Requirements

    DCP Clearing Member is a Clearing Member that has a DCP clearing license and is exclusively entitled to clear own spot market transactions.

    For the financial settlement of transactions the DCP Clearing Member has to open a settlement account at a Settlement Bank of his choice. The legal relationship between a DCP Clearing Member, ECC and the Settlement Bank is defined by the Clearing Conditions and the Settlement Bank Agreement (if applicable).

    Admission by ECC constitutes a fundamental precondition for exchange trading for DCP CMs. It ensures that settlement, delivery and hedging of the transactions are secured by the clearing house.

    The following requirements are necessary for admission by ECC:

    • completion of a Know-Your-Customer (KYC) Questionnaire if requested by ECC and passing of the ECC KYC assessment or other applicable access policies of ECC
    • completion of a corresponding Settlement Bank Agreement with a co-operating Settlement Bank and ECC (if applicable)
    • approval as a Trading Participant for at least one ECC approved spot market where DCP Model is available
    • the conclusion of a balance group agreement with the respective TSO, in case of physical delivery
    • equity (incl. subscribed capital, capital reserves, retained income less any losses incurred in the course of the year and less intangible assets) of at least 50,000 Euros. Increases of the subscribed capital during a given year shall be proven by means of the submission of the registration message. A DCP can increase the equity by means of bank guarantees or guarantees of a parent company accepted by ECC.
    • Contribution to the Clearing Fund


    Furthermore only companies based in a country approved by ECC for DCP Clearing can be admitted.

    Domestic Country DCP readiness approval
    Belgium Received March 2017
    Denmark2 Received June 2020
    Finland Received December 2021
    France Received October 2016
    Germany Received August 2016
    Hungary Received June 2021
    Ireland Received June 2017
    Netherlands Received September 2016
    Poland Received July 2022
    Switzerland Received July 2017
    Sweden Received July 2021
    United Kingdom Received May 2017
    Others1 To be determined

    Interested customers stated in a country which is not DCP eligible yet can contact directclearing@ecc.de for further information on status.
    Acceptable legal forms:

    • public limited company (in Danish: aktieselskab)
    • privat limited company (in Danish: anpartsselskab)
    • partnership (in Danish: interessentskab)
    • limited partnership (in Danish: kommanditselskab)
    • an association with limited liability (in Danish: “forening med begrænset ansvar”)
    • company with limited liability (in Danish: “selskab med begrænset ansvar”)

    KYC Procedure

    A company applying as a DCP Clearing Member at ECC has to pass the KYC (Know-Your-Customer) process at ECC. He needs to provide a signed and completed KYC questionnaire if requested by ECC. Additionally the following documents are required:

    • Commercial registry extract (no older than 3 months) in original
    • Financial statements from the last fiscal year. If no financial statement is available, business plan of the business activity for the next 3 years
    • Powers of attorney of the legal representative and the corresponding passport copy (scanned color copy)
    • Organizational chart explaining the shareholder/ownership' structure, up to the Ultimate Parent level as well as the direct and indirect beneficial owners.

     

    Based on the information given in the KYC questionnaire, the accompanying documents and other information (e.g. Internet, Reuters) ECC calculates a score. Based on this score the applicant is assigned to a risk category which will decide whether to accept or refuse the company’s application.

    In case the DCP CM notifies any material change according to ECC Clearing Conditions section 2.1.5 ECC might request an updated KYC Questionnaire.

    Admission Process

    The admission by ECC is divided in two parts:

    • Admission as DCP Clearing Member:
      At the beginning of each membership stands the admission as DCP CM. Therefore, a DCP-form needs to be handed in.
    • Admission for Clearing of different products:
      The second part of admission is the application for clearing of different spot products traded on ECC’s Partner Exchanges. Therefore, TP-forms have to be sent in.
    • To receive access to ECC’s clearing and settlement systems the DCP CM has to provide the respective technical form.
    • For the limit distribution process the respective operational form is required. More details on the process and accepted collaterals can be found here.

    After receiving the originals of all required documents, ECC will commence the admission process. The documents will be examined for completeness as well as correctness. For your convenience you may also send us a scan in advance in order to avoid mistakes and guarantee a swift admission process.

    As soon as all confirmations are available, admission will be issued and information sent to the Partner Exchange.

     

    Admission Process - Overview

    Extension of a DCP CM Membership - New Products

    To extend the existing DCP Clearing  license to another product the respective Trading Participant Form has to be submitted to ECC. A DCP CM can only trade on spot markets which fulfill ECC’s requirements to the DCP model.

    Connected Banks

    Connected banks are institutions which maintain one or more Settlement Accounts for DCP Clearing Members and have entered into an agreement with a Forwarding Bank of ECC. A forwarding bank is an institution that maintains a Settlement Account for ECC and that is connected to several connected banks.

    The following table contains a list of financial intermediaries that currently offer the service of a Connected Bank to DCP CM of ECC. Please be advised that the decision to accept a company as a client for its payment services rests with the Connected Bank alone.

    Is your preferred bank not on the list? ECC’s Forwarding Bank, ABN AMRO N.V., maintains a large network of connected banks. Please reach out to our Financial Settlement Team to check whether your preferred bank’s BIC codes are connected to ABN AMRO Bank N.V and whether your bank is a direct participant in TARGET2.

    Name BIC Code Currency Headoffice
    KBC BANK NV KREDBEBBXXX EUR BE
    DEUTSCHE BANK AG-POSTBANK BRANCH (FORMERLY DEUTSCHE POSTBANK AG) PBNKDEFFXXX EUR DE
    DZ BANK AG (FORMERLY WGZ BANK AG) GENODEDDXXX EUR DE
    HSH NORDBANK AG HSHNDEHHXXX EUR DE
    UNICREDIT BANK AG HYVEDEMMXXX EUR DE
    DANSKE BANK A/S DABADKKKXXX EUR DK
    JYSKE BANK A/S JYBADKKKXXX EUR DK
    NYKREDIT BANK A/S NYKBDKKKXXX EUR DK
    Sydbank A/S SYBKDK22XXX EUR + GBP DK
    NORDEA BANK FINLAND PLC NDEAFIHHXXX EUR FI
    BNP-PARIBAS SA (FORMERLY BANQUE NATIONALE DE PARIS S.A.) BNPAFRPPXXX EUR FR
    CM - CIC BANQUES CMCIFRPPXXX EUR FR
    LCL LE CREDIT LYONNAIS CRLYFRPPXXX EUR FR
    Societe Generale SOGEFRPPXXX EUR FR
    ABN AMRO BANK N.V. UK BRANCH FTSBGB2LXXX GBP GB
    BARCLAYS BANK PLC BARCGB22XXX GBP GB
    CITIBANK N.A CITIGB2LXXX GBP GB
    HSBC UK BANK PLC HBUKGB4BXXX GBP GB
    KBC BANK NV LONDON KREDGB2XXXX GBP GB
    LLOYDS BANK PLC LOYDGB2LCTY GBP GB
    AIB BANK AIBKIE2DXXX EUR IE
    ING LUXEMBOURG S.A. CELLLULLXXX EUR LU
    ABN AMRO BANK N.V. ABNANL2AXXX EUR + GBP NL
    ING BANK N.V. INGBNL2AXXX EUR + GBP NL
    RABOBANK NEDERLAND RABONL2UXXX EUR NL

    Limited DCP CM Membership – nEHS Transactions only

    This DCP CM membership is strictly limited to the participation in nEHS Transactions.

    Deviating from the preconditions for a regular DCP CM membership, a liable equity of at least 25,000 EUR is sufficient. Furthermore a nEHS registry account needs to be opened at DEHSt, replacing the requirement to open a settlement account with a bank and to conclude a balance group agreement with a TSO. The application for admission is submitted via the respective portal, no admission forms need to be handed in separately.

    Further information about the nEHS and the respective admission process may be found here

    Anja Drosdziok

    Director Member Readiness

    +49 341 24680-261 memberreadiness@ecc.de

    Network of Partners

    ECC offers access to an international network of partner exchanges, clearing members and transmission system operators.

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    Approved Markets

    Admission as Trading Participant at a spot market which is approved by ECC to be DCP ready is one of the prerequisites to become DCP Clearing Member.

    The following markets have been approved by ECC and will continuously be enhanced by ECC.

    Exchange Product Name

     

    EPEX SPOT

    German Power Spot (IT|IT1|ST)
    Belgian Power Spot (IT| IT1|ST)
    Austrian Power Spot (IT|IT1|ST)
    French Power Spot (IT|ST)
    French Capacity Guarantees
    Swiss Power Spot (IT|ST)
    Danish Power Spot (IT|ST)
    Dutch Power Spot (IT|IT1|ST)
    UK Power Spot (IT|IT0|IT1|IT2|ST)
    Norwegian Power Spot (IT|ST)
    Swedish Power Spot (IT|ST)
    Finnish Power Spot  (IT|ST)
    Polish Power Spot (IT|ST)
    European Guarantees of Origin

    EEX

    French Guarantees of Origin (primary auction)
    National Emission Trading System Certificates (nEHS) / nEZ

    SEMOpx

    Irish Power Spot (IT|IT1|IT2|IT3|ST)
    Northern Irish Power Spot (IT|IT1|IT2|IT3|ST)

    Clearing Conditions

    Detailed information on ECC clearing and settlement.

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    Price List

    Detailed information on fees and invoicing.

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