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As can be seen in Table 5, the null hypothesis of absent nonlinear Granger causality among spot and month-ahead return series can be rejected in both directions for all hubs except for CEGH. (14) However, this finding should be interpreted cautiously: As pointed out by Silvapulle and Moosa (1999), conditional heteroskedasticity of both series may distort the size of the nonlinear causality test.
(20) Although this means that none of the considered hubs can be regarded as fully informationally efficient in the short run, arbitrage seems to be most efficiently exploited at NBP and CEGH. However, the empirical results of CEGH should be interpreted with caution due to the small sample size of the respective price series.
The stock exchange operator said that the move is the next step in its successful co-operation with Austrian oil and gas group OMV (WBAG:OMV), the parent of CEGH.
The longer-term objective is to make CEGH "continental Europe's leading gas exchange," announced OMV.
Eustream can contribute considerably to developing CEGH and boosting its liquidity, OMV executive board member for gas and power and CEGH supervisory board chairman, Hans-Peter Floren, added.
The new entity, which builds on the Central European Gas Hub (CEGH) distribution platform operated by OMV in Baumgarten, has started offering spot contracts and plans to start trading long-term contracts in the spring, according to a statement.
(ADPnews) - Dec 11, 2009 - Central European Gas Hub (CEGH), a subsidiary of Austrian oil and gas group OMV (WBAG:OMV), and stock market operator Wiener Boerse AG launched today the first gas exchange in central Europe.
The Vienna Stock Exchange has bought a 20% interest in Austrian natural gas trading platform Central European Gas Hub (CEGH), without giving any financial details on the transaction.
The Austrian experts have presented to him the work of the Central European Gas Hub (CEGH), which is 80% owned by OMV, and discussed opportunities to set up a similar natural gas trade platform in Bulgaria.
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