Leipzig, 9 January 2026 - European Commodity Clearing (ECC) is progressing with the transition to a portfolio-based Value-at-Risk (VaR) initial margin model for commodity derivatives with margin comparison data for production portfolios available to its customers and clearing members from Q3 2026. Subsequent roll-out of the model is planned after a suitable parallel production phase of 3 to 6 months.
To address the fast-changing global geopolitical and economic climate, the VaR initial margin model reflects real-time risk in a more accurate manner, introducing more precise price risk calculations and margin efficiency for diversified portfolios.
Dr Tobias Paulun, CEO of ECC, comments: “We can see a structural shift in cleared derivatives risk management following the unprecedent volatility over the past few years, which had significant impact also on the energy space. In today's dynamic and complex market landscape, proactive and sophisticated risk management is not just an advantage; it is a necessity. With the introduction of ECC Prisma for Commodities, we are not just adopting a new model; we are reinforcing our promise of stability through better risk management.It means a fundamental shift to our risk management approach, making it more sophisticated, more aligned with real-time risk as well as more transparent.”
Dr Ralf Prinzler, Chief Risk Officer at ECC, adds: “We are moving to a cutting-edge model that is designed to better recognise the true risk of a Clearing Member’s portfolio by structurally considering offsetting effects of different positions. For the majority of our customers and clearing members, this will translate into more accurate margining and potential capital efficiencies. Our upcoming model will offer a level of risk sensitivity and potential efficiency that older systems and methodologies cannot match."
“ECC Prisma for Commodities” is the commodity derivatives-focused version of the Prisma model currently used by Eurex Clearing AG.
Further details on the new methodology can be found on the dedicated ECC website here.
The new methodology will be accompanied by updated margin simulation tools with comprehensive margin replication and calculation functionalities for initial margins in due course.
For derivatives markets, ECC currently employs Standard Portfolio Analysis of Risk (SPAN®) to calculate initial margin requirements.
Please find the press release in English and German in the document below.
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, ECC provides clearing services for EEX and EPEX SPOT and for the partner exchanges BSP, HUPX, NOREXECO, SEEPEX and SEMOpx.
CONTACT
ECC Public Relations
T +49 341 2156-300
presse@ecc.de | www.ecc.de