Eurex has expanded its cooperation with the European Energy Exchange, allowing customers to trade and clear EEX power derivatives via their existing Eurex access.
The new products in the cooperation comprise Phelix Base futures and Phelix Peak futures as well as options on Phelix Base futures.
Eurex says: “Thanks to their high level of liquidity, Phelix derivatives are attractive European benchmark products for Eurex participants and complement perfectly the existing offering of emission rights contracts.”
Eurex participants will be able to trade Phelix derivatives futures and options via a simplified admission process, as with the existing cooperation in CO2 products. The clearing link between European Commodity Clearing and Eurex Clearing means that Eurex participants can continue to use their existing clearing relationships.
Phelix derivatives are cash-settled financial derivatives contracts, referring to the corresponding EEX index Phelix. The two physical electricity indexes (Phelix Day Base and Phelix Day Peak) are calculated on a daily basis and represent the average price for base load and peak load electricity traded on the EEX spot market.
Power derivatives are admitted to the OTC block trade facility.
