Press Releases Detail
ECC launches clearing services for PXE
Published on: 09/02/2013
Today, the European Commodity Clearing (ECC) successfully launched clearing and settlement services for all transactions concluded on the Praguebased POWER EXCHANGE CENTRAL EUROPE (PXE).
With the start of clearing for PXE, ECC enhances its clearing offer to Czech, Slovak and Hungarian Power Futures listed on PXE as well as trade registration for those products. Open positions in these products have already been transferred to ECC. Furthermore, ECC provides financial settlement for trades concluded on the common day-ahead market platform of PXE and OTE. With this step, the clearing house further expands its market reach into Eastern Europe.
“With the extension of clearing services to the Eastern European market, ECC strengthens its position as the leading clearing house for energy and related products. In this context, PXE is a reliable partner with high market expertise in the Czech Republic, Slovakia and Hungary”, comments Dr. Thomas Siegl, Chief Risk Officer of ECC.
“Our members benefit from the standardised and integrated clearing processes at ECC. New clearing solution will make trading cheaper for PXE members, as they will be able to transact higher transaction volumes with lower capital requirements. We are looking forward to the cooperation”, says David Kučera, secretary general of Power Exchange Central Europe.
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, ICE ENDEX, Powernext and PXE or trades registered on these exchanges.
POWER EXCHANGE CENTRAL EUROPE (PXE) was founded in July 2007 and facilitates the trading of electricity, with the place of delivery in the Czech Republic, Slovakia and Hungary. It is the largest market in futures contracts for electricity with physical and financial settlement in Central and Eastern Europe. PXE is a subsidiary of the Prague Stock Exchange, and is also part of the CEE Stock Exchange Group, which operates stock exchange platforms in Prague, Vienna, Budapest and Ljubljana.