Marex Financial, part of the Marex Spectron Group, which offers financial and brokerage services for the commodity markets worldwide, has become a general clearing member (GCM) of European Commodity Clearing (ECC).
Admission as a GCM allows Marex Financial to provide clearing services for all non-clearing members of ECC and to customers of Marex Spectron Group. The clearing license covers the ability to clear all products and markets cleared by ECC.
"We already have a long-term customer relationship with the broker Marex Spectron and are very pleased that its subsidiary is now engaged as a clearing member as well,” says Dr Thomas Siegl (pictured), chief risk officer of ECC. "This new membership shows that clearing is becoming increasingly important for the electricity and gas markets.”
“Extending Marex Spectron’s existing commodity clearing services to European power and gas reflects our deep commitment to these markets. Joining the ECC as a GCM is a critical step in developing the service that we provide our customers,” says Jeremy Elliott, energy managing director of Marex Spectron.
European Commodity Clearing 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 CEGH Gas Exchange of the Vienna Stock Exchange, EEX, EPEX SPOT, HUPX, Gaspoint Nordic, NOREXECO, Powernext, Power Exchange Central Europe (PXE) and SEEPEX, or registered for clearing on these exchanges.
