ECC
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| European Commodity Clearing AG | |
| |
| Founded | 2006 |
|---|---|
| Headquarters | Leipzig, Germany |
| Key People | Hans-Bernd Menzel is CEO of ECC AG |
| Products | Clearing services for German, French, Austrian, Swiss, Belgian and Dutch Power; Emission Allowances; Coal; Natural Gas |
| Web site | http://www.ecc.de/ |
The European Commodity Clearing AG (ECC) operates a clearing house for energy-related commodities and their derivatives. ECC was spun off as a subsidiary of the European Energy Exchange (EEX) in 2006, and serves to safeguard a secure settlement of transactions.[1]
Its automated and integrated clearing and risk-management services, across a range of markets and commodities, allow ECC to standardize processes and lower collateral requirements, providing members with cross-commodity and cross-currency clearing at a reduced cost. In this process, ECC also takes into account the effect to reduce the total of the margins to be furnished (e.g. cross margining).
ECC operates within an international corporate governance structure and according to internationally recognized standards for capital markets, institutions and clearing houses. ECC is supervised by the German Federal Financial Supervisory Authority (BaFin) and is a designated Payment System according to Article 10 of the Settlement Finality Directive 98/26/EC.
Every single trade that takes place on the exchanges is underwritten by ECC, which occupies a central and independent role within the marketplace. Protection against default is provided by an internationally approved margin system and a default fund. Buyers and sellers are also guaranteed complete anonymity at each stage of the transaction.
Contents |
History
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On July 4, 2006, the European Energy Exchange AG (EEX) and the Amsterdam-based European Energy Derivatives Exchange N.V. (ENDEX) announced they would co-operate in the settlement of energy trading transactions.[2]
Products and Services
ECC currently offers clearing services for the following commodities:
- German, French, Austrian, Swiss, Belgian and Dutch power
- Emission allowances
- German and Dutch natural gas
- Coal
Currently, ECC provides clearing services for contracts traded on both the European Energy Exchange (EEX) and the European Energy Derivatives Exchange N.V. (ENDEX), as well as for over-the-counter (OTC) trades registered via these exchanges.[3] In 2007, settlement volume totalled approximately EUR 100 billion.
ECC is constantly expanding its range of products, its clearing membership and its exchange partnership network. In the future, ECC will also provide clearing and settlement for power and natural gas contracts traded on the French exchange Powernext SA.
Key People
Hans-Bernd Menzel is CEO of ECC AG. Furthermore, Maik Neubauer is a member of the executive board of ECC AG. He assumes the position of the chief financial officer (CFO) and chief risk officer (CRO).
Resources
References
- ↑ Credit Risk Management in the European Day-Ahead Power Markets. Futures Industry Magazine. Retrieved on June 10, 2008.
- ↑ Press Release. ECC. Retrieved on March 1, 2008.
- ↑ About ECC. ECC. Retrieved on March 1, 2008.
