The first trading transaction in Italian power futures was registered yesterday on the European Energy Exchange (EEX) for clearing via the European Commodity Clearing (ECC). The trade with a volume of 7,200 megawatt hours and a price of EUR 62.25 per MWh for delivery in November 2013, was concluded between Gunvor International B.V. and A2A Trading S.r.l. via the broker Spectron Energy Services Limited.
EEX launched the registration of financially fulfilled Italian month, quarter and year futures on 1 October. “As a result of the registration of trades on EEX, our customers benefit from tried and tested standard processes and security in the settlement of transactions”, said Peter Reitz, Chief Executive Officer of EEX. “Also against the backdrop of EMIR, we expect a significantly higher number of OTC trades to be registered on EEX in the future as these are not taken into account for the calculation of the three billion euro EMIR threshold for OTC transactions.”
Together EEX and ECC permit the registration of power trading transactions for Italy, Romania, Switzerland and Scandinavia concluded over-the-counter. These products are available for trading on broker platforms. ECC also provides clearing of all
products offered for trading on its partner exchanges. This pan-European clearing offering is to be consistently expanded to further markets. Through integrated clearing of all products, trading participants benefit from significant cross margining effects and standardised clearing processes which sustainably reduces clearing costs.
The European Energy Exchange (EEX) is the leading energy exchange in Europe. It develops, operates and connects secure, liquid and transparent markets for energy and related products on which power, natural gas, CO2 emission allowances, coal and guarantees of origin are traded. Clearing and settlement of all trading transactions are provided by the clearing house European Commodity Clearing AG (ECC). EEX is a member of Eurex Group.
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 and Powernext or registered for clearing on these exchanges.