The European Commodity Clearing AG (ECC) has admitted a further clearing bank, Banco Santander S.A., Madrid. Banco Santander has obtained a general clearing licence for all partner exchanges. As a result, it can now offer clearing services for all products and markets cleared by ECC.
Banco Santander is a private and business customer bank with headquarters in Spain and a presence on ten core markets. Based on its stock exchange value Santander is the biggest bank within the euro zone.
“At Banco Santander, as a global derivatives clearing broker, we emphasize the importance of our participation and support in the continued efficiency of our clearing capabilities within European energy markets to fulfill the needs of suppliers/generators, energy consumers and financial players”, comments Carlos Cuellar Saorí, Head of ETD Europe, Banco Santander. “The importance of the presence of an efficient clearing house within the energy market environment cannot be understated as a reliable mechanism guaranteeing the successful outcome of all trades of all participating members.”
“Banco Santander’s membership opens the opportunity to access further customers, in particular from South western Europe”, says Dr. Thomas Siegl, Chief Risk Officer of ECC. “With this admission ECC is further expanding its partner network and strengthens its position as the leading energy clearing house in Europe”. In total, 17 clearing banks are now connected to ECC.
European Commodity Clearing AG (ECC) is the central clearing house for energy and related products in Europe. In its capacity as the central counterparty ECC assumes 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 or registered for OTC clearing on these exchanges.