Leipzig, Paris, 5 March 2015 FR
As of 19 March 2015, Powernext members will have the opportunity, through all major gas brokers, to directly register their over-the-counter (OTC) transactions as exchange transactions for subsequent clearing with European Commodity Clearing (ECC). For this, customers can use either Trayport© Clearing Link or EFETnet eXRP Straight-Through Processing automated solutions.
Jean-François CONIL-LACOSTE , Chief Executive Officer of Powernext, comments: “This new and straight-forward solution for clearing over-the-counter transactions will answer the need of market participants for automated and riskless processes. Through this mechanism, it will be possible to automatically route transactions submitted by a broker through the exchange into the trading participant’s account at ECC, eliminating all manual interventions by the brokers and trading participants“.
Dr. Thomas SIEGL , Chief Risk Officer of EEX Group, adds: “We are glad to roll-out our Straight Through Processing (STP)-solutions to Powernext. With Powernext the second partner exchange of ECC is using the STP service that was recently enhanced to make the trade registration process fully automatic.”
Dr. Egbert LAEGE , Executive Director Gas Markets of EEX Group, says: “This new offering will benefit from the strong STP experience and broker connectivity of EEX and ECC in the power derivatives market. This will serve the ambition of PEGAS to deliver state-of-the-art service for the gas derivatives markets”.
All of the derivatives products currently offered for trading on the PEGAS platform (TTF, NCG, Gaspool, PEG Nord, PEG Sud and ZTP, as well as associated spreads) will be available through the STP solutions. On 26 March, new derivatives contracts launched on PEGAS (NBP, Zeebrugge and PSV) will also become available, as well as the new market area TRS on 31 March.
The PEGAS STP registration service will be offered by the following seven energy brokers: GFI, Griffin Markets, ICAP, Marex-Spectron, OTCex, TFS and Tullet Prebon. No additional fee will be charged to the trading participants for this service.
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, Powernext and PXE, or registered for clearing on these exchanges. Furthermore, ECC will start clearing services for the Norwegian NOREXECO soon.
PEGAS is the central gas trading platform of EEX Group operated by Powernext. PEGAS provides its members with access to all products on one single platform and allows them to trade natural gas contracts in the Belgian, Dutch, French and German market areas. The product range of PEGAS covers spot and derivatives contracts for the major European gas hubs as well as trading in location spread products between these market areas. This setup enables market harmonisation and forms the leading pan-European natural gas market.
Powernext is a regulated market operating under AMF supervision. Powernext manages the natural gas activities of the EEX Group under the PEGAS brand throughout Europe, and operates the National Registry for electricity guarantees of origin in France. Powernext owns 50% in EPEX SPOT, 20% in EEX Power Derivatives and 1.5% in ECC.
About EEX Group:
EEX Group provides the central market platform for energy, energy related and commodity products and enables access to a network of over 350 trading participants. The offering of the group comprises contracts for Energy, Environmentals, Freight, Metals and Agriculturals listed at the European Energy Exchange, EPEX SPOT, Powernext, Cleartrade and Gaspoint Nordic. Clearing and settlement of transactions concluded or registered on the exchanges is provided by the central clearing house European Commodity Clearing. EEX is part of Deutsche Börse Group.