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    European Commodity Clearing (ECC)

    European Commodity Clearing (ECC) is a central clearing house which specialises in energy and commodity products. 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, we provide clearing services for EEX, EEX Asia and, EPEX SPOT as well as for the partner exchanges HUPX, HUDEX, NOREXECO, SEEPEX and SEMOpx.

    ECC is part of Deutsche Börse Group.

    Clearing Services

    Central Counterparty

    ECC acts as a central counterparty between sellers and buyers for all transactions transferred to ECC for clearing. ECC and our Clearing Members assume the trading participants’ counterparty risk and maximize netting and cross-margining potential until settlement.

     

    Benefits of central clearing for the market

    Several lines of defence to manage risk

    High operational standards

    Anonymity

    Stable infrastructure

    Regulated market

    Standardised processes

     

    Risk Management

    ECC employs a comprehensive risk management system to manage counterparty risk. This includes daily profit and loss settlement, margins based on position size and the volatility of the underlying, as well as contributions to a mutual Default Fund.

    For more information go to Lines of Defence. 

    Settlement Services

    Payments (Financial Settlement):

    ECC’s financial settlement infrastructure covers payments for cash settlement, as well as payments for margins and option premiums. Financial settlement of transactions in EUR between ECC and its Clearing Members is mainly based on central bank funds. The payment system of the European central banks contributes considerably to ECC’s highly reliable settlement procedures. For performing payments in currencies other than EUR ECC co-operates with Correspondent Banks to ensure smooth and secure settlement of transactions. 

    More information on ECC’s Financial Settlement operations can be found here.

    Deliveries (Physical Settlement):

    ECC is a clearing house specialised in the settlement of deliveries. ECC's physical settlement experiences includes:

    • Nomination of grid-bound products (power and natural gas) within the transmission grid of currently 31 European transmission system operators from 19 countries,
    • Managing deliveries of EU Emission Allowances, EU Aviation Allowances, Certified Emission Reductions, French Capacity Guarantees and Guarantees of Origin at European registries.

    Clearing and settlement at ECC

    As the central counterparty ECC takes over clearing and settlement for the exchanges of EEX Group as well as a number of further partner exchanges. Learn more in the video.

      

    Notice:

    To activate the video, please click on the picture. Please note that after activation your data will be forwarded to YouTube.

    Support

    The ECC Clearing & Settlement Team assists Partner Exchanges, Clearing Members and trading participants in their daily operations. The team handles inquiries related to settlement and clearing processes for our existing members or during the admission phase.

    For any questions regarding physical delivery, the Physical Settlement Team is available 24/7.

    Admission-related queries can be directed to the Member Readiness Team.

    Clearing at ECC – Do you want to know how clearing works?

    European Commodity Clearing (ECC) is a central clearing house which specialises in energy and commodity products – but what actually is clearing?

    What happens if the buyer or seller drops out of the transaction? Our short video explains clearing in a nutshell and gives a general overview of ECC's services.

     

      

    Notice:
    To activate the video, please click on the picture. Please note that after activation your data will be forwarded to YouTube.

     

     

     

     

    Settlement

    The section “Operations” includes more detailed information on:

    Access to ECC

    Become a member with ECC. There are three different types of membership in ECC representing three levels of access:

    • Clearing Members (CM)
    • Non-Clearing Members (NCM)
    • DCP members
    Find out more about
    the different memberships

    EEX TV on YouTube

    Please find videos regarding the following topics on the ECC channel at EEX TV:

    > Clearing at ECC