Interest in ECC Clearing Membership picks up

Merrill Lynch International new Clearing Member - Further financial service providers in admission process

(PresseBox) ( Leipzig, )
The interest in Clearing Memberships on the European Commodity Clearing AG (ECC) is picking up visibly. Merrill Lynch International, London, was admitted as a new Clearing member on 26 October 2010. The fact that further financial service providers are in the admission process does not only underline the market position and attractiveness of the subsidiary of the European Energy Exchange AG (EEX) as a secure as well as tried and tested clearing and settlement platform for exchange and OTC transactions. Moreover, this development can also be seen as a positive signal for a lasting recovery in the industry from the financial sector.

In its new role as General Clearing Member, Merrill Lynch International, which is part of the Bank of America Group, will initially provide clearing of transactions which are concluded or registered for OTC clearing on EEX.

"As one of the largest brokerage firms in the world we provide access to global market places and already offer clearing on a wide variety of listed and OTC contracts. Commodity derivatives and energy-related commodities have seen significant growth recently as our clients seek to diversify portfolios - therefore we are glad to join ECC as the leading energy clearing house in Europe." says Brooks Stevens, European Head of Futures and Derivative Clearing Services of Merrill Lynch.

"We are pleased that with Merrill Lynch yet another leading international financial service provider is now operating as a Clearing Member on ECC ", says Dr. Thomas Siegl, Chief Risk Officer of ECC. "In this way, we improve the diversity and international availability of our clearing offer and grant access to secure and transparent energy trading to additional participants via the markets connected to ECC."

Including Merrill Lynch International 15 clearing banks are now licensed on ECC. Further financial service providers have indicated their interest in a Clearing Membership and two of these are already in the admission process.

European Commodity Clearing AG (ECC) is a clearing house whose range of services comprises clearing and settlement for exchange and over-the-counter transactions in energy. The Leipzig-based company was established in the year 2006 with the spin-off and transfer of the clearing activities of European Energy Exchange AG (EEX) to this subsidiary.

In its capacity as a 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 as well as clearing and settlement of transactions registered for OTC clearing on these exchanges.
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