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The European Energy Exchange (EEX) will start its Intraday Market on September 25, 2006, subject to the approval of the exchange council on September 22, 2006. The exchange is highly content with the progression of a first simulation, which took place in August and which has seen a total of 60 companies participating. A second and final simulation is scheduled to start on September 4, 2006, and will terminate on September 15, 2006.
The electronic trading platform will be available for the trading participants seven days per week, 24 hours per day. As a first step, the new trading system will permit trading of hourly deliveries of the current and of the next calendar day up to 75 minutes before the commencement of the delivery in question. As a next step, the offer will be extended to trading of quarter-hour deliveries up to 45 minutes before the commencement of delivery. The settlement infrastructure is also open for intraday transactions not concluded on the platform. Moreover, it is planned to include other countries into the system.
EEX operates a Spot and a Derivatives Market for power and CO2 emission allowances. With currently 150 trading participants from 19 countries, it is the energy exchange in continental Europe which boasts the largest number of trading participants and the highest volume traded. On May 2, 2006, EEX was the first exchange in Europe to launch OTC clearing of coal contracts and trading of coal futures. The clearing services are provided by European Commodity Clearing AG (ECC) a wholly owned subsidiary of EEX.
