The European Energy Exchange (EEX) spins off its Emissions Spot and Derivatives Markets into a separate company with the corporate name Global Environmental Exchange GmbH (GEEX). The spin-off to the wholly owned EEX subsidiary, which was entered in the commercial register on 30 August 2013, was carried out with retrospective effect as of 1 January 2013.
Spinning off the EEX Emission Market into an independent company is part of the broader EEX strategy of developing existing markets, through co-operations for example. As Peter Reitz, CEO of EEX, explains: “The spin-off of the EEX Emissions Market expands our scope of action to enable us to participate in the rapid growth of this segment as well as the increasing internalisation and the growing interlinking among the CO2 trading initiatives. Our asset classes are much more flexible with regard to cooperations when run in separate companies. We are now applying this strategy to our Emissions Market which has proved itself with the successful spin-offs of our Gas and Power Markets.”
At its meeting on 6 June 2013, the general meeting of EEX AG approved the spin off.
EEX has offered trading in emission rights since 2005. Since then, the trade volume has increased significantly: While, in 2005, a volume of approx. 3.2 million tonnes of CO2 was traded on the Spot and Derivatives Market of the exchange, this volume increased to approx. 250 million tonnes of CO2 in 2012.
In addition to continuous trading in emission allowances (secondary market), EEX also carries out primary market auctions, i.e. first allocations of emission rights on behalf of the European Commission and the 24 EU member states as well as for the Federal Republic of Germany. As a result, EEX has become the leading platform for primary market auctions in Europe.
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.