Mizuho becomes new EEX General Clearing Member and Trading Participant

Mizuho Americas’ investment banking subsidiary Mizuho Securities USA has become a new General Clearing Member (GCM) and as Trading Participant on the European Energy Exchange (EEX).

As a GCM, the bank is now authorised to provide clearing services for all customers of EEX Group’s clearing house as well as for all products and markets cleared by ECC.

“MSUSA” is a wholly owned investment banking subsidiary of Mizuho Americas LLC and indirect subsidiary of Mizuho Bank, based in Tokyo, Japan. MSUSA is a CFTC-registered futures commission merchant and SEC-registered broker dealer. It has memberships in, or access to, global futures exchanges for trading in financial and commodity futures and options on futures contracts.

“With Mizuho Securities USA LCC we have admitted our first clearing participant from the USA. This new member will support ECC as part of EEX Group in its global growth strategy and enables us to broaden our international network of participants,” says Dr Thomas Siegl, Chief Risk Officer.

“Mizuho Securities USA is pleased to add ECC and EEX to its roster of direct clearing memberships, which will further enhance our futures clearing platform,” says John Murphy, Managing Director and Head of Futures at Mizuho Americas.

At present ECC connects 25 clearing banks. Of these, 21 banks hold a GCM License and four banks are admitted as Direct Clearing Members (DCMs).

European Commodity Clearing (ECC) is the leading clearing house for energy and commodity products in Europe. ECC assumes the counterparty risk and guarantees the physical and financial settlement of transactions, providing security and cross-margining benefits for its customers. As part of EEX Group, ECC provides clearing services for EEX, EEX Asia, EPEX SPOT, Powernext and Power Exchange Central Europe (PXE) as well as the partner exchanges HUPX, HUDEX, NOREXECO, SEEPEX and SEMOpx.