Energy exchanges play an important role in the liberalised energy market, as they offer open and transparent trading platforms where market parties can trade anonymously. Via its clearing services, APX provides adequate counterparty risk management, enhancing the integrity of the market and ensuring the anonymity of counterparties. The barriers to enter the trading market are lowered, making trading more accessible for all parties active on the wholesale market for energy, regardless of the size or the main activity of the trading party (utilities, large end users, financial institutions), thereby facilitating the access of new entrants, acting as a catalyst for liquidity and improving the price transparency by publishing benchmark price indices on a daily basis. APX operates its markets in highly regulated environment. In order to support the achievement of its strategic objectives APX is actively involved in legislative and regulatory developments on national and European level. It maintains relationships with important stakeholders such as policymakers, politicians, regulators and industry representative organisations. It is an active member of Energie-Nederland, the Dutch energy industry representative organisation and Europex, the European association of energy exchanges.

Regulatory Framework – The Netherlands

Based on the Dutch Electricity Act 1998, APX operates its Dutch electricity markets under an official designation of the Minister of Economic Affairs. The Office of Energy and Transport Regulation, part of the Authority for Consumers & Markets (ACM), regulates the energy industry and wholesale energy trading market. APX involvement in the Central Western European Market Coupling (CWE) and Cross Border Intraday trading is stipulated in the Dutch Grid Code, providing the framework in which APX operates the market coupling together with TenneT in the Netherlands.

Regulatory Framework – United Kingdom

In the UK, APX Commodities Ltd  is supervised by the Gas & Electricity Markets Authority (Ofgem) under the UK Electricty and Gas (Market Integrity and Transparency) (Enforcements etc.) Regulations 2013 No. 1389.

Regulatory Framework – Belgium

Belpex, a wholly owned subsidiary of APX, has been licensed as the operator of the Belgian electricity spot market by Ministerial Decree. The relationship between Belpex and its participants is governed amongst others by the Royal Decree of October 20th, 2005, on the establishment and the organization of a Belgian market for the exchange of energy blocks (the Royal Decree) and by Belpex’s Market Rules, which have been approved by the Minister in charge of Energy. The supervision of the Belgian spot power markets is performed by the Minister, the Commission for Regulation of Electricity and Gas (CREG) and the Financial Services and Markets Authority (FSMA). The Minister has to approve the Market Rules and any amendments thereof after advice of the CREG and the FSMA and can impose amendments to these Market Rules. It can withdraw the license of the market operator or request it to (partially) suspend the market activities, and must be informed of any irregularities of which the market operator would become aware. The CREG is competent to supervise compliance with the Royal Decree and must be informed in circumstances related to the market or the relation between the market operator and its participants. The FSMA has more limited competences in the context of the Market Rules approval.

Regulatory Framework – Europe

The European Commission introduced a sector specific market integrity regime, the Regulation on Energy Market Integrity and Transparency (“REMIT”), which prohibits market abuse in wholesale energy trading markets. Entering into force per 28th December 2011, the integrity and transparency of the wholesale energy market is regulated by REMIT, where energy regulators supervise the compliance to the Regulation. APX has an important role from market surveillance perspective, responsible for adequate market monitoring and surveillance over its spot markets.


For more information on the governance of APX, please visit the website of EPEX SPOT.

Code of Conduct

APX has developed a Code of Conduct to reflect and to combine the high standards of governance and integrity that we apply throughout our business and we expect all personnel to live up to this set of ethical guidelines. Our core values are pioneering, robust, integrity and market-orientated. These values are laid down in the Code of Conduct as they guide us in all our professional behaviour.

Whistleblower Regulations

The Corporate Governance Code recommends that a set of Whistleblower Regulations should be in place for all listed companies, so as to make it possible for employees to report alleged irregularities of a general, operational and/or financial nature within the company without their legal status being jeopardised. The whistleblower regulations can be found in the APX Whistleblowing Policy.