Governance
Regulatory Framework
As of 11 June 2014, ECC has been granted a Central Counterparty licence according to Article 14 (1) of the Regulation (EU) 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR). This licence authorizes ECC to offer services and activities in the European Union. It covers commodity transactions or transactions with commodities as the underlying. ECC is supervised by the German Federal Financial Supervisory Authority, the German Central Bank and the European Securities and Markets Authority:
ECC is a member of the European Association of Clearing Houses (EACH) and complies with the risk standards promoted by EACH, namely the CPSS-IOSCO principles for Financial Market Infrastructures.
With effect from 26 March 2018 ECC is recognised by the Monetary Authority of Singapore (MAS) as a recognised Clearing House (RCH) in Singapore according to section 51 (2) of the Securities and Futures Act (SFA). ECC's recognition is restricted to its operation of a clearing facility for the clearing of specified derivative contracts only.
Risk Committee
The Risk Committee of ECC has at least 5 voting members and if required independent experts in a non-voting capacity. The committee meets at least four times a year and advises the ECC management board with regard to questions of risk management.
The current members of the committee are:
| Member | Representative of |
|---|---|
| Prof. Harald Pfab (Consultant) | Independent Supervisory Board Member; Chairman of the Risk Committee |
| Jürg Spillmann (Chairman of the Board of Directors, Eurex Global Derivatives AG) | Independent Supervisory Board Member |
| Dipl.-Ing. Dr. techn. Josef Bogensperger (Principal Risk Manager, VERBUND Trading GmbH) | Client Representative |
| Christos Galanis (Risk Analyst, BNP Paribas Commodity Futures) | Clearing Member Representative |
| Dr.-Ing. Guido Hirsch (Head of Risk Methods & Market Risk, EnBW Energie Baden-Württemberg AG) | Client Representative |
| Vincent van Lith (European Head of Energy, ABN AMRO Clearing) | Clearing Member Representative |
| Jiarui Fan (CCP specialized Market Risk Analyst, Société Générale) | Clearing Member Representative |
| Further Information | |||||
|---|---|---|---|---|---|
| 2018-08-28 | ECC Risk Committee | pdf (100 KB) | |||
Clearing Working Group
In the ECC Clearing Working Group, which meets quarterly, ECC informs the participants about ECC’s ongoing and new projects/initiatives related to all markets cleared by ECC and ECC’s Risk Management. Additionally, ECC presents the developments of its Partner Exchanges (e.g. market volume, registered participants).
Participants of the ECC Clearing Working Group are:
- ECC’s Clearing Members
- Partner Exchanges and
- selected Non-Clearing Members.