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From today, customers of European Energy Exchange (EEX) have the opportunity to use the “Trayport® Clearing Link – CompleteSM Clear” offering for registration of over-the-counter transactions for clearing at European Commodity Clearing (ECC).
This new connection enables brokers to register OTC transactions quickly and efficiently via the Trayport® trading system and to automatically give the trades up to trading participants. At the trading participants’ request, the take-up of the OTC transactions can be carried out automatically, allowing transactions to be transferred to the clearing house without any manual intervention by the traders. This additional service is provided free of charge to both brokers and trading participants.
“We have now established a straight through processing solution for OTC registration via Trayport®”, says Dr. Thomas Siegl, Chief Risk Officer of EEX Group. “This significantly eases access to ECC for our participants, who can now use the advantages of clearing – standardised legal and operative processes, automated trade confirmation and avoidance of credit risks – more effectively”.
This step follows the connection to EFETnet’s solution, which EEX and ECC implemented in September and expanded in October. EFETnet’s eXRP platform provides participants, which include the most important brokers, with a platform for the automatic registration of OTC transactions. Both solutions enable trading participants to select the level of automation they require; either choosing to fully automate the process of registering OTC transactions or retaining manual steps in certain situations.
In line with the launch of new OTC cleared products – Romanian power futures in December 2012 and Scandinavian power futures and two Euro-denominated coal contracts in February 2013 – EEX and ECC are taking a further step to bring greater volumes from the OTC market onto the exchange by facilitating OTC registration.
European Energy Exchange AG European Energy Exchange (EEX) is the leading energy exchange in Europe. It develops, operates and connects secure, liquid and transparent markets for energy and related products on which power, natural gas, CO2 emission allowances and coal are traded. Clearing and settlement of all trading transactions are provided by the clearing house European Commodity Clearing (ECC). EEX is a member of Eurex
Group.
European Commodity Clearing (ECC) is the central clearing house for energy and related products in Europe. ECC ensures clearing, as well as physical and financial settlement of transactions concluded on APX-ENDEX, CEGH Gas Exchange of Vienna
Stock Exchange, EEX, EPEX SPOT, HUPX and Powernext and offers OTC clearing services in addition.
