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Today, the European Commodity Clearing (ECC) has admitteda further clearing bank, UniCredit Bank Czech Republic a.s., Prague. The bank has obtained a General Clearing Licence and can now offer clearing services for all products and markets cleared by ECC with immediate effect.
The Prague-based UniCredit Bank Czech Republic is a subsidiary of the Italian UniCredit, which is represented in 22 European countries and is one of the biggest commercial banks in Europe.
“The admission to ECC is the result of our long-standing efforts to offer clearing services for all leading European energy exchanges. It is our aim to offer a higher added value for traders and to support them in their supraregional activities. We want to use the experience which we have gathered in the co-operation with the Prague Power Exchange Central Europe (PXE) and offer our customers the full range of clearing services of the partners ECC and PXE as a one-stop-shop solution”, explains Michael Novotný, Director of Corporate Clients Centre at UniCredit Bank CZ.
In October 2012, ECC and PXE concluded a co-operation agreement under which ECC will also clear and settle the Czech, Slovak and Hungarian power futures traded on PXE.
“With UniCredit Bank CZ we now have a new Clearing Member that commands comprehensive experience on the markets in the Czech Republic, Hungary and Slovakia. This regional rootedness and the know-how of the customers on site and of their requirements are of vital importance for a company which operates throughout Europe like ECC”, emphasises Dr. Thomas Siegl, Chief Risk Officer of ECC. “As a result, the admission of UniCredit Bank CZ strengthens the bridge to the eastern European markets, in particular, in connection with the co-operation with our partner exchanges HUPX and PXE”, explains Siegl.
European Commodity Clearing (ECC) is the central clearing house for energy and related products in Europe. In its capacity as the central counterparty ECC assumes clearing as well as physical and financial settlement of transactions concluded on APX-ENDEX, CEGH Gas Exchange of the Vienna Stock Exchange, EEX, EPEX SPOT, HUPX and Powernext or registered for OTC clearing on these exchanges.
