ECC: Raiffeisenbank a.s. Becomes New General Clearing Member

European Commodity Clearing (ECC) has admitted an addi-tional clearing bank, Raiffeisenbank a.s. The bank has obtained a General Clearing License and can now offer clearing services for all products and markets cleared by ECC.

“With Raiffeisenbank, we have admitted a clearing bank which is firmly rooted with custom-ers in the Czech Republic. Therefore, Raiffeisenbank has substantial expertise in the East-ern European market. This further supports our business in this region which we have strengthened recently with the expansion of our clearing services to PXE”, comments Dr. Thomas Siegl, Chief Risk Officer of ECC.

ECC has provided its services for the Prague-based POWER EXCHANGE CENTRAL EUROPE (PXE) since September 2013. The services comprise clearing and settlement of Czech, Slovak and Hungarian power futures as well as trade registration for those products. Furthermore, ECC provides financial settlement for trades concluded on the common day-ahead market platform of PXE and OTE.