Powernext granted Recognised Overseas Investment Exchange status in the United Kingdom

Powernext granted Recognised Overseas Investment Exchange status in the United Kingdom

Paris, 27 March 2019 - Powernext has been granted the status of Recognised Overseas Investment Exchange (ROIE) for the United Kingdom by the British Financial Conduct Authority (FCA), effective on 26 March 2019.

The ROIE status ensures that the French-based exchange will be able to continue operating its services related to derivatives trading in the UK, regardless of the consequences of the United Kingdom leaving the European Union (Brexit).

This follows the confirmation that Powernext’s clearing house, European Commodity Clearing (ECC) will benefit from the Temporary Recognition Regime by the Bank of England (BoE) which enables ECC to continue offering clearing services in the UK for three years after Brexit, should a No-Deal scenario materialise.

On receiving the ROIE status, Egbert Laege , President of Powernext comments; “The obtainment of this license completes our efforts of offering business continuity to all our clients, also after a possible hard Brexit.”

All other exchanges of Deutsche Börse Group, Deutsche Börse AG, Eurex Frankfurt AG and European Energy Exchange AG, already obtained the ROIE status recently.

About Powernext

Established in 2001, Powernext is a regulated market under French legislation. Powernext is headquartered in Paris and active across Europe. As a market facilitator Powernext develops tailormade solutions for energy markets. As part of EEX Group, a group of companies serving international commodity markets, Powernext operates the Pan-European gas platform PEGAS, as well as the registry for Guarantees of Origins, the registry for Energy Savings Certificates and the registry for Capacity Certificates for RTE. Other services include solutions for TSOs to balance natural gas. For more information: www.powernext.com