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Today, European Commodity Clearing AG (ECC) successfully concluded the transfer of the positions in Powernext Power Futures. As a result, ECC will assume clearing and settlement of the French Powernext Power Futures, which will be traded on the EEX Power Derivatives GmbH in the future.
On 2 April, ECC assumed all open positions in French Power Futures from the current clearing house, LCH.Clearnet SA. The open interest transferred amounted to 30.4 TWh with a value of approx. EUR 1.5 billion. At the same time, 31 new trading participants were recognised by ECC as trading participants in the product French Power Futures.
Furthermore, ECC assumed clearing and settlement of all products traded on EPEX Spot SE with effect as of 1st April 2009. The joint, Paris-based company operates short-term trading in power for EEX and Powernext. Physical settlement of the Spot and Derivatives Market transactions is ensured by ECC through the submission of schedules to the French transmission system operator RTE.
“The integrated clearing of all products by ECC is a fundamental element of our co-operation and the key to our mutual success“, Dr. Christioph Mura, Member of the Executive Board and COO of ECC AG, emphasises. “Today, altogether five exchanges and markets use ECC as their clearing partner – a sign of the attractiveness of the clearing house as well as of the capacity and reliability of its processes.“
“Our trading participants will benefit in particular from cross-margining of the German, French, Belgian and Dutch power futures, which ECC offers“, Jean-François Conil-Lacoste, CEO of Powernext SA, explains. “Moreover, our trading participants benefit from the fact that all payments for goods delivered are netted out across Spot and Derivatives Market transactions immediately on the day after the conclusion of the transaction or before the delivery in one single settlement. This approach reduces the trading participants’ capital commitments and administrative costs to a considerable degree.
European Commodity Clearing AG (ECC) is a clearing house whose range of services comprises clearing and settlement services for exchange and over-the-counter transactions in energy. The Leipzig-based company was established in 2006 with the spin-off and transfer of the clearing activities of European Energy Exchange AG (EEX) to this subsidiary.
Currently, European Commodity Clearing AG provides clearing as well as physical and financial settlement of transactions concluded on European Energy Exchange, EEX Power Derivatives GmbH, EPEX Spot SE, the Dutch ENDEX European Energy Derivatives Exchange N.V. and the French Powernext SA. In 2008, the settlement volume totalled more than EUR 100 billion.
