The European Commodity Clearing (ECC) has been given Recognised Clearing House (RCH) status by the Monetary Authority of Singapore (MAS). This will be ECC’s first regulatory license outside of Europe, representing a key milestone for ECC and CLTX, as part of EEX Group, in their shared global growth ambitions.
The RCH status will allow ECC to directly admit clearing members from Singapore to access all derivative products with immediate effect. Furthermore, CLTX will be able to transfer contracts for clearing directly to ECC which in turn gives all companies trading on CLTX the ability to access ECC from a Singaporean exchange. The first product to be offered through ECC will be the Dry Bulk Freight contract.
On receiving the RCH status, Dr Thomas Siegl, ECC’s Chief Risk Officer comments: “I’m excited about MAS’s decision to grant ECC with its first regulatory license outside of Europe. The RCH status expands our network of partner exchanges and opens up Asia, one of the world’s most important financial markets, for ECC”.
Dr. Egbert Laege, CEO of CLTX continues: “The MAS approval represents another watershed moment for EEX Group in our strategic ambition to provide a global infrastructure to our customers. The RCH status not only enables CLTX to connect its own products to ECC clearing for the first time, but it also provides the unique regulatory solution that our customers require.”
European Commodity Clearing (ECC) is the leading clearing house for energy and commodity products in Europe. ECC assumes the counterparty risk and guarantees the physical and financial settlement of transactions, providing security and cross-margining benefits for its customers. As part of EEX Group, ECC provides clearing services for EEX, EPEX SPOT, Powernext and Power Exchange Central Europe as well as the partner exchanges HUPX and NOREXECO. For more information: www.ecc.de
Cleartrade Exchange (CLTX) is a regulated futures exchange based in Singapore. CLTX is a Recognized Market Operator (RMO) regulated by the Monetary Authority of Singapore (MAS). As part of EEX Group, CLTX specializes in Freight, Ferrous Metals and Energy markets in Asia. Incorporated in Singapore with offices in London, CLTX is part of Deutsche Börse Group. For more information : www.cltx.com