European Commodity Clearing
| European Commodity Clearing AG
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|---|---|
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| legal form | Corporation |
| founding | 2006 |
| Seat |
Leipzig , Germany
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| management |
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| Branch | Clearing house |
| Website | www.ecc.de |
European Commodity Clearing AG (ECC) is a clearing house whose range of services includes clearing and settlement for on-exchange and over-the-counter transactions in energy and energy- related products. ECC AG is a subsidiary of Energy exchange European Energy Exchange AG (EEX) and part of EEX Group.
history
The Leipzig- based company was created in 2006 through the spin-off and transfer of the clearing activities of the European Energy Exchange AG (EEX) into a subsidiary . On August 15, 2006, ECC received a license as a securities trading bank from the Federal Financial Supervisory Authority (BaFin) . In addition, since January 2007, ECC has had permission to act as a central counterparty in accordance with Section 1 (31) of the KWG . On June 11, 2014, ECC was approved by BaFin as a central counterparty in accordance with Regulation (EU) No. 648/2012 (Market Infrastructure Regulation) .
Services
European Commodity Clearing AG is currently clearing all transactions that take place on the European Energy Exchange (EEX), EEX Asia, EPEX SPOT , Powernext , Power Exchange Central Europe (PXE), as well as for the partners of HUPX, HUDEX, NOREXECO, SEEPEX and SEMOpx. In addition, ECC also clears off-exchange transactions that are registered via these exchanges (transaction registration).
For all "cleared" transactions, ECC acts as the central counterparty between the contractual partners . It guarantees the fulfillment of the transactions and allegedly reduces the counterparty default risk for the buyer or seller. An internationally recognized security system (based on the deposit of margins ) is intended to ensure that the transactions are carried out even if one of the parties fails to perform. The anonymity of buyers and sellers is guaranteed at every stage of the transaction.
Risk management that is automated and integrated across various trading venues and products enables ECC to standardize processes and reduce transaction costs for participants. In doing so, ECC also takes into account portfolio effects for opposing positions as part of the so-called cross margining ( SPAN ) in order to minimize the amount of the required collateral. ECC currently works with 21 international clearing banks.
ECC offers clearing and settlement for the following products:
- Electricity (Germany, France, Austria, Switzerland, Belgium, Netherlands, Norway, Sweden, Serbia, Finland, Denmark, Great Britain, Hungary)
- Natural gas (Germany, France, Great Britain, Italy, Netherlands, Austria, Spain, Czech Republic)
- Emission rights (EUA, CER, EUAA)
Expansion of cleared products
Since November 26, 2008, ECC has been handling the gas business that is traded on the French Powernext SA. As part of the cooperation between EEX AG and Powernext SA in power trading , since April 2009 ECC has also been clearing and settling the French spot and futures transactions in power that are traded on the spot and derivatives market for power of EPEX Spot and on EEX Power Derivatives.
Since October 2009, ECC has been clearing and settling UK Power Futures that were introduced on APX-Endex.
Since December 2009, ECC has been handling clearing and settlement for the new gas exchange in Austria. Trading is carried out via the exchange systems of the Vienna Stock Exchange ; the delivery point is the Central European Gashub (CEGH).
In December 2010, clearing was expanded to include derivatives market products.
Since July 2010, ECC has also been active as a clearing house for the newly established Hungarian Power Exchange (HUPX) and, as part of this cooperation, takes on clearing and settlement for the electricity spot market transactions concluded at HUPX. Since July 2011, ECC has also cleared the HUPX power futures.
Since February 2013, the EEX Group has further expanded its Trade Registration Services in order to be able to offer additional products that are not traded on EEX or ECC partner exchanges.
Since June 2013, EEX has been offering trade in guarantees of origin (GoOs). These certificates prove that one megawatt hour of electricity was generated from renewable energies . The clearing house ECC takes over the clearing and settlement of these trades.
On September 2, 2013, ECC took over the clearing and settlement of all trading transactions that were concluded at the Prague-based Power Exchange Central Europe (PXE).
On December 11, 2013, ECC and the Norwegian NOREXECO AS agreed to a cooperation in the field of raw materials trading and processing and concluded a cooperation agreement for this purpose.
In December 2013, EEX became the majority shareholder of the Cleartrade Exchange (CLTX), which was founded in Singapore in 2010. The aim is to develop a new global raw material supply. The CLTX supplements the current EEX products with products such as freight, iron ore, ship oil and fertilizers.
Individual evidence
- ^ Company Structure. In: www.ecc.de. Retrieved January 11, 2020 .
- ↑ ECC receives EMIR authorization. June 12, 2014, accessed December 3, 2017 (English, press release).
- ↑ About ECC AG. In: ecc.de. 2019, accessed on September 13, 2019 .
- ↑ ECC launches Clearing of UK Power Futures. October 2, 2009, accessed December 3, 2017 (English, press release).
- ^ Vienna Stock Exchange and ECC conclude clearing agreement. June 25, 2009, accessed December 3, 2017 (English, press release).
- ↑ ECC launches Clearing for Hungarian Power Futures. July 19, 2011, accessed on December 3, 2017 (English, press release).
- ↑ EEX creates Pan-European OTC Clearing Service Offering Three further products to be launched in February. February 14, 2013, accessed December 3, 2017 (English, press release).
- ^ ECC launches clearing services for PXE. September 2, 2013, accessed December 3, 2017 (English, press release).
- ↑ ECC and NOREXECO to Cooperate in the commodity sector. December 11, 2013, accessed December 3, 2017 (English, press release).