top of page
Modern Architecture

Service Overview

Products & Services: Service

Cavendish Markets provides energy-focussed, broking services. Cavendish Markets is regulated in the Netherlands by the Authority of the Financial Markets (Autoriteit Financiële Markten) (“AFM”) and is permissioned to receive and transmit orders in relation to one or more financial instruments. Cavendish Markets also provides broking services in physical gas and power products in the European and UK wholesale markets, which fall under the REMIT regulation. Cavendish Markets is an ACER registered Organised Market Place (“OMP”). These activities are supervised within the Netherlands by the Authority for Consumers and Markets (Autoriteit Consument en Markt) (“ACM”).

Cavendish Markets arranges deals via voice-broking, in a range of products, some of which are classified as financial instruments and others not. Cavendish Markets services are only suitable for, and available to, entities that can be classified and wish to be treated as a Professional Client or an Eligible Counterparty. Specifically, Cavendish Markets services are not suitable for Retail Clients or individual investors.

Financial Instruments

Cavendish Markets is an AFM registered Investment Firm. Our AFM licence number is: 14006206. We are permitted to receive and transmit orders in relation to one or more financial instruments (A1: C4, 5, 6, 10). More information can be found directly form the AFM register (


Cavendish Markets arrange deals in two categories of financial instruments:

  1. Centrally-cleared Instruments, traded on a Recognised Investment Exchange (“RIE”); and

  2. Financially-settled structured products, traded Over-The-Counter (“OTC”).


Cavendish Markets acts an intermediary to arrange deals in these products, however, the deals are transmitted onwards, for trade execution. Cavendish Markets does not operate a financial trading venue. Reporting obligations may remain with the transacting counterparties and each client must ascertain their own obligations, as the regulations apply to them.


Exchange Traded Deals

For exchange traded, centrally-cleared contracts, Cavendish Markets supports multilateral, voice-brokered markets. Cavendish Markets acts as an introductory broker. Once a matching bid and offer are found, contingent agreements to trade are transmitted to the trade registration facilities of the relevant exchange, whereby the deals are executed and given-up to the client’s nominated clearing broker. As these trades are centrally-cleared, each trading party will face the central clearinghouse. The counterparty with whom the deal was arranged remains anonymous.


Cavendish Markets is a non-trading, non-executing member of ICE and EEX. To benefit from this service, a client must either be a trading member at the relevant exchange or else permissioned to access the exchange via relevant agreements with a third-party, exchange clearing member.


For exchange traded products that fall under REMIT, Cavendish Markets acts as the OMP during the negotiation phase of the deal, however, the trade transaction occurs on the exchange OMP. 

Bilateral Introductory Service

Cavendish Markets also offers an introductory arranging service for bespoke, financially settled OTC structured products. These contracts are tailored to each specific deal, based on the specific needs of the counterparties. Cavendish Markets does not provide or require a specific contract template.


Deals are arranged on a bilateral basis. Once arranged, the deals proceed via “name-passing”, for bilateral execution, subject to contract and credit, typically on ISDA terms. These products can carry significant counterparty credit risk.


Non-Financial Instruments

Bilateral Introductory Service

Cavendish Markets arranges deals in physical gas and power products in the European and UK wholesale markets, for commercial purposes. These deals involve flexible, OTC contracts and do not include contacts supported by an RIE. For the more commonly traded OTC contracts, Cavendish Markets supports multilateral, voice markets. For the more bespoke products, deals are arranged on a bilateral basis.


Once a deal is arranged, Cavendish Markets introduces the parties via name-passing, for bilateral execution, subject to contract and credit, often on EFET terms. These deals can have significant counterparty-specific credit risk, are physical in nature and are considered to be undertaken for commercial purposes. 


These products are not considered, nor treated, as financial instruments. Instead, they fall under the REMIT regulation. Cavendish Markets is an ACER registered OMP. Cavendish Markets reports transactions to ACER via either of the following RRMs: Equias eRR and Trayport Complete. To benefit from this service, the client must be signed-up with one or other of these RRMs. 

Implicit Allocation

Cavendish Markets is an Implicit Allocation partner for the BBL and IUK interconnector gas pipelines. As such, Cavendish Markets has the right to facilitate the allocation of gas transmission capacity for these pipelines, in accordance with the Implicit Allocation Mechanism (“IAM”), as specified in the Capacity Allocation Mechanism (“CAM”) network code. Sales via the IAM involve the allocation of capacity directly from the Transmission System Operator (“TSO”) to the client. In order to participate in the IAM, the client must be a registered shipper of the TSO.

Client Onboarding

Our terms of our services are laid out in our Energy Broking Agreement. Any potential new clients will be provided a draft of this agreement, to be agreed and executed, prior to the start of any business relationship. If the planned business activities require it, we will also provide a draft of our REMIT Reporting Agreement.


Cavendish Markets have a legal responsibility to know with whom it is conducting business and to ensure their services are not used for money laundering or terrorist financing. As such, all new clients are required to go through an onboarding process. We therefore ask all new clients to provide a range of information so that we can conduct our client due diligence. This is requested via a KYC Questionnaire. We cannot conduct any business with a client before this process is complete. We also are obliged to revisit and review this information periodically, so will re-request this information from time to time.


Methods of Communication

In the course of providing broking services, Cavendish Markets will receive and transmit client orders. Orders are received and transmitted via a number of recorded media. Specifically, the Eikon and ICE Chat instant messaging services, the Cloud 9 VoIP service, normal telephonic services, email and CM’s own PLEXHUB bulletin-board. Other communication may also occur via postal and courier services. Cavendish Markets services are provided in English only.


Standardised Documents

Once an OTC deal has been arranged, the counterparties will receive a standardised deal confirmation file, by email, in a PDF, XML and JSON format, containing all the required information. Furthermore, clients can request to receive a similar paper confirmation following the completion of an exchange traded deal, on a case-by-case basis. Additionally, clients will receive daily summaries of all their arranged deals. These standardised “trade recap” files are provided on a T+0 basis, at the end of the trading day. These are again sent by email, in PDF, XML and JSON formats. To receive the trade recaps, the client must provide Cavendish Markets an appropriate recipient email address.


Acting with Integrity

Cavendish Markets aims to deliver the highest levels of professional service. Cavendish Markets has a responsibility to treat its clients honestly, fairly and professionally, in accordance with the best interests of its clients. All clients are treated equally.


In the course of providing broking services, Cavendish Markets both receives and transmits orders from and to clients. These orders are all treated homogenously. Furthermore, Cavendish Markets strives to ensure that all the deals it arranges are suitable and reflect the intentions of the client. Cavendish Markets will always act in accordance with the best interests of their clients when transmitting client orders to other entities for execution.  A copy of our Best Execution and Order Handling Policy is available to clients, on request.


Care is taken to ensure any conflicts of interest are identified, managed and mitigated. Should any material conflicts of interest, either actual or potential, remain, Cavendish Markets has a duty to declare these clearly, to you, before providing you any further services. A copy of our Conflicts of Interest Policy is available to clients, on request.


We take your privacy seriously. Before signing-up to our services, whilst using our website, your privacy is protected in accordance with our Website Privacy Policy (


Should you have a need for our services and pass our due diligence criteria, and are onboarded as a client, your privacy will be protected by our Privacy Policy, a copy of which is available to clients, on request. Cavendish Markets takes all reasonable measures to ensure the security of your personal data. The Privacy Policy includes details of what personal data will be processed, why we need to process these data and the duration we will store these data, after the initial processing use has ended.

​Contacting Us & Complaints Handling

Cavendish Markets 

​Please email all types of enquiries (including complaints) to: Your message will be promptly dealt with. While we strive to ensure there are none, any complaints will be taken extremely seriously. All complaints will be handled by the Management Board. Alternatively, our UK telephone number and alternative postal addresses are also given at the top and bottom of the page, respectively.

​​Authority of the Financial Markets


Authority for Consumers and Markets​


Postal Address:



Cavendish Markets B.V.

Herengracht 420,

1017 BZ, Amsterdam


+31 (0)20 299 3254


Postal Address:




Authority for the Financial Markets (AFM)

P.O. box 11723

1001 GS, Amsterdam


+31 (0)20 797 2000

+31 (0)20 797 3800


Postal Address:



Authority for Consumers and Markets (ACM)

PO Box 16326

2500 BH, The Hague


+31 (0)70 722 2000

+31 (0)70 722 2355

bottom of page