The European Energy Exchange (EEX) has registered its first dry bulk freight derivative trade for clearing last Friday, marking an important milestone for its new global commodities segment.
The trade was registered for 90 lots of the Q4 2016 Capesize 4TC contract at a price of 8,750 US Dollar per lot. The trade was conducted by Gunvor Group company Clearlake Shipping, and another counterparty, having been arranged by the broker Freight Investor Services.
Steffen Köhler, Chief Operating Officer of EEX, says: “The trade in our freight sector represents another important landmark for EEX. With these trades, we are entering a completely new sector, beyond energy and energy related products”.
The EEX Trade Registration service provides shipping companies and cargo owners with a framework that allows for registration of dry bulk freight derivatives trades under the rule book of a regulated European market. Customers benefit from the fast and efficient clearing services of European Commodity Clearing (ECC), including EMIR trade reporting and the accounting of margin requirements with other positions in energy derivatives. Significant cost advantages can be achieved through cross-margining of power, emissions, coal and freight products traded through EEX.
The European Energy Exchange (EEX) is the leading energy exchange in Europe. It develops, operates and connects secure, liquid and transparent markets for energy and commodity products. At EEX, contracts on Power, Coal and Emission Allowances as well as Freight and Agricultural Products are traded or registered for clearing. Alongside EEX, EPEX SPOT, Powernext, Cleartrade Exchange (CLTX) and Gaspoint Nordic are also part of EEX Group. Clearing and settlement of trading transactions are provided by the clearing house European Commodity Clearing (ECC).
