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European Commodity Clearing AG (ECC)

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European Commodity Clearing AG (ECC)

Overview:

European Commodity Clearing AG (ECC) is a clearing house whose range of services comprises clearing and settlement for exchange and over-the-counter transactions in energy and related products.

Since its establishment in 2006, ECC has constantly expanded its range of products, its clearing membership and its exchange partnership network. Currently, ECC provides clearing as well as physical and financial settlement of the transactions concluded on APX-ENDEX, CEGH Gas Exchange of Wiener Börse, EEX, EPEX Spot, HUPX and Powernext.

Its automated and integrated clearing and risk management services, across a range of markets and commodities, allow ECC to standardise processes and lower collateral requirements, providing members with cross-commodity and cross-currency clearing at a reduced cost.

ECC operates within a robust and international corporate governance structure and according to internationally recognised 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. Together with its Clearing Members ECC assumes the counterparty risk and guarantees the fulfilment of all financial obligations of the Trading Participants. Protection against default is provided by daily settlement of profits and losses and an internationally approved margin system. Buyers and sellers are guaranteed complete anonymity at each stage of the transaction.

As a clearing house specialising in the physical settlement of energy, ECC has contracts with major European Transmission System Operators both for power and natural gas. ECC is also linked to the national register for Carbon Certificates and performs deliveries of EU Emission Allowances (EUA) and Certified Emission Reductions (CER).

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