General Description

KELER CCP provides General Clearing Member service on the energy markets cleared by the European Commodity Clearing AG (ECC), Germany, as central counterparty:

  • HUPX Power Exchange;
  • EEX European Energy Exchange;
  • Powernext/PEGAS;
  • CEGH Central European Gas Hub
  • PXE Power Exchange Central Europe.

As part of the service KELER CCP provides clearing and guarantee undertaking for the cleared spot and derivative market transactions for energy market traders.

During energy market clearing KELER CCP receives the already matched and accepted transactions from the institution clearing the markets as central counterparty. There is no novation by KELER CCP during the clearing of energy market transactions (it clears the transactions not as central counterparty), however, as General Clearing Member is has joint and several liability for financial settlement by the energy market Non-clearing Members both towards the clients and ECC.

Spot market transaction clearing is for the purchase price at the trade price, while for derivative market transactions variation margin is calculated for the open positions, and then purchase price is settled for the transactions that remained open after expiry.

In order to mitigate risks KELER CCP applies quantity and/or value limits for the energy market Non-clearing Members on the traded markets.

In order to ensure the purchase price and the variation margin settlement requirements are met KELER CCP calculates daily margin requirements. The margin requirement is to be met until 10:00 the following day. The amount of the required margin is at least the margin calculated by ECC.

Energy market transaction purchase price settlement, derivative transaction variation margin settlement and settlement due to the physical delivery of futures transactions occur at 10:00 on the first (1.) clearing day after the transaction is made (on T+1 where T = Transaction Day).