Press release BoxID: 628942 (European Commodity Clearing AG)
  • European Commodity Clearing AG
  • Augustusplatz 9
  • 04109 Leipzig
  • Contact person
  • Eileen Hieke
  • +49 (341) 2156-216

ECC: Raiffeisenbank a.s. becomes New General Clearing Member

(PresseBox) (Leipzig, ) European Commodity Clearing (ECC) has admitted an addi-tional clearing bank, Raiffeisenbank a.s. The bank has obtained a General Clearing License and can now offer clearing services for all products and markets cleared by ECC.

"With Raiffeisenbank, we have admitted a clearing bank which is firmly rooted with custom-ers in the Czech Republic. Therefore, Raiffeisenbank has substantial expertise in the East-ern European market. This further supports our business in this region which we have strengthened recently with the expansion of our clearing services to PXE", comments Dr. Thomas Siegl, Chief Risk Officer of ECC.

ECC has provided its services for the Prague-based POWER EXCHANGE CENTRAL EUROPE (PXE) since September 2013. The services comprise clearing and settlement of Czech, Slovak and Hungarian power futures as well as trade registration for those products. Furthermore, ECC provides financial settlement for trades concluded on the common day-ahead market platform of PXE and OTE.

Raiffeisenbank a.s. has been providing a wide range of banking services to individuals and corporate clients in the Czech Republic since 1993. Raiffeisenbank renders services to its clients via a network of more than 120 branch offices and client centres. The bank also provides services of specialized mortgage centres, personal, corporate and business advisors. Total assets of the bank amount to nearly CZK 200 billion. According to this particular figure, Raiffeisenbank is the fifth largest bank operating in the Czech market. Various local and inter-national awards testify to the quality of the services the bank offers. The majority shareholder of the bank is Austria's Raiffeisen Bank International AG, which is one of the leading banking groups in Austria as well as in Central and Eastern Europe.

European Commodity Clearing AG

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, ICE ENDEX, Powernext and PXE or trades registered on these exchanges.