On Wednesday 24th June 2020, the Exchange Council of the European Energy Exchange (EEX) held its first meeting of 2020, chaired by Dr Michael Redanz, Managing Director of EWE Trading GmbH. In the course of the meeting, the Exchange Council discussed a number of topics including the recent introduction of EEX Japan Power Futures, the necessary measures to maintain all operations and secure market continuity in times of crisis like the Covid-19 pandemic, and the nomination of a Data Protection Officer.
During the meeting, the Exchange Council particularly welcomed the successful start of EEX’s Japan Power Futures offering for the Tokyo and Kansai market areas. Despite the global COVID-19 crisis, EEX launched the new products according to plan on 18th May 2020. The Trade Registration services offered on the EEX for Japanese Power Futures will bring international and domestic Japanese trading companies closer together. A number of brokers and clearing members have signed up already and products have been regularly trading since the launch. These new products will enhance EEX’s footprint as the leading global power exchange and contribute to managing risks in the market more efficiently. It uses the established clearing products and infrastructure. In this context, the Council approved the relating amendments of the Exchange Rules.
The current Covid-19 pandemic has shown that unforeseeable situations can significantly impact exchange trading, transaction settlements and market participants. The Exchange Council discussed and welcomed the measures of EEX to adjust the exchange rules and regulation to integrate a set up of emergency measures, ensuring the continuity of all operations.
The Exchange Council also approved the nomatination of Ms. Nina Poppinga as EEX Data Protection Officer and Dr Heiko Drebes as Deputy Protection Officer. Data protection requirements oblige EEX as exchange under public law to be aware of the situations involving the collection and processing of personal data, and to implement appropriate technical and organisational measures to ensure that, by default, only personal data which is necessary for specific purposes is processed in the way described by the European law. Both Ms. Poppinga and Dr Drebes have extensive experience in Data Protection within the Deutsche Börse Group and also act as Data Protection officers for EEX AG and ECC AG.
The Exchange Council of EEX is an official body of the exchange under the German Exchange Act. It consists of a total of 24 members who expertly represent the various relevant interest groups and business circles. In addition to the trading participants who are represented by 19 elected members from five different voting groups, four representatives from associations and one representative of energy science belong to the Exchange Council. The tasks of the Exchange Council include the formulation of the rules and regulations of the exchange and their amendments. The Exchange Council is also tasked with the supervision of the Management Board of the Exchange and the appointment of the Head of the Market Surveillance.
