
  • During market hours, each incoming bid is immediately checked and matched if possible, according to price and time priority.
  • Continuous trading facilitates trading during regular trading hours and hence has an advantage of immediate trades.
Pipeline Capacity Availability and Funds Availability
  • Preliminary MCP and MCV are used to calculate the provisional obligation of the selected participants and the provisional gas flow.
  • Funds availability in the settlement accounts of the participants is verified based on the provisional obligation.
  • In case of insufficient funds, the bids entered by such a participant are deleted.
  • Required pipeline capacity and provisional gas flow is sent to pipeline operators (Transporters) for scrutiny and allocation is requisitioned based on availability.
  • Based on the confirmation from pipeline operators, IGX calculates the final MCP and MCV.
  • All selected Members will be informed about their obligations. Obligations are sent to the Clearing Banks for collection of Margins/Pay in from buying Members and the Bank is asked to confirm the same. Similarly, post-despatch of delivery, Pay-out will be released to the seller Members.
  • Results for confirmation and application for scheduling of Collective Transactions are sent to the buyer and pipeline operator.
  • The final confirmation through schedule will be sent by pipeline operators to IGX and also informed to the respective Members.