Citigroup Global Markets new ECC General Clearing Member
"We are pleased to have won Citigroup, a leading financial provider, as a new Clearing Member", says Dr. Thomas Siegl, Member of the Management Board and Chief Risk Officer at ECC, and adds: "Citigroup is already active on EEX as a trading participant. Its reinforced commitment in the commodity sector will give further participants access to our clearing portfolio."
"Citi Futures are delighted to become General Clearing Member of ECC. Participating as a GCM at ECC will allow us to deliver execution and clearing services to the continental power and gas markets, which is an essential step in our on-going drive to establish Citi Futures as a leading provider of clearing services to the energy and commodity markets. We look forward to working with ECC, and to offering these products to our growing client base." comment John Cunningham, EMEA Head of Listed Commodities and Michel Planquart, EMEA Head of Citi Futures and OTC Clearing, at Citigroup Global Markets Limited.
ECC is continuously expanding its network of participants and partner exchanges. With Citigroup's admission, 15 banks are currently taking part into the ECC clearing process as Clearing Members. More than 300 companies from 26 countries are connected with ECC and use its clearing services.
European Commodity Clearing AG
European Commodity Clearing AG (ECC) is the central clearing house for energy and related products in Europe. In its function as the central counterparty ECC assumes clearing as well as physical and financial settlement of transactions concluded on APX-ENDEX, CEGH Gas Exchange of Vienna Stock Exchange, EEX, EPEX SPOT, HUPX and Powernext or registered for OTC clearing on these exchanges.