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European Commodity Clearing (ECC) welcomes Morgan Stanley & Co. International plc, London, as a new Clearing Member. The firm is the first clearing bank to be admitted on ECC in 2014. There are now a total of 21 Clearing Members admitted on the clearing house.
By holding a Direct Clearing license, Morgan Stanley can assume clearing of its own trading transactions as well as those on behalf of associated trading participants and the firm’s clients.
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services.
Andy Ross, Head of European OTC Client Clearing, says: “ECC is a significant provider of CCP services in Europe, and this membership demonstrates Morgan Stanley’s commitment to building on its client offering in commodity derivatives clearing.”
Dr. Thomas Siegl, Chief Risk Officer of ECC, adds: “The admission of Morgan Stanley complements our offer and will enable further customers to access the cleared energy market.”
European Commodity Clearing (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 CEGH Gas Ex- change of the Vienna Stock Exchange, EEX, EPEX SPOT, HUPX, Powernext and PXE, or registered for clearing on these exchanges. Furthermore, ECC will start clearing services for the Norwegian NOREXECO and Cleartrade Exchange (CLTX) in the future. CLTX is a Futures Exchange with offices in Singapore and London which became part of EEX Group in December 2013.
