European Commodity Clearing AG (ECC) and the Danish Gas Exchange Gaspoint Nordic A/S (Gaspoint Nordic) are planning to cooperate in the clearing sector. In the context of this cooperation, ECC will offer clearing and settlement services for the natural gas products traded at Gaspoint Nordic, potentially as soon as October 2014.
Gaspoint Nordic operates a trading platform for physical gas contracts with delivery in Denmark. The product offering of the exchange comprises maturities from short-term within-day contracts to transactions with a monthly maturity. The cooperation with ECC enables Gaspoint Nordic to further extend its existing services, i.e. with 24/7 trading. This paves the way for the implementation of the new Danish gas balancing model which will come into force in October 2014.
“With ECC, we have found an experienced and competent partner that will be able to support our immediate and future development needs. Our aim is to further align and adapt the Danish gas market to continental European standards in order to make our market place more attractive to existing and future trading members. Through this co-operation, we believe we will be able to prepare ourselves for the requirements from the European gas target model”, says Jacob Pedersen, Chief Executive Officer of Gaspoint Nordic.
“The cooperation with Gaspoint Nordic enables us to extend our clearing offering for natural gas to the Scandinavian market for the first time and to create synergies especially for those customers who are already active on the other markets which are cleared by ECC“, adds Dr. Thomas Siegl, Chief Risk Officer of ECC.
ECC is currently linked to 21 network operators for natural gas and power and assumes clearing services for Austrian, Czech, Dutch, French and German natural gas products. Moreover, ECC provides clearing services for power, CO2 emission allowances, coal and guarantees of origin.