The longstanding Chief Risk Officer of European Commodity Clearing AG (ECC), Dr Thomas Siegl, will leave the company at the end of April 2021 after his appointment expires. Siegl did not seek an extension of his contract for personal reasons.
Austrian-born Thomas Siegl was appointed to the ECC Executive Board on 1 May 2010 and has been responsible for risk controlling and risk management at the clearing house since that time.
Peter Reitz, Chief Executive Officer of ECC, says: "During his time on the Management Board, Thomas Siegl has made a considerable contribution in establishing and further developing the risk management processes of ECC. His contribution has been even more significant in the face of constantly increasing regulatory requirements and a rapidly growing portfolio of products which ECC clears for the exchanges of EEX Group and other partner exchanges."
Heike Eckert, Chairwoman of the Supervisory Board of ECC AG, comments: "On behalf of the entire team, we would like to thank Thomas Siegl for the many years of very successful cooperation. Clearing through the central counterparty ECC is an essential part of EEX Group's offering and Thomas Siegl has contributed to putting ECC in the position it is in today; a stable and efficient clearing house which is very well positioned, both regulatory and technically, to meet the challenges of the future."
The Supervisory Board of ECC AG agreed to Thomas Siegl's request and appoints Dr Clemens Völkert as his successor. Clemens Völkert has been employed at ECC in the Chief Risk Officer's department since January 2021. Previously, he held senior risk management positions at Eurex Clearing AG and Deutsche Börse AG. His appointment is still subject to the approval of the Financial Market Authority and various bodies. Until then, ECC CEO Peter Reitz will assume the duties of Chief Risk Officer.
The other members of the ECC Executive Board are Chief Operating Officer Dr Götz Dittrich and Chief Information Officer Jens Rick, who were both recently confirmed in their positions for another five years.
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.