Last month we began to highlight the need to reassess the documentation uponwhich physical commodities are traded in the National Balancing Point (NBP) hubin the UK and the Zeebrugge Hub in Belgium. Isda’s European Gas Annex achievesthis, allowing traders to put both physical and financial portfolios under onestandardised platform.

In this section, we begin by contrasting the individual approaches to tax riskof the Short Term Flat Trading Terms and Conditions (the ‘NBP’) and the ZeebruggeHub