Today, the European Commodity Clearing (ECC) successfully launched clearing and settlement services for all transactions concluded on the Prague- based Power Exchange Central Europe (PXE).
With the start of clearing for PXE, ECC enhances its clearing offer to Czech, Slovak and Hungarian Power Futures listed on PXE as well as trade registration for those products. Open positions in these products have already been transferred to ECC. Furthermore, ECC provides financial settlement for trades concluded on the common day-ahead market plat- form of PXE and OTE. With this step, the clearing house further expands its market reach into Eastern Europe.
"With the extension of clearing services to the Eastern European market, ECC strengthens its position as the leading clearing house for energy and related products. In this context, PXE is a reliable partner with high market expertise in the Czech Republic, Slovakia and Hungary", comments Dr. Thomas Siegl, Chief Risk Officer of ECC.
"Our members benefit from the standardised and integrated clearing processes at ECC. New clearing solution will make trading cheaper for PXE members, as they will be able to transact higher transaction volumes with lower capital requirements. We are looking for- ward to the cooperation", says David Kučera, secretary general of Power Exchange Central Europe.