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The European Commodity Clearing (ECC) has won the Prague based POWER EXCHANGE CENTRAL EUROPE (PXE) as a new partner exchange. According to the co-operation agreement between the two companies, ECC is scheduled to begin its activities as the central counterparty for PXE from the end of the first quarter of 2013.
The Czech, Slovak and Hungarian power futures listed on PXE will be cleared and settled by ECC. In addition, ECC will also offer an OTC clearing service for these products. As a further part of the future co-operation, ECC will provide margining and financial settlement of the Czech power spot market transactions which PXE offers together with the Czech transmission system operator OTE.
“We are looking forward to the co-operation with PXE”, emphasises Dr. Thomas Siegl, Chief Risk Officer of ECC. “On account of the even more comprehensive coverage of Europe, ECC will expand its already strong position on the power markets. Our participants benefit from it since the margins to be deposited with ECC are calculated across all markets and exchanges and can be minimised further.”
“I am sure that the partnership with ECC shifts PXE further in our mission to offer the state of art services for our members. The large network of participants and the standardised and integrated clearing processes of ECC will be beneficial for our clients as well as for the markets on which we are active”, says David Kučera, Secretary general, POWER EXCHANGE CENTRAL EUROPE.
PXE is the seventh exchange for which ECC will provide clearing services and, according to Chief Executive Officer Peter Reitz, it “strikes a bridge to the eastern European markets, which will provide further market opportunities for us”. As a subsidiary of the Prague Stock Exchange, PXE is part of the CEE Stock Exchange Group, which operates exchange platforms in Prague, Vienna, Budapest and Ljubljana.
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, CEGH Gas Exchange of the Vienna Stock Exchange, EEX, EPEX SPOT, HUPX and Powernext or registered for OTC clearing on these exchanges.
