European Investment Bank joins EEX and ECC for NER 300 transactions2012/03/22
The European Energy Exchange (EEX) welcomes the European Investment Bank (EIB) as new member of the exchange. The admission for trading on the Derivatives Market for Emissions Allowances takes place in the framework of the NER 300 programme for which EIB has chosen the EEX as cooperation exchange. The long-term lending institution of the European Union will sell in total 300 million EU emission allowances (EUA) from the third trading period on behalf of the European Commission.
Moreover, EIB has been admitted as a Clearing Member on the European Commodity Clearing AG (ECC). Being a direct clearing member allows EIB to financially settle all transactions made on the exchange.
“Confirmation of EIB’s memberships on EEX and ECC greatly assists the European Investment Bank monetisation activity under the NER 300 initiative. Access to the regulated market of EEX will broaden sales channels to allow direct screen trades and OTC exchange cleared transactions and auctions in the near future. This will increase on-exchange liquidity and the Bank’s access to market participants” says Simon Brooks, European Investment Bank Vice President.
“We welcome the EIB’s recognition of the reliability of our trading and settlement processes to the NER 300 programme and the trust placed in us. The EIB membership reflects the strong cooperation of EEX as exchange under public law with public authorities”, emphasises Chief Executive Officer Peter Reitz.
The NER 300 programme is the world’s largest funding programme for carbon capture and storage demonstration projects and innovative renewable energy technologies. To this end, the EIB uses a range of sales channels including OTC trades with or without exchange clearing, direct exchange trading and auctions under this initiative.
The European Energy Exchange (EEX) is the leading energy exchange in Europe. It 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 are provided by the clearing house European Commodity Clearing AG (ECC).
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