First Options Trade registered via Straight-Through- Processing for clearing at ECC
On 18 May, for the first time an Options trade was registered at the European Energy Exchange (EEX) for clearing at European Commodity Clearing (ECC) via Straight-Through-Processing (STP). The STP service enables transactions concluded or registered at the exchange to be routed to the clearing house automatically without the need for further manual intervention.
The Phelix Options trade for the third quarter of 2015 was registered by the broker Marex Spectron on behalf of the two clients. It was delivered to ECC for clearing via eXRP, the STP solution of the European Federation of Energy Traders (EFET).
“Since launching our STP services two years ago, EEX has significantly increased efficiency in futures trading”, explains Steffen Köhler, Chief Operating Officer of EEX and ECC. “EEX is the first exchange to also offer STP for options trading, further facilitating trading of cleared options on the EEX markets. We are pleased that the STP offering found its first user immediately after introduction, which underlines the attractiveness of these products which have developed very well over the last months.”
In April, volumes in Phelix Options reached 6.2 TWh, the highest in 2015 so far and ten times the volume of the previous year (April 2014: 0.6 TWh).
Jeremy Elliott, Managing Director, Energy, at Marex Spectron, adds: “Marex Spectron, as the leading broker in this market, understands the value clients place on the speed, clarity and confidence that STP clearing brings. Here we reaped the reward of our investment in community initiatives and low-touch technology to deploy STP for this product before anyone else. We have built our business on not just being the best broking service available in our markets but also the most agile and innovative. That we have an STP solution for Phelix Options up and running demonstrates the success of that strategy.”
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 commodities products. At EEX, contracts on Power, Coal and Emission
Allowances as well as Freight and Agricultural Products are traded or registered for clearing. Alongside EEX, EPEX SPOT (incl. APX-Belpex), Powernext, Cleartrade
Exchange (CLTX) and Gaspoint Nordic are also part of EEX Group. Clearing and
settlement of trading transactions are provided by the clearing house European Commodity Clearing (ECC).
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, Gaspoint Nordic, Powernext and Power Exchange Central Europe, or registered for clearing on these ex-changes. Furthermore, ECC will start clearing services for the Norwegian NOREXECO soon.