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European Commodity Clearing AG
Founded2006
HeadquartersLeipzig, Germany
Key people
Peter Reitz (CEO), Steffen Köhler (COO), Dr. Thomas Siegl (CRO), Iris Weidinger (CFO)
ProductsClearing and settlement services for energy and other commodities
Websitewww.ecc.de

European Commodity Clearing AG (ECC) is a clearing house which provides clearing and settlement services for energy and other commodities traded on an exchange or via Trade Registration. The ECC AG is a subsidiary of the European Energy Exchange AG (EEX).

Foundation

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ECC was established as a subsidiary of the European Energy Exchange (EEX) in 2006. In this context, EEX transferred its clearing activities to ECC. The aim has been to provide clearing services for partner exchanges as well. As a first step in this direction, on 5 July 2006, the European Energy Exchange AG (EEX) and the Amsterdam-based European Energy Derivatives Exchange N.V. (ENDEX) announced they would cooperate in the settlement of energy trading transactions.[1] This cooperation agreement constituted ECC's first step towards a clearing house working for several exchanges. Today, ECC acts as central counterparty for six European exchanges and is open for further partners.

Services

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Currently, ECC provides clearing services for the partner exchanges CEGH Gas Exchange of the Vienna Stock Exchange, European Energy Exchange (EEX), EPEX SPOT, Hungarian Power Exchange, NOREXECO (beginning of 2nd quarter 2014), POWER EXCHANGE CENTRAL EUROPE and Powernext. Furthermore, ECC takes over clearing for Trade Registration-trades registered via these exchanges.

Overall, ECC provides clearing and settlement services for the following products[2]:

  • Power (Germany, France, Austria, Switzerland, Belgium, the Netherlands, Great Britain, Hungary)
  • Natural Gas (Germany, France, the Netherlands, Austria)
  • Emission rights (EUA, CER, ERU, EUAA)
  • Coal (API 2 and API 4 index)
  • Guarantees of Origin (Nordic Hydro, Alpine Hydro, Central Northern European Wind)

Expansion of the product offerings

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  • November 2008: ECC now provides clearing and settlement for natural gas contracts traded on the French exchange Powernext SA.
  • April 2009: The clearing and settlement of all French power spot and derivatives contracts within the framework of the cooperation between EEX and Powernext is now assumed by ECC.
  • October 2009: ECC assumes clearing and settlement for UK Power Futures.[3]
  • December 2009: ECC assumes clearing and settlement services for the new gas market in Austria. The trade is executed on the stock exchange systems of the Vienna Stock Exchange, delivery point is the Central European Gas Hub (CEGH).[4]
  • July 2010: ECC also acts as a clearing house for the newly built Hungarian Power Exchange (HUPX) and takes over the clearing and settlement of transactions concluded on HUPX electricity spot market in the framework of this cooperation.[5]
  • December 2010: Clearing is extended by derivative market products.
  • July 2011: ECC takes over the clearung for HUPX electricity futures.[6]
  • February 2013: EEX group continues expanding its Trade Registration Services to offer more products that are not traded on the EEX or ECC partner exchanges.[7]
  • June 2013: EEX offers trading in Guarantees of Origin (GoOs). These certificates prove that one megawatt hour of electricity was generated from renewable energy sources. ECC takes over clearing and settlement of the trades.
  • September 2013: ECC assumes clearing and settlement of all trades completed at the Prague-based Power Exchange Central Europe (PXE).[8]
  • December 2013: ECC and the Norwegian NOREXECO AS have agreed to cooperate in commodity trading, clearing and settlement and have concluded a cooperation agreement for that purpose.[9]
  • December 2013: EEX has become the majority shareholder of the Singaporean Futures Exchange Clear Trade Exchange (CLTX). The aim is to build a new global supply of raw materials. The CLTX supplements the existing products of the EEX with products such as freight, iron ore, fuel oil and fertilizers.

Key People

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  • Peter Reitz, Chief Executive Officer, chairman of the ECC Management Board since 1st August 2011.
  • Steffen Köhler, Chief Operating Officer, member of the ECC Management Board since 1st November 2012.
  • Iris Weidinger, Chief Financial Officer, member of the ECC Management Board since 1st November 2012.
  • Dr. Thomas Siegl, Chief Risk Officer, member of the ECC Management Board since 1st May 2010.

Resources

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Partner exchanges:

References

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  1. ^ Press Release, 07/04/2006
  2. ^ Products of ECC
  3. ^ Press Release, 10/02/2009
  4. ^ Press Release, 06/25/2009
  5. ^ Press Release, 07/20/2010
  6. ^ Press Release, 07/19/2011
  7. ^ Press Release, 02/14/2013
  8. ^ Press Release, 09/02/2013
  9. ^ Press Release, 12/11/2013
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