Green Certificates Exchange

About Belpex Green Certificates Exchange

Belpex GCE is the Belgian Green Certificates Exchange for anonymous trading in Green Certificates (GC) and Combined Heat and Power Certificates (CHPC) for the Flemish and Walloon regions, providing the market with a transparent reference price.

The Belpex GCE organises three different Markets, one for the Walloon Green Certificates, one for the Flemish Green Certificates and one for the Flemish Combined Heat and Power Certificates.

GCE provides standardised products (Tradable Instruments) for Participants to sell and purchase Green Certificates or Combined Heat and Power Certificates.
The prices of Tradable Instruments on the Belgian GCE are determined via a double-sided blind auction. These prices are also known as Fixing Prices and are quoted in €/GC or €/CHPC. The Fixing Prices and Volumes are published on the Belpex GCE Website.

Characteristics of the Green Certificates Exchange

  • Anonymous trading
  • Three different Markets, one for the Green Certificates of the Walloon region, one for the Green Certificates of the Flemish region and one for the Combined Heat and Power Certificates of the Flemish region
  • Short term, physical trading
  • Fixing of contracts via a double-sided blind auction
  • Security of the payment Obligations
  • Delivery security of the transactions

Market Model

The Belpex GCE market model may be characterized by three distinctive layers:

  • Trading
  • Settlement
  • Delivery


Belpex operates as an “Exchange Operator” and gives access to the Trading Platform, allowing the introduction of Purchase and Sales Orders by the Participants.

At the end of the Open Phase, no more introduction or cancellation of Orders is possible. Subsequently, the Fixing process occurs. All Purchase and Sales Orders are aggregated and ranked according to their price and their introduction time to constitute respectively purchase and sales curves.

The Fixing process determines the Fixing Price and the Fixing Volume. For every Order executed by the Fixing, a Contract is created.

After this process is performed, the Participants have access to the market results by connecting themselves to the Trading Platform.

Settlement and cash deposit principle

Submission of Purchase Orders on any Market by a Purchasing Participant is subject to an advanced payment. To this aim Purchasing Participant shall deposit cash in Euro on the Belpex GCE Cash Account in accordance with the specifications set forth in the Market Rules.

The available Cash Position of a Purchasing Participant has to be sufficient to secure the aggregate Order Value of all Purchase Order(s) of this Participant.

The cash deposit protects the other Participants on the Belpex GCE against the default of payment by a Participant.

Settlement is based on the volumes stipulated in the concluded Contracts and the Fixing Price.
To guarantee the anonymity of the Participants, Belpex is deemed to act, for invoicing and VAT purposes, as commissionaire, meaning that:

a) Belpex invoices the Total Contract Price (incl. VAT) of all the Contracts under which the Participant acts as a buyer, in Belpex’ name but for the account of the Selling Participant; and
b) Belpex shall receive from the Participant an invoice for the Total Contract Price (incl. VAT) for each Contract in which the Participant is a seller of Tradable Instruments; and
c) Belpex acts as the fiscal counterparty towards the Participants for VAT purposes.
Belpex invoices the variable operational Fee as a fee for Services rendered in its own name and for its own account.

For each Contract concluded by a Purchasing Participant pursuant to the Fixing, Belpex shall set off the Cash Position of such Participant against its Payment Obligations arising out of or in connection with such Contracts.

Purchasing Participant may, during Open Phase, indicate through the Trading Platform whether it wishes to have its Cash Position, outstanding after settlement of all its Payment Obligations, reimbursed according to the Market Rules.

After the reception of the Invoice coming from the Selling Participant pursuant to the Market Rules, Belpex shall pay the Selling Participant the Total Contract Price after set off of any Fee due to be paid by the Selling Participant.

Delivery and Trading Account principle

In order to secure the delivery of the Tradable Instruments, submission of Sales Orders on any Market by a Selling Participant is subject to the credit balance of its Trading Account being at least equal to the aggregated Order volume of all Open Sales Orders. To this aim a Selling Participant shall, in accordance with the Market Rules, duly transfer or have transferred by the Issuer, as the case may be, sufficient Tradable Instruments from its Deposit Account to its Trading Account.

Note: for the Walloon Market, the Trading Account is the separate account of a Participant in the CWaPE Database in which the Tradable Instruments that are dedicated by the Participant for trading on the Belpex GCE are registered. For the Flemish Markets, it has to be understood as all Tradable Instruments registered in the single account and identified in a non-ambiguous manner (via the record ‘status’) as being dedicated for trading on the Belpex GCE.

In accordance with the terms and conditions set forth by the Issuer, Issuer shall block the Trading Account of Participant at the latest as from the start of the Trading Day, in such a manner that Tradable Instruments cannot be debited from the Trading Account until the Issuers’ Database has been updated with the transfers in respect of the relevant Trading Day.

Belpex will provide, on behalf of Participants, the Issuer with the relevant Contract information and request, on behalf of Participants, the Issuer to register in the Issuer’s Database the transfer to the relevant Trading Accounts of the relevant Tradable Instruments.