The Direct Clearing Participant (DCP) Model:
Direct Access to ECC Spot Market Clearing
The DCP model enables trading participants on selected spot markets to become direct members of ECC and gain access to clearing, payment and delivery services provided by the clearing house. Clearing ensures the fulfilment of payment and delivery obligations arising from exchange transactions.
The DCP membership option provides direct access to ECC spot market clearing services without requiring a Clearing Bank relationship. All trading by DCPs is pre-collateralised and limited by the collateral deposited with ECC.
Companies interested exclusively in participating in the German national Emissions Trading Scheme (nEHS) may apply for a simplified nEHS-DCP membership.
| Publishing date | Title | File |
|---|---|---|
| 2026-09-03 | DCP Introduction Slide Deck | pdf (1 MB) |
The DCP model – simply explained
The following short video explains the DCP model in a nutshell.
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Key Features of the DCP Model
- APPLICABLE MARKETS AND ELIGIBLE MEMBER JURISDICTIONS
The DCP model is available for selected spot markets only. In addition, the DCP model is available only to companies domiciled in countries approved by ECC for DCP access.
Further information on DCP access can be found on the Admission page.
- COLLATERALISED TRADING LIMITS
ECC acts as the direct counterparty for all transactions concluded by DCP members. Trading exposure is managed through financial pre-trade limits within the respective trading systems. To obtain a trading limit, DCP members are required to provide collateral accepted by ECC.
Unlike other ECC access models, the DCP model does not rely on margin calculations and therefore does not require margin calls.
- PAYMENT PROCESS
Payments for purchases and sales are processed through ECC’s Settlement Bank, ABN AMRO Bank N.V., and the DCP member's designated Settlement Bank. Settlement Banks must maintain the required connectivity with ABN AMRO Bank to support the exchange of payment instructions and the daily payment process. Further information on payment processing and Settlement Bank requirements is available on the DCP Payments page.