New investment company in Luxembourg

Atel strengthens Europe-wide business in energy-related financial services and financial products

Olten, (PresseBox) - Luxembourg-based Atel Derivatives S. à r.l. was granted a licence to operate as an investment company on 15 January 2008. The new company is a fullyowned subsidiary of Aare-Tessin Ltd. for Electricity (Atel) and is managed by Marcel Gutknecht and Christoph Graf.

Atel is expanding its leading position as a Swiss energy trader within the EU. Luxembourg-based Atel Derivatives S. à r.l. will offer Atel Group customers throughout the European Union financial services and products related to energy derivatives. This includes, for example, acting on behalf of clients on energy exchanges and broker platforms, as well as financial portfolio management. Since 1 November 2007 energy derivatives have come under EU Directive 2004/39 on Markets in Financial Instruments (MiFID), according to which services of this type can only be provided within the EU by licensed investment companies.

The new company strengthens Atel's trading business in Europe. For the two designated directors Marcel Gutknecht and Christoph Graf, the benefits are obvious: "Through this new company we can add value for our clients and Atel sales companies in the EU. We are proud to be the first Swiss energy trader to obtain a MiFID licence in Luxembourg." According to the action plan for financial services, the MiFID Directive will improve the common legal framework for securities services and regulated markets, and in so doing serve two important objectives: Firstly it will protect investors and ensure a unified market by imposing standardised requirements on the activities of licensed dealers; and secondly, the directive promotes the fairness, transparency, efficiency and integration of financial markets.

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