Eurex Founds Operating Company For Energy Exchange

Eurex, the derivatives exchange, has founded the stock corporation European Energy Exchange AG as the operating company for EEX, the European Energy Exchange. The company made the announcement in Frankfurt today. The newly founded operating company marks another step in the establishment of a derivatives and spot market foe electricity, Eurex said. The European Energy Exchange AD, which is domiciled in Frankfurt/Main, has capital stock of 9.8 million EURO and is a wholly-owned subsidiary of Eurex, the world's largest derivatives exchange. At the beginning of the year 2000, the energy sector will participate in the company within the framework of a capital increase of 10.2 million EURO and will then hold the majority of shares. Christian Geyer and Hans E Schweickardt, who have been in charge of EEX project management, were appointed members of the Board of EEX AG. Otto E Nägeli. Deputy CEO of Eurex, the parent company, is chairman of the Supervisory Board. Christian Geyer (48) was previously responsible for Market and Product Development at Deutsche Börse. A mathematician he joined the Deutsche Börse Group in 1982. Hans E Schweickardt, a 54-year old engineer, comes from the Swiss energy supplier ATEL, where he was general manager in charge of electricity trade.