The European Commodity Clearing AG (ECC) celebrates its fifth anniversary. In the framework of the spin-off of the clearing activities of its parent company, European Energy Exchange AG (EEX), ECC was registered in the commercial register of the Local Court of Leipzig as an independent company five years ago today. With a staff of seven ECC began its operations retroactively as of 1 January 2006. Today, it employs a staff of 23.
The model under which an integrated European clearing house for the energy market was established has proved very successful. ECC has a unique selling proposition in the physi- cal settlement of energy transactions compared with other clearing houses. Over the past years, ECC has continuously expanded its range of products and services as well as its partner network. Today, six exchanges, 16 Clearing Members, 287 trading participants and16 transmission system operators are connected with ECC. Moreover, sales generated in clearing make a decisive commercial contribution within EEX Group.
“The clearing business is a competitive market in which ECC has to prove itself. More and more trading and clearing participants are operating globally today. And this is a trend which the exchanges and the clearing houses must take into account”, explains Peter Reitz, Chief Executive Officer of ECC AG. “The long-term aims are to establish a sound position for ECC even beyond Europe and to be able to offer further services and products.“
“Our clearing concept has proved its mettle: ECC has a strong connection to the physical aspect of energy trading and connects local exchanges with market participants operating globally. Uniform interfaces and offsetting effects across products by different exchanges simplify the settlement of transactions for our customers and contribute to the integration and standardisation of the European markets“, says Dr. Thomas Siegl, Chief Risk Officer of ECC and adds: “We are continuously working to expand and develop our services.” The expanded cross-margining system, which provides significant cost advantages to the clearing banks and trading participants through strong offsetting effects across market areas and products and further strengthens the advantages which ECC provides to the participants even today, is one example of this. The expanded cross-margining will be launched in the fourth quarter of 2011.
ECC connects commodity markets and the players operating on these markets – a fact which is reflected in the new slogan “one clear connection”. From 29 August 2011, ECC will present itself with a new and comprehensive web site comprising a new design at www.ecc.de.
European Commodity Clearing AG (ECC) is the central clearing house for energy and related products in Europe. In its function as the central counterparty ECC assumes clearing as well as physical and financial settlement of transactions concluded on APX-ENDEX, the CEGH Gas Exchange of the Vienna Stock Exchange, EEX, EPEX Spot, HUPX and Powernext as well as clearing and settlement of transactions registered for OTC clearing on these exchanges.
FTSE Mondo Visione Exchanges Index:
ECC: A Reliable Clearing Partner In European Energy Trading For Five Years
Date 25/08/2011