Dear Clients,
We have already informed our Energy market Non-clearing member clients (NCMs) about changes affecting the GCM business line of KELER CCP.
As outlined in the communication, BÉTx Pénzügyi Zrt. (BÉTx), a wholly owned subsidiary of Budapest Stock Exchange Plc (BSE), acting as an investment firm and an ECC-approved clearing member, plans to assume the client portfolio and contractual obligations of KELER KSZF through legal succession with the planned effective date of 16 November 2026. The entire operational process will continue to be managed by KELER CCP under an outsourcing agreement to be concluded between BÉTx and KELER CCP, under unchanged conditions from commercial, technical and service perspectives, in line with the current operating model.
Transfer Agreement signed by BÉTx and KELER CCP
An important step in the transition has been completed on 24 August, 2026 with the signing of the Transfer Agreement by BÉTx and KELER CCP.
The agreement provides the contractual framework for the transfer of the NCMs’ portfolio and supports the continuity of the GCM-related services currently provided by KELER CCP to NCMs. Importantly, ensuring this continuity goes beyond the transfer of contractual positions, rights, obligations and collaterals: it also requires the continued availability of the operational, technical, risk management, compliance, reporting and other support functions necessary to service the non-clearing member portfolio.
The signing of the Transfer Agreement therefore represents a key milestone in establishing the framework required for a smooth and seamless transition.
98% of clients have consented to the transfer
We are also pleased to report that 98% of NCMs consented to the transfer of their contractual positions by the deadline (August 25, 2026), meaning that the project resulted in virtually no portfolio loss.
We find it particularly encouraging that such a large number of clients decided to continue the partnership during the transition. We view this as a clear indication that there is a solid place among ECC’s GCM partners for a service provider with a primarily regional focus — one that also caters to smaller market participants.
At the same time, we consider this high client retention rate as clear evidence that our NCMs value the services and support provided by KELER CCP and trust in our ability to continue delivering these services through another member of the group in the future.
We would like to take this opportunity to express our sincere gratitude to all our Clients for the trust and commitment they have shown us! We deeply appreciate our Clients' unwavering commitment, which serves as a strong validation of the role KELER CCP — and in the coming future, BÉTx — plays in serving Clients and facilitating their access to energy markets.
In case of questions, please turn to us at
With best regards,
KELER CCP Ltd.