Press Release - Exchange Council approves re-appointment of Tim Greenwood as Managing Director Exchange

Press Release - Exchange Council approves re-appointment of Tim Greenwood as Managing Director Exchange

On Wednesday 26th June 2019, the Exchange Council of the European Energy Exchange (EEX) held its second meeting of 2019 in Leipzig, chaired by Dr Michael Redanz, Managing Director of EWE Trading GmbH. In the course of the meeting, the Exchange Council discussed a wide range of topics including the re-appointment of Tim Greenwood as Managing Director Exchange, the extension of tradable maturities for Spanish and Italian power futures as well as changes to the calculation method for the final settlement price on the dairy derivatives market.

At the meeting, the Exchange Council approved the re-appointment of Tim Greenwood as Managing Director of EEX. In addition to Mr. Greenwood, the Exchange Management Board also includes Steffen Koehler and Dr Tobias Paulun. Tim Greenwood who was appointed to the board in 2014 for a period of five years was re-appointed as an Exchange Management Board member for another term of 5 years.

The Exchange Council also confirmed an extension of tradable quarter maturities for Italian and Spanish Power Futures from the current 7 full quarters to 11 full quarters, which mirrors the Phelix-DE German, Phelix-AT Austrian and French power contracts. As requested by the market, this new maturities will provide participants with additional trading opportunitiesespecially for the long end of the curve.

Finally, the Exchange Council confirmed that EEX will adjust the calculation method for the final settlement price on the futures market for dairy products. Historically, the settlement prices of the Butter, Skimmed Milk Powder and European Whey Powder Futures have been determined on the basis of the last available index price of the respective future. Following a period of consultation with market participants, EEX will use the arithmetic average of the published values of each respective index in the maturity month as the final settlement price, as this better reflects practices in the underlying physical markets and the OTC market. The change to the methodlogy will be effective from the expiry of the October 2020 contract onwards.

The Exchange Council of EEX is an official body of the exchange under the German Exchange Act. It consists of a total of 24 members who expertly represent the various relevant interest groups and business circles. In addition to the trading participants who are represented by 19 elected members from five different voting groups, four representatives from associations and one representative of energy science belong to the Exchange Council. The tasks of the Exchange Council include the formulation of the rules and regulations of the exchange and their amendments. The Exchange Council is also tasked with the supervision of the Management Board of the Exchange and the appointment of the Head of the Market Surveillance.

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