Stability of ECC Processes Proven Yet Again after MF Global Default

ECC Clearing Fund not used

Leipzig, (PresseBox) - The stability of the processes and of the risk management of European Commodity Clearing AG (ECC) has been proven yet again in connection with the default of the Clearing Member MF Global UK Ltd.

The London-Based company has been subject to the UK Financial Services Authority's

"Special Administration Regime" since the end of October. Against this backdrop, MF Global UK Ltd. was suspended from clearing and exchange trading on the European Energy Exchange (EEX) on 1 November 2011. On 8 November 2011, the ECC Management Board effected a termination of the clearing agreement for MF Global UK Ltd. upon which its membership as a General Clearing Member of ECC ends.

In the run-up to the suspension, all customer positions were transferred to another Clearing Member so that settlement on ECC and EEX exchange trading were not affected at any time. Potential risks were covered by collateral deposited at all times and, hence, the Clearing Fund did not have to be used.

"The settlement of MF Global UK Ltd. once again confirms that the risk management processes of ECC work smoothly - also in emergencies. The accelerated change of clearers, which ECC introduced this year, in particular, has proven successful", explains Dr. Thomas Siegl, Chief Risk Officer of ECC AG.

Currently, fifteen Clearing Members are integrated into the clearing process on ECC.

European Commodity Clearing AG

European Commodity Clearing AG (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 APX-ENDEX, the CEGH Gas Exchange of the Vienna Stock Exchange, EEX, EPEX SPOT, HUPX and Powernext as well as clearing and settlement of transactions registered for OTC clearing on these exchanges.

Press releases you might also be interested in

Subscribe for news

The subscribtion service of the PresseBox informs you about press information of a certain topic by your choice at a choosen time. Please enter your email address to receive the email with the press releases.

An error occurred!

Thank you! You will receive a confirmation email within a few minutes.


I want to subscribe to the gratis press mail and have read and accepted the conditions.