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EEX: Reversal of the trend on the Derivatives Market for Power achieved
- Clear increase in exchange trading
- Measures are taking effect
- Reinforced customer orientation, new price model and connection to Trayport ensure positive development of volumes
The package of measures which European Energy Exchange AG (EEX) has launched with the aim of a sustainable strengthening of the organisational and customer processes has provided successful results during the first part of the year.
From January to May 2008 the volume for Phelix Futures (including OTC clearing) on the EEX Derivatives Market amounted to 484.9 TWh. The volume traded on the exchange reached 126.1 TWh, which corresponds to a share of 26%. During the same period in the previous year, the total volume for power futures (including OTC clearing) amounted to 510 TWh. The share of exchange trading amounted to 86.7 TWh or 17%. Therefore there is an increase of 9 %.
Oliver Maibaum, Managing Director of the European Energy Exchange, comments as follows: "Clear customer orientation constitutes the centre of our operative work. All of our measures pursue the aim of fully integrating the trading participants into the market and product development processes of EEX. The new alignment and intensification of customer support are clearly welcomed by the trading participants and are now making an impact.
The optimisation of the price model on the Power Derivatives Market is one example of the stronger customer focus: new pricelist has been in force since 1 January 2008. According to this, EEX reduces the trading fee for exchange trades in Power Futures (Phelix Futures, German Power, French Power) up to a trading volume of 1 TWh per month from 1.5 to 1.0 Ct/MWh. As of a trading volume of 1 TWh per month the trading fee for every further exchange trade amounts to only 0.5 Ct/MWh.
Through the connection to the Trayport GlobalVision Trading Gateway System, a product by Trayport Limited, the orders regarding all EEX Futures products offered can now be displayed and traded on the traders' screens together with other market platforms.
The latest version of the EEX Communicator - the interface between the EEX Derivatives Market system (Eurex) and Trayport - was made available for downloading on the EEX internet site at www.eex.com on 2 June 2008. This version is characterised by various extensions and adjustments increasing user friendliness for the traders.
By now, 60% of the trades in natural gas futures concluded on the exchange and approx. 13 % of the power futures are transacted through the EEX Communicator. Oliver Maibaum, Managing Director Exchange, explains: "The connection to Trayport is a continuous process. And the inquiries submitted to EEX show that the trading participants' interest in the connection is enormous."
EEX operates Spot and Derivatives Markets for energy products and related products. With more than 200 trading participants from 20 countries it is the energy exchange in continental Europe which boasts the biggest number of trading participants and the highest turnover. While coal is only quoted on the Derivatives Market, power, natural gas and CO2 emission allowances are traded both short-term on the Spot Market and long-term on the Derivatives Market with a time horizon of up to six years into the future. Clearing of exchange and over-the-counter transactions (OTC clearing) is provided by European Commodity Clearing AG (ECC). ECC is the clearing house of EEX and its partner exchanges.
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