Renta 4 Banco joins ECC as new Direct Clearing Member
The European Commodity Clearing (ECC) welcomes Renta 4 Banco S.A., Madrid, as new Clearing Member. By holding a Direct Clearing license, Renta 4 Banco is allowed to assume clearing of its own trading transactions as well as those on behalf of associated trading participants and the firm’s clients.
“Renta 4 Banco becomes the second company in Spain to join ECC as new Clearing Member, a fact that we consider of great significance to understand the leading role the bank wants to play in Spain and Europe’s trading activities”, claims Juan Luis López, Chief Executive Officer of Renta 4 Banco.
Renta 4 Banco is a publicly listed bank, specialised since 1986 in wealth management, brokerage services and corporate advisory. It is the parent company of a number of companies providing investment and asset management services with more than 15 Billion € in client assets under management and custody and over 365,000 clients.
“We are very pleased to connect further customers to ECC and therefore to extend the network of participants for our clients by welcoming Renta 4 Banco”, says Dr Thomas Siegl, Chief Risk Officer of ECC. “Additionally, with the admission of our second Spanish Clearing Member, ECC further strengthens its position and distribution in the Iberian market. More than 30 participants use our clearing offer for Spanish Power Futures already today.” From January until November 2015, a volume of 18.0 TWh Spanish power has been settled via ECC.
Currently, 23 clearing banks are admitted at ECC. Of these, 20 banks hold a General Clearing License and three banks are admitted as Direct Clearing Members.
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, NOREXECO, Powernext and Power Exchange Central Europe, or registered for clearing on these exchanges.