March 29, 2018 / 5:48 AM / in a month

ECC gets Recognised Clearing House status from Singapore

SINGAPORE, March 29 (Reuters) - Germany’s European Commodity Clearing (ECC) house said on Thursday it has received clearing status from the Monetary Authority of Singapore.

ECC, which is a part of Europe’s biggest electricity bourse European Energy Exchange (EEX), said this will be its first regulatory licence outside Europe.

The Recognised Clearing House (RCH) status will allow ECC to directly admit clearing members from Singapore to access all derivative products with immediate effect, the company said.

Meanwhile, Singapore-based Cleartrade Exchange (CLTX), which is also a part of the EEX Group, will be able to directly transfer contracts for clearing to ECC, giving companies that trade on CLTX the ability to access the clearing house from a Singaporean exchange.

The first product to be offered through ECC will be a dry bulk freight contract.

CLTX was founded in Singapore and offers exchange products in freight, energy, metals and agriculture.

Germany’s EEX focuses on wholesale power, thermal coal, natural gas and carbon emission products. It also owns U.S. power and gas futures exchange Nodal, and is majority-owned by Eurex, the derivatives unit of Deutsche Boerse, Germany’s leading exchange.

Reporting by Koustav Samanta in Singapore, Editing by Sherry Jacob-Phillips

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