In its meeting in London on 10 March chaired by Dr. Günther Rabensteiner the Exchange Council of the European Energy Exchange (EEX) was informed with regard to the status of the planned product launches. In line with the roadmap presented during the last meeting, trading of the Within-Day product on the Natural Gas Spot Market was launched on 1 March as scheduled. At the end of March EEX will also launch trading in Phelix Week Futures.
In the course of the expansion of the product range on the Power Derivatives Market the Exchange Council approved the introduction of new option contracts. EEX is planning to add further expiry dates to existing expiry dates for options on Phelix Baseload Year Futures. This means that the following maturities will be offered in addition to the currently available expiry date at the end of December of any given year: end of March, end of June and end of September.
Moreover, the Exchange Council has adopted a resolution regarding the establishment of Working Committees. The Working Committees are designed to use the interests and the expertise of the market participants in order to advise and support the Management Board of the exchange in the further development of the individual asset classes (power, natural gas, emission rights and coal). The product-related committees (at maximum 12 participants) consist of market makers and interested traders and replace the current trader working groups and market maker meetings.
Furthermore, the Management Board of the exchange informed the members of the Exchange Council of the introduction of the “Communicator“ for the Spot Markets of EEX. This software enables the participants to trade the EEX Spot Market products for natural gas and emission allowances by using Trayport Global Vision. This means an important step towards the improvement of the technical connection of the participants and a stronger integration of EEX prices at the energy traders has now been taken.
During the meeting Mr. Ante Pogacic was elected as a new representative for the group of the financial service providers on the Exchange Council. Mr. Pogacic is Managing Director and Head of European Power & Gas, Sales and Origination at Deutsche Bank AG and commands long-standing experience in the field of energy trading.
The Exchange Council of EEX is a body of the exchange according to the German Exchange Act. It comprises a total of 24 members adequately representing the various interest groups and business circles: In addition to the trading participants with a total of 19 members elected from within various groups (interconnected utilities and trading companies, municipal and regional suppliers, brokers and financial service providers as well as commercial consumers), four representatives of associations and one investors’ representative are members of the Exchange Council. The Exchange Council primarily adopts the rules and regulations of the exchange and the amendments thereto. Furthermore, it appoints and monitors the Management Board of the Exchange and appoints the head of Market Surveillance