ECC completes migration to C7 clearing system
On 12 August 2019, European Commodity Clearing (ECC), the clearing house of EEX Group successfully migrated its position and transaction management system for the derivatives markets to the C7 system. The C7 system developed by Deutsche Börse Group is a world-leading clearing system which is well established in the financial market.
The successful migration completes the introduction of the new infrastructure for clients of the clearing house. Prior to this step, ECC migrated the management of its Clearing Members’ collateral to the C7 architecture in late 2017. This was followed by the payment transactions in mid-2018.
“With the C7 system, ECC has now switched to a highly flexible clearing system which is already established in the market. Furthermore, the functionalities embedded in the system provide new development opportunities for ECC both in product design and market availability. These features further improve our scope to tailor our clearing services to our clients’ needs in the future”, explains Dr Götz Dittrich, Chief Operating Officer of ECC.
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, EEX Asia, EPEX SPOT, Powernext and Power Exchange Central Europe (PXE) as well as the partner exchanges HUPX, HUDEX, NOREXECO, SEEPEX and SEMOpx.