The trading through new formats has commenced with effect from Thursday. The proposal for change was made to downstream regulator PNGRB and the same was approved by it last week, IGX said in a statement. 

The move is aimed at enhancing the ease of trade for the market participants and allowing them the price and volume visibility across hubs. The new features would encourage greater participation on the Exchange and help to build the gas markets. The Monthly, Fortnightly, Weekly and Weekday contracts will have an Open Auction mechanism, while the Daily contracts will be traded through Continuous Trading mechanism. In Double-sided Open Auction, both sellers and buyers will have access to the information regarding price and quantity shared by the sellers on the platform. It may lead to discovery of a single uniform clearing price for each contract type.