Payment Cycle

ECC performs the financial settlement for all energy transactions contracted on ECC‘s partner exchanges. 

The payment and delivery have strict timelines. On each business day ECC initiates the collections and payments from/to the members bank accounts.
 
Financial settlement at ECC encompasses both EUR and GBP payments, providing a comprehensive solution for members. ECC has established a daily booking cut-off time at 16:00:00 CET (T+0), which determines the settlement timeline. Trades concluded before this cut-off are financially settled in the morning of the following T2/UK business days, while others follow with a one-day delay.

To streamline operations, commodity amounts from all trades are netted into a single net payment amount per DCP member and Settlement Bank. These figures are diligently reported in daily Payment Reports accessible through the ECC Member Area.

EUR payments are processed until 8:00 a.m. CET (T+1) on T2 operating days. GBP payments follow a fixed overnight schedule on UK business days and are processed at 9:00 a.m. CET (T+1).

All fees incurred for DCP settlement can be found in our price list.

Admission Procedure - Technical Account Connection

Steps of the Technical Connection

Step 1: BIC Code Search

The DCP searches for a bank independently. If the BIC code has been confirmed by ECC and therefore fulfils all ECC conditions, it can be used as a settlement bank for ECC Clearing. 

To support the search for a BIC code, you can find some Connected Banks here.

Step 2: Account Opening and Data Transmission 

The DCP independently opens an account with the confirmed bank and transmits the account data to ECC for set-up in ECC's systems.

Step 3: Setup on ECC Side

ECC inserts the account data into the systems used by ECC.

Step 4: Debit and Credit Test Payment

Once the setup has been completed, the ECC first instructs a debit and then a credit test payment. If both are successfully completed, the technical setup is finalised. 

Once the KYC process and the balancing group contracts have been finalised, the go-live date of Member Readiness is communicated. 

Before the first trade, the DCP is required to subscribe to all necessary reports in the Member Area and to deposit the desired collateral amount with ECC.
 

Payment Set-up for nEHS-DCP Clients

For clients that only participate in nEHS auctions and maintain a dedicated nEHS-DCP membership with ECC, the payment set-up differs from the standard DCP model. Please find more information here.

Connected Banks

Connected Banks are institutions which maintain one or more Settlement Accounts for DCP members and have an agreement with ABN AMRO Bank

The following table contains a list of financial intermediaries that currently offer the service of a Connected Bank to DCP members of ECC. Please be advised that the decision to accept a company as a client for its payment services rests with the Connected Bank alone. 

Is your preferred bank not on the list? ABN AMRO Bank  maintains a large network of Connected Banks. Please reach out to our Direct Clearing Team (direct.clearing@ecc.de) to check whether your preferred bank’s BIC codes are connected to ABN AMRO Bank and whether your bank is a direct participant in T2 or can participate in CHAPS payments (GBP payments).