EEX expands eastward with PXE deal
The European Energy Exchange, a unit of Deutsche Boerse, has expanded eastward. In January the German exchange agreed to acquire a 66.67% stake in Power Exchange Central Europe, a unit of CEE Stock Exchange Group, which offers power derivatives in the Czech Republic, Slovakia, Hungary, Poland and Romania. By joining forces, both companies aim to further develop the power derivatives market in Central and Eastern Europe.
"PCE is a key player in the Central and Eastern European markets. With PXE being part of EEX Group, we will be able to expand our existing product offering to these markets, adding additional members and improving cross-border trading for the participants, which contributes further to the integration of European markets," said Peter Reitz, chief executive officer of EEX.
Since 2012, EEX has been providing clearing services for PXE through its clearinghouse European Commodity Clearing.
In further news EEX and its majority-owned subsidiary Powernext announced that they plan to launch additional trading venues for power and gas derivatives in line with regulatory requirements under Markets in Financial Instruments Directive II. These new trading venues, set to be launched during the second quarter of this year, will be in addition to the existing exchange market and all of the contracts will be cleared by ECC. Powernext manages the natural gas activities of the EEX group under the PEGAS brand throughout Europe and operates the National Registry for electricity guarantees of origin in France.
