Leipzig, 31 March 2016. The European Commodity Clearing (ECC) welcomes ED&F Man Capital Markets, London, as a new General Clearing Member (GCM). As a GCM, the bank is now authorised to provide clearing services for all Non-Clearing Members of ECC as well as for all products and markets cleared by ECC.
ED&F Man Capital Markets is a globally operating company focused on financial brokerage services and financial services. With 400 employees, it offers services for exchange, OTC and investment banking products for its customers worldwide.
"We are pleased to welcome ED&F Man Capital Markets as new Clearing Member. In particular, looking at clearing of the new power spot markets for UK, the Netherlands and Belgium, this will provide choice for our customers”, says Dr. Thomas Siegl, Chief Risk Officer of ECC. Those products of EPEX SPOT will be cleared by ECC as of 31 March 2016. “Furthermore, ED&F Man is an important strategic partner on the derivatives market for both freight and emissions.”
Currently, 24 clearing banks are admitted at ECC. Of these, 21 banks hold a GCM License and three banks are admitted as Direct Clearing Members (DCMs).
European Commodity Clearing (ECC) is the central clearing house for energy and related products in Europe. In its capacity as the central counterparty ECC assumes clearing as well as physical and financial settlement of transactions concluded on CEGH Gas Exchange of the Vienna Stock Exchange, EEX, EPEX SPOT, HUPX, Gaspoint Nordic, NOREXECO, Powernext, Power Exchange Central Europe and SEEPEX, or registered for clearing on these exchanges.