Thursday 24th July 2014
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THURSDAY TICKER: JULY 24th 2014 - New opportunities for European businesses, affordable energy bills for consumers, increased energy security through a significant reduction of natural gas imports and a positive impact on the environment: these are some of the expected benefits of the energy efficiency target for 2030 put forward today by the European Commission in a Communication. The proposed target of 30 % builds on the achievements already reached: new buildings use half the energy they did in the 1980s and industry is about 19% less energy intensive than in 2001. The proposed target goes beyond the 25% energy savings target which would be required to achieve a 40% reduction of CO2 emissions by 2030. At the same time the framework on energy efficiency put forward today aims to strike the right balance between benefits and costs - The California Pension Fund (CalPERS) has told the American press that it might cutting back on its investments into the hedge fund arena by as much as 40%. A CalPERS spokesman told papers that the investment staff will make a formal recommendation to the board in the fall. CalPERS reported a preliminary 18.4% return on investments for the 12 months that ended June 30th this year. CalPERS’ assets at the end of the fiscal year stood at more than $300bn - The number of funds notifying the Jersey Financial Services Commission (JFSC) of their intention to privately place into Europe under AIFMD rules broke through the 150 mark ahead of the end of the AIFMD transitional phase this week. The JFSC figures show that, as at 22 July, a total of 164 funds had opted to make use of Jersey’s private placement route into Europe, and that the UK was the top intended market for managers, followed by Sweden, Belgium, and the Netherlands - Vodafone Group’s debt rating was cut one level at Moody’s Investors Service after the carrier made multibillion-dollar acquisitions to expand in Spain and Germany. The second-largest wireless company’s senior unsecured debt was cut to Baa1, the third-lowest investment grade, from A3, says Moody. The outlook is stable. Newbury, England-based Vodafone reported net debt of £13.7bn ($23.3bn) for the quarter ended March 31st. It is the first time Moody’s has given Vodafone a rating lower than A3 since 2007. Standard & Poor’s and Fitch Ratings rank Vodafone’s debt at A-, the fourth-lowest investment grade. Vodafone’s acquisition of cable operators in Europe and falling revenue in some of its biggest markets contributed to the cut, Moody’s said - In a separate report issued this week, Moody's says the stable outlook on the European Bank for Reconstruction and Development's Aaa rating reflects the bank's conservative capital and liquidity practices, which should support its solid financial performances despite the challenging operating environment. The rating agency's report is an update to the markets and does not constitute a rating action. Moody's also notes that the bank benefits from very high liquidity, owing to its prudent treasury management policies, favourable debt structure and strong market access.

EEX creates Pan-European OTC Clearing Service Offering - Three further products to be launched in February

Thursday, 14 February 2013
EEX creates Pan-European OTC Clearing Service Offering - Three further products to be launched in February The European Energy Exchange (EEX) is expanding its range of OTC clearing services step by step, to include additional products not traded on EEX or other European Commodity Clearing (ECC) partner exchanges. Together with the clearing house ECC, EEX will launch three further products for OTC clearing on 25 February 2013. http://www.ftseglobalmarkets.com/

The European Energy Exchange (EEX) is expanding its range of OTC clearing services step by step, to include additional products not traded on EEX or other European Commodity Clearing (ECC) partner exchanges. Together with the clearing house ECC, EEX will launch three further products for OTC clearing on 25 February 2013.

“Given the changing regulatory and political environment, clearing through a central counterparty gains in importance”, states Peter Reitz, chief executive officer of EEX Group. “In this context, we will provide market participants with a pan-European offering for clearing their bilateral energy trading activities through ECC and in so doing, increase our coverage to further commodities and regions”.

Hence, EEX and ECC will offer financially settled Scandinavian power futures for clearing. ECC already clears power futures for delivery in Germany, France, Austria, Belgium and the Netherlands, as well as Great Britain and Hungary. Since December, EEX and ECC have offered Romanian power futures as an OTC cleared product. As part of the co-operation with the Power Exchange Central Europe (PXE), ECC will provide clearing for Czech and Slovakian power in the near future also.

“Through integrated clearing of all products, participants benefit from standardised processes and netting effects which reduce the costs for clearing significantly. Through Cross Margining, only the net positions are offset against each other. Thus, participants who clear their Scandinavian power positions at ECC can achieve cost advantages”, explains Dr. Thomas Siegl, Chief Risk Officer of EEX Group.

Furthermore, from the end of February, two Euro-denominated coal futures based on Argus McCloskey API 2* and API 4* indices will be offered for clearing via ECC. This will enable, for example, companies which want to hedge power deliveries from coal plants, to settle coal futures in Euros, which considerably simplifies the processes for these participants.

The new OTC clearing products are designed for market participants all over Europe who want to use the benefits of the integrated clearing model for their energy trading activities. Therefore, EEX is taking a further step in bringing more volumes from the OTC market onto the exchange. All contracts are settled financially on the basis of established market indices. The new products can be registered for clearing via the exchange, either by brokers or directly by the counterparties.

European Energy Exchange (EEX) is the leading energy exchange in Europe. EEX 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). EEX is a member of Eurex Group.

European Commodity Clearing (ECC) is the central clearing house for energy and related products in Europe. ECC ensures clearing, as well as physical and financial settlement of transactions concluded on APX-ENDEX, CEGH Gas Exchange of the Vienna Stock Exchange, EEX, EPEX SPOT, HUPX and Powernext and offers OTC Clearing services in addition.

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