The first trading transaction in Italian power futures has been registered on the European Energy Exchange (EEX) for clearing via the European Commodity Clearing (ECC).
The trade with a volume of 7,200 megawatt hours and a price of EUR62.25 per MWh for delivery in November 2013 was concluded between Gunvor International and A2A Trading via the broker Spectron Energy Services.
EEX launched the registration of financially fulfilled Italian month, quarter and year futures on 1 October.
“As a result of the registration of trades on EEX, our customers benefit from tried and tested standard processes and security in the settlement of transactions,” says Peter Reitz, chief executive officer of EEX. “Also against the backdrop of EMIR, we expect a significantly higher number of OTC trades to be registered on EEX in the future as these are not taken into account for the calculation of the three billion euro EMIR threshold for OTC transactions.”
Together EEX and ECC permit the registration of power trading transactions for Italy, Romania, Switzerland and Scandinavia concluded over-the-counter. These products are available for trading on broker platforms. ECC also provides clearing of all products offered for trading on its partner exchanges. This pan-European clearing offering is to be consistently expanded to further markets. Through integrated clearing of all products, trading participants benefit from significant cross margining effects and standardised clearing processes which sustainably reduces clearing costs.