European Commodity Clearing (ECC) has welcomed Banca Akros SpA, Milan, as a new Clearing Member. Banca Akros holds a General Clearing License and will therefore be licensed to offer clearing services for all markets cleared by ECC.
As the investment and private banking arm of Banca Popolare di Milano Group, Banca Akros is seen as a point of reference for institutional, corporate and private investors in Italy.
As a Clearing Member, Banca Akros offers market participants access to a wide range of ECC products. According to its local reference, this also includes Italian Power Futures which are tradable on the European Energy Exchange (EEX). Since the launch of these products in October 2013, a volume of more than 70 TWh has been settled by ECC.
“The Italian market is increasingly gaining in importance for us. Therefore, we are especially pleased to welcome Banca Akros as first Clearing Member in Italy”, says Dr. Thomas Siegl, Chief Risk Officer of ECC.
“We constantly look for new opportunities in order to provide higher added value to our clients and increase the scope of our offerings. We are delighted to become a General Clearing Member of ECC and extend to our clients the benefits of our membership by adding a broad range of natural gas and power products and by providing clearing services also to ECC’s Non-Clearing Members”, says Marco Turrina, Chief Executive Officer of Banca Akros.
ECC has now connected 21 clearing banks from nine countries.