North American Energy Credit and Clearing Corp.
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| North American Energy Credit and Clearing Corp. | |
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| Products | Clearinghouse for the OTC power and gas markets |
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North American Energy Credit and Clearing Corp. (NECC) is a Chicago-based clearinghouse for the over-the-counter (OTC) power and gas markets. It was purchased by the NASDAQ OMX Group, Inc., and the transaction closed March 3. Financial terms of the transaction were not disclosed.[1]
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History
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Products and Services
NECC's business supports the U.S. physical power and gas markets by integrating the physical and financial markets through market neutral clearing services. It develops and provides clearing services to North American energy markets.
The business' key customers include physical traders such as utilities and merchant generators, and financial traders such as banks and hedge funds. Operating as a market-neutral 'riskless principal', the clearinghouse enters matching positions with different counterparties and manages the credit risk on both sides using standard clearinghouse type margining.
Key People
References
- ↑ Press Release. Nasdaq OMX. Retrieved on March 8, 2010.
