EEX Q&A
(GI): What other partnerships have you established this year and are there plans for more? (SK): There are a lot of partnerships in various directions. With regard to natural gas, we are willing to work together with Powernext. With regard to electricity trading we have strong links with EPEX SPOT. With regard to CO2, we work together with a variety of institutions including the auctioneers on behalf of the European Members States and the European Investment Bank. With regard to connectivity and OTC clearing offering, we are cooperating with various brokers … and of course we work together with Market Makers and other liquidity providers in order to offer best products and services for our customers. Finally, our customers are included in the main decision making via the Exchange Council. This cooperative approach and the constant feedback from our members is very important to us.
(GI): What new technologies and market connectivity have EEX deployed recently and how will these benefit your members? (SK): The goal is to widen our distribution – more screens with EEX prices – and to decrease barriers to entry. On the technical side, what we now offer our customer is a “solution of choice”. On the trading level we rolled out Trayport’s GV Portal solution which reduces technical complexity from the client’s side. We connected further software providers and independent software vendors, to our trading systems. Trading Technology (TT), a leading provider in North America, is one example. On the clearing level we implemented new straight-forward solutions for clearing OTC transactions. The connection to EFETnet and the implementation of the Trayport Clearing Link supports our customers so that they can register bilateral transactions more easily and faster.
involved and will lead to high investments, e.g. for the expansion of renewables and of the grids which have to be able to keep up with changing circumstances. Market participants have to respond within increasingly shorter timeframes because framework conditions are also changing more and more quickly. On the exchange, we observe a lasting trend towards trading activities in shorter-term products. We can respond with trading instruments which offer more flexibility (such as the Phelix Day Futures). And we develop new products which help to implement the transition goal. For example, guarantees of origin which will help to integrate renewables into the wholesale market. Secondly, the regulatory framework and two examples with relevance for our business. The EU regulation REMIT poses comprehensive reporting duties for market participants – we offer a tool for participants to fulfil these obligations. On the clearing level, EMIR formulates rules for central counterparties which need to be implemented by our clearing house ECC. Here, we are making good progress as well.
(GI): European energy policy is directed towards a well-functioning integrated energy market by 2014. Given Europe’s financial difficulties and rapidly changing energy mix, is this feasible/likely? (SK): Until now integration has mainly focused on the opening of national markets and the harmonisation of market rules and procedures to foster cross border energy trading. Given that as a target, we have reached a high level of
“ This cooperative approach and the constant feedback from our members is very important to us
”
(GI): European energy trading and risk management parameters are changing. What forces are driving this and how is EEX responding? (SK): Let me shortly refer to two main developments which I see here. Firstly the European energy transition and secondly, regulation. The energy change is a challenge for all parties
integration which is especially documented by several well functioning market coupling projects. From our point of view, integration could further mean to compensate possible regional or national shortfalls, such as financing or changes of energy mixes. But national solo runs could hamper further integration. However, this was also realised and addressed by the European Commission in its recent communication on the state of play of the internal energy market. •
The European Energy Exchange (EEX) is Europe’s leading energy exchange and
develops, operates and connects secure, liquid and transparent markets for energy and related products on which power, natural gas, CO2 emission allowances and coal are traded. Clearing and settlement of all trading transactions is provided by the European Commodity Clearing (ECC). EEX is member of the Eurex Group.
www.eex.com December 2012 55
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96