The clearing house has doubled its profits

Offering guarantee and clearing services, and ensuring the operation of the financial, capital and energy markets by its clearing systems and services, KELER CCP had an exciting year as its profits reached the double of the planned figure – said Károly Mátrai, CEO in his interview with

How did you close the year 2017?
Revenues from services reached HUF 1.386 billion, representing an increase of 8.4 percent compared to the previous year, which basically meets our objectives. However, our profit from the service provider’s activities exceeded HUF 200 million, which is double of the planned amount.

What can these results be attributed to?
In 2017, the foundations were laid for KELER CCP to become the first one in the region to offer cross-border services to the Romanian Commodities Exchange performing gas trade. Parallel with this, we increased the number of our partners notably, both on the domestic organised gas market CEEGEX and on other cleared international energy markets. At the end of last year, we provided clearing services to 138 clients from 23 countries. In the meantime, we offered our clearing services to 6 market operators: the Budapest Stock Exchange, EuroMTS Ltd., FGSZ Földgázszállító Zrt., FGSZ KP Kft., HUPX Zrt. and CEEGEX Zrt. It was also last year’s success that KELER CCP developed its complex risk management and clearing system required for the Xtend trading platform launched by the Budapest Stock Exchange in September 2017, supporting the listing of SMEs on the stock exchange. Although the new futures energy exchange operated by HUDEX Derivatív Energiatőzsde Zrt. was launched this January, the preparatory works of the clearing service provided there had also been done last year.

What results have the energy markets important to KELER CCP achieved?
The turnover of the domestic spot gas exchange, CEEGEX rose steeply. The switchover to continuous trading and the replacement of the previous HUF-based trading by trading and clearing in EUR as of the autumn of 2017 proved attractive to the market players. Such developments had the overall result that in 2017, the duplicate turnover exceeded the annual 4 terawatt hour (TWh) quantity and in market value, HUF 30 billion, representing a fourfold increase annually. Last year, trading volume was outstanding on the future electricity markets as well. KELER CCP’s clients concluded futures transactions for the quantity of 26.5 terawatt hours (TWh) and in the value of HUF 280.5 billion.

What about the area of risk management?
In 2017, KELER CCP’s risk management system successfully managed the increased risks deriving from the late performances of the clearing members. According to the data of KELER CCP, late performances rose to two and a half times in 2017 compared to the previous year, and their value was one and a half times higher than last year. Overall, there were no problems in the area of risk management.

What are the most important tasks for this year? 
KELER CCP continues to implement its strategic objectives, namely to become the major clearing service provider of the regional market with the involvement of more and more new partners.