On 11 June, the German regulator BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) has admitted European Commodity Clearing (ECC) as a Central Counterparty according to EMIR (European Market Infrastructure Regulation) for the settlement of transactions in commodities, including emission rights. The authorisation follows the positive statement from the college of supervisors on 15 May, which consists of the relevant European authorities for the markets ECC is active in. None of the members of the college voted against granting the license to ECC.
“Receiving the EMIR license is a very important step for ECC in order to reinforce its position as the leading clearing house for energy and related products in Europe”, says Dr. Thomas Siegl, Chief Risk Officer at ECC. “Due to its EU-wide scope, the license has a significantly broader impact than a national CCP admission license. This strengthens ECC’s role as central counterparty in Europe but also beyond.”
ECC submitted its application for the EMIR Central Counterparty license in September 2013. The application was determined complete on 20 December 2013.
European Commodity Clearing (ECC) is the central clearing house for energy and related products in Europe. In its capacity as the central counterparty ECC assumes clearing as well as physical and financial settlement of transactions concluded on CEGH Gas Exchange of the Vienna Stock Exchange, EEX, EPEX SPOT, HUPX, Powernext and PXE, or registered for clearing on these exchanges. Furthermore, ECC will start clearing services for the Norwegian NOREXECO and Cleartrade Exchange (CLTX) in the future. CLTX is a Futures Exchange with offices in Singapore and London which is part of EEX Group since December 2013.
