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1. Transmission system operators and NEMOs shall jointly organise the management of the integrated day-ahead and intraday markets in accordance with Regulation (EU) 2015/1222. Transmission system operators and NEMOs shall cooperate at Union level or, where more appropriate, at a regional level in order to maximise the efficiency and effectiveness of Union electricity day-ahead and intraday trading. The obligation to cooperate shall be without prejudice to the application of Union competition law. In their functions relating to electricity trading, transmission system operators and NEMOs shall be subject to regulatory oversight by the regulatory authorities pursuant to Article 59 of Directive (EU) 2019/944 and by ACER pursuant to Articles 4 and 8 of Regulation (EU) 2019/942 and shall be subject to transparency obligations and effective supervision against market manipulation as laid down in the relevant provisions of Regulation (EU) No 1227/2011.

2. Day-ahead and intraday markets shall:

(a) be organised in such a way as to be non-discriminatory;

(b) maximise the ability of all market participants to manage imbalances;

(c) maximise the opportunities for all market participants to participate in cross-zonal and intra-zonal trade in a non-discriminatory manner and as close as possible to real time across and within all bidding zones;

(ca) be organised in such a way as to ensure the sharing of liquidity between all NEMOs, at all times, both for cross-zonal and for intra-zonal trade. For the day-ahead market, from one hour before the gate closure time until the latest point in time where day-ahead trade is allowed, NEMOs shall submit all orders for day-ahead products and products with the same characteristics to the single day-ahead coupling on the one hand and shall not organise trading with day-ahead products or products with the same characteristics outside the single day-ahead coupling on the other. For the intraday market, from the single intraday coupling gate opening time until the latest point in time when intraday trading is allowed in a given bidding zone, NEMOs shall submit all orders for intraday products and products with same characteristics to the single intraday coupling on the one hand and shall not organise trading with intraday products or products with same characteristics outside the intraday coupling on the other. Those obligations shall apply to NEMOs, to undertakings which directly or indirectly exercise control over a NEMO, and to undertakings which are directly or indirectly controlled by a NEMO;

(d) provide prices that reflect market fundamentals, including the real time value of energy, on which market participants are able to rely when agreeing on longer-term hedging products;

(e) ensure operational security while allowing for maximum use of transmission capacity;

(f) be transparent and, where applicable, provide information by generation units while at the same time protecting the confidentiality of commercially sensitive information and ensuring trading occurs in an anonymous manner;

(g) make no distinction between trades made within a bidding zone and across bidding zones; and (h) be organised in such a way as to ensure that all markets participants are able to access the market individually or through aggregation.