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In the meeting of the EEX Exchange Council in Leipzig on 23 June 2010 chaired by Dr. Günther Rabensteiner the results of the Working Committees for the power and emissions asset classes formed the focus of the deliberations. At the beginning of the meeting the Exchange Council was informed of the composition of the Working Committees, the establishment of which had been approved in the last meeting of the Exchange Council, and meetings of which had already taken place. The Working Committees whose meetings are to be held regularly aim at using the traders’ and market makers’ experience for the further development of the individual asset classes and advising the Management Board of the Exchange with regard to questions concerning trading.
Following on from the Power Working Committee Oliver Maibaum, Managing Director Exchange, presented the proposals for the expansion of the French Power Futures which had been discussed. EEX is planning to launch week contracts for the French Derivatives Market. Unlike physical futures (month, quarter and year futures), which can be traded at the moment, these new contracts are to be fulfilled through cash settlement. The Spot Market price for the daily EPEX Spot auction for the French market area will form the underlying for the French Base Week Futures and French Peak Week Futures with financial settlement.
This will lead to further harmonisation of the tradable products and to a standardisation in settlement on the Power Derivatives Market for Germany and France. At the end of March EEX supplemented the Phelix Futures product group with Week Futures. The members of the Exchange Council welcomed the plans presented and approved the introduction of the new products. The launch of trading in financially settled French Power Week Futures is scheduled for the second half of the year. At a later date, the Exchange Council will discuss a switch of further maturities on the French Derivatives Market to financially settled futures contracts.
Furthermore, the Exchange Council approved the introduction of EUA Futures with contracts for the third EU ETS trading period. Since 30 June trading participants on the Derivatives Market for Emission Rights have been able to trade EUA Futures with delivery in 2013 and 2014. The Exchange Council welcomed the quick introduction of the new maturities as an important cornerstone for strengthening secondary trading in emission rights on the exchange. In addition, the members of the Exchange Council welcomed the extension of the trading hours for emission futures and options which was implemented recently upon a proposal by the Emissions Working Committee.
Moreover, the Exchange Council agreed on the adjustment of the existing EUA Options. In the future, the options on EUA Futures will exclusively refer to the Mid-December Futures contract. The time of the switch will be determined by the Management Board of the Exchange.
The Exchange Council of EEX is an official body of the exchange under the German Exchange Act. It consists of in total 24 members who adequately represent the various interest groups and business circles: In addition to the trading participants with 19 elected members from various sectors (national and international transmission system operators and power trading companies, municipal utilities and regional suppliers, brokers and financial service providers as well as commercial consumers), four representatives from associations and one investors’ representative are members of the exchange. The tasks of the Exchange Council include, in particular, the adoption of the rules and regulations of the exchange. In addition, its tasks comprise the appointment and supervision of the Management Board of the Exchange and the appointment of the head of the Market Surveillance Office.
