Powernext members will have the opportunity from 19 March to directly register their over-the-counter (OTC) transactions as exchange transactions for subsequent clearing with European Commodity Clearing (ECC).
Customers can use either Trayport Clearing Link or EFETnet eXRP Straight-Through Processing automated solutions.
Jean-François CONIL-LACOSTE, Chief Executive Officer of Powernext, says: “This new and straight-forward solution for clearing over-the-counter transactions will answer the need of market participants for automated and riskless processes. Through this mechanism, it will be possible to automatically route transactions submitted by a broker through the exchange into the trading participant’s account at ECC, eliminating all manual interventions by the brokers and trading participants”.
Dr Thomas SIEGL, Chief Risk Officer of EEX Group, says: “We are glad to roll-out our Straight Through Processing (STP)-solutions to Powernext. With Powernext the second partner exchange of ECC is using the STP service that was recently enhanced to make the trade registration process fully automatic.”
Egbert LAEGE, Executive Director Gas Markets of EEX Group, says: “This new offering will benefit from the strong STP experience and broker connectivity of EEX and ECC in the power derivatives market. This will serve the ambition of PEGAS to deliver state-of-the-art service for the gas derivatives markets”.
All of the derivatives products currently offered for trading on the PEGAS platform (TTF, NCG, Gaspool, PEG Nord, PEG Sud and ZTP, as well as associated spreads) will be available through the STP solutions. On 26 March, new derivatives contracts launched on PEGAS (NBP, Zeebrugge and PSV) will also become available, as well as the new market area TRS on 31 March.
The PEGAS STP registration service will be offered by the following seven energy brokers: GFI, Griffin Markets, ICAP, Marex-Spectron, OTCex, TFS and Tullet Prebon. No additional fee will be charged to the trading participants for this service.