EEX Group has successfully novated all remaining 2018 – 2024 positions in Dry Bulk Freight FFA from LCH Ltd to its clearing house European Commodity Clearing (ECC). The novation marks yet another significant milestone in EEX Group’s strategy to expand in globally traded markets.
In total, 31,220 lots from 2018 onwards were transferred to ECC, significantly expanding EEX Group’s customer base and depth of liquidity in the freight sector. Following the novation, EEX Group’s freight portfolio now includes the full suite of dry bulk freight contracts thereby substantially increasing the open interest in freight options at ECC and extending the coverage to include all of the most widely traded products.
Speaking on the novation, Dr Egbert Laege (pictured), Member of the EEX Management Board, says: “The novation underlines our commitment and ambition in this market, Our expanded portfolio and customer base in conjunction with our increased liquidity will bring considerable benefits to both our newly novated customers as well as our existing customer base”.
EEX Group’s established presence in Europe, Asia and North America, ensures that it is ideally placed to lead further growth in the dry bulk freight derivatives market with an established network of brokers and a technical and regulatory offering which enables organisations across all geographies to access the benefits of the group’s clearing service easily and efficiently.
EEX Group is a group of specialised companies providing the central market platform for energy and commodity products across the globe. The group offers market access and tailor-made solutions to trading participants as well as an integrated process handling with its own clearing houses. EEX Group consists of the following companies: European Energy Exchange (EEX), the European Power Exchange (EPEX SPOT), Powernext, Cleartrade Exchange, Power Exchange Central Europe (PXE), Gaspoint Nordic, Nodal Exchange and the clearing companies European Commodity Clearing (ECC) and Nodal Clear. EEX Group is based in 16 worldwide locations and is part of Deutsche Börse Group.
