European Commodity Clearing AG (ECC) has admitted Oesterreichische Kontrollbank AG (OeKB) as a new General Clearing Member. As a specialised banking institution, Oesterreichische Kontrollbank AG (OeKB) supplies the Austrian market with central infrastructural and financial services and has many years of experience in the energy sector. In the future, OeKB will offer clearing services for the Austrian gas market to trading participants.
“As a central and independent body, we provide energy-specific services on behalf of various institutions. With this expansion of our clearing services for the energy market and membership in ECC, we provide an efficient and cost-effective solution for domestic utility companies and support the new Austrian gas market model”, says Wolfgang Aubrunner, who is in charge of clearing & risk management at OeKB.
“With OeKB we have admitted the first Austrian clearing bank to ECC and, as a result, we now provide an excellent connection for customers of the CEGH Gas Exchange on the Vienna Stock Exchange”, explains Dr. Thomas Siegl, Chief Risk Officer of ECC. “We are very much looking forward to the cooperation.”
European Commodity Clearing AG (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.
Oesterreichische Kontrollbank Aktiengesellschaft (OeKB) is Austria’s main provider of financial and information services to the export industry, the capital market and the energy market. Its specialised services strengthen Austria as a business location and support its economy in the global competition. Its diverse services are available for companies and financial institutions as well as for institutions of the Republic of Austria. Since the liberalisation of the Austrian energy markets 10 years ago, OeKB has been in charge of financial clearing and risk management of the clearing offices APCS Power Clearing and Settlement AG and AGCS Gas Clearing and Settlement AG as well as of the EXAA power exchange and the green power clearing office, OeMAG. OeKB operates on an interdisciplinary, central and neutral basis and in compliance with its sustainability policy. The specialised institution, which was founded in 1946, is owned by Austrian banks.
