Welcome to European Commodity Clearing AG

As a clearing house for multiple energy and other commodity trading venues, ECC offers several access options for trading participants and intermediaries to its network of Partner Exchanges and products. Roles and access requirements for becoming a member of the clearing house vary across different markets. Therefore, in the following, a general overview of clearing access models is provided.

In general, financial institutions have the option to apply for an Institution Clearing Membership with ECC. However, they can also choose from the access options available to companies.

Non-financial institutions, on the other hand, can select from ECC's access options for companies.

Access for companies  

Companies have the following access options:

Access as Non-Clearing-Member (NCM)

Companies seeking membership on one or more ECC Partner Exchanges can apply as Non-Clearing Members with ECC. To become a Non-Clearing Member, they need to find a Clearing Bank admitted as a General Clearing Member at ECC. This Clearing Bank provides the necessary clearing infrastructure.

A Non-Clearing-Member

• Is a Trading Participant of the exchange
• Signs a trilateral agreement with a General Clearing Member and ECC
• Can trade both spot and derivatives transactions (depending on the offering of the General Clearing Member)

You can find the list of ECC’s General Clearing Members here.

Further information on the access requirements and admission process for a Non-Clearing membership can be found here.

Access as Direct Clearing Participant (DCP)

ECC offers a direct access option for certain spot markets (e.g., day-ahead and intraday power markets) as a Direct Clearing Participant. You can find the list of DCP eligible markets here.

A Direct Clearing Participant

• Is a trading participant with direct access to trading and clearing of specific spot markets
• Does not require a Clearing Bank
• Has an agreement with a suitable Settlement Bank fulfilling the DCP model requirements

Please find more detailed information on the DCP model here.

Guidance on the choice of access

To aid your decision-making process between the Non-Clearing Member (NCM) and Direct Clearing Participant (DCP) access models, consider referring to the following slide deck. It provides valuable insights to help you make an informed choice:

The dedicated Sales teams of ECC’s Partner Exchanges will support you in finding a suitable access option. They also provide guidance throughout the admission process.

Indirect access via Access Providers

It is also possible to participate in exchange trading without becoming an exchange member. A number of exchange members, mainly but not exclusively banks, provide access to exchange products for non-members (“Access Provider”). 

For EEX, please find a list of market access providers on the EEX website.

For EPEX SPOT, more information on market access providers is available on the EPEX SPOT website.

Access for Financial Institutions:
Institution Clearing Membership

An Institution Clearing Member, also known as Clearing Bank, plays a crucial role in the clearing process. An Institution Clearing Member is a direct member of the clearing house. A Clearing Bank acts as a guarantor and payment agent for all trades concluded at spot markets and steps between the transactions of ECC and Non-Clearing Members to be contractual counterparty for both on derivatives markets. Responsibilities include fulfilling obligations related to their own transactions or those of clients traded at Partner Exchanges and cleared at ECC.

• Must be based in a member state of the European Union, Switzerland, Norway, or the US
• Needs to hold either a license as a General Clearing Member or Direct Clearing Member
• Can additionally be a trading participant of one or more Partner Exchanges of ECC

For more detailed information on access requirements and the admission process for a membership as Institution Clearing Member please refer to the ECC website’s section on Clearing Membership.

Whether you’re applying for a new membership or adding additional markets, the Clearing Sales team is prepared to assist you every step of the way.