Germany-based European Commodity Clearing (ECC) has launched clearing services for the Power Spot Market transactions concluded on the HUPX Hungarian Power Exchange (HUPX).
The Hungarian power contracts are traded on HUPX in a day-ahead auction using the EPEX Spot ‘EPEX Trading System’ (ETS). In addition to the daily nomination of power and natural gas volumes to as many as 16 European transmission system operators, ECC will, hence, safeguard physical settlement of the exchange transactions in Hungary.
In the context of the clearing cooperation, Keller was approved as a new clearing member on ECC and will, hence, settle trading transactions on HUPX in the future.
With HUPX six exchanges are using ECC as their clearing partner now. ECC also provides clearing as well as physical and financial settlement of transactions concluded on APX-ENDEX, the CEGH Gas Exchange of Vienna Stock Exchange, the European Energy Exchange, EPEX Spot and Powernext as well as clearing and settlement of transactions registered for OTC clearing on these exchanges.
Hans-Bernd Menzel, CEO of ECC, said: “ECC is expanding its network of exchange partnerships towards eastern Europe for the first time. and is thus making a contribution to the development of the market and to the further harmonization of the exchange trading and settlement systems for energy in Europe.”