PXE power derivatives will be tradable via EEX T7 platform
On 23 March 2017, the Exchange Council of the European Energy Exchange (EEX) held their first meeting of 2017 in Lyon. The meeting was chaired by Dr Michael Redanz, Managing Director of EWE Trading GmbH. During the meeting, the Exchange Council discussed the extension of EEX’s power derivatives product range with contracts currently listed on Power Exchange Central Europe (PXE). The Exchange Council also approved the re-appointment of Steffen Köhler and Dr. Tobias Paulun to the Exchange Management Board of EEX, in addition to confirming new appointments to the Sanction Committee of EEX.
The focus of the meeting was the cooperation with PXE and the migration of the PXE product range of power derivatives to the EEX platform and under the EEX rulebook. Currently, PXE offers cash-settled power futures for the Czech Republic, Hungary, Slovakia, Romania and Poland. The contracts are available with monthly, quarterly and yearly expiries. The Exchange Council confirmed that these contracts will also be made available to EEX trading participants from summer 2017, by listing the PXE products on the EEX T7 trading system. In addition, physically-settled power futures for Slovakia shall be listed for Trade Registration.
The transfer of PXE products to the EEX T7 platform opens up new trading opportunities for both current PXE and EEX members. EEX members will receive straightforward access to the products which are currently listed at PXE while PXE members will receive trading access to the current EEX product suite. Furthermore it has the potential to open up Central and Eastern European products to traders currently not active in this region.
The Exchange Council also agreed to the re-appointment of Steffen Köhler and Dr Tobias Paulun as Managing Directors of the Exchange for another term of five years starting on 20 June 2017 in accordance with the Exchange Supervisory Authority. Both were appointed as Managing Directors of the Exchange on 20 June 2012 for five years. In addition, Tim Greenwood has been a Managing Director of the Exchange since 2014.
Furthermore, the Exchange Council confirmed new appointments to the Sanction Committee of EEX, including a new deputy chairing member. Following consultations with the Exchange Supervisory Authority, the Exchange Council appointed Ms Ursula Kraemer as the new deputy chairing member and Dr Wolf B. von Bernuth, Michael Bonde, Pierre Chevalier, Ralf Henze and Dr Bernhard Walter as the new panel members of the EEX Sanction Committee.
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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