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Four exchanges and four brokers ’go-live’ with new EFETnet electronic clearing registration services

Date

31 Aug 2012

Sections

Energy

EFETnet announces the ‘go-live’ of a new electronic service for OTC and ‘off-exchange’ trade clearing registration, an implementation of the EFET open standard for clearing registration: “electronic eXchange Related Processing” (eXRP).

The service goes live on 31st August 2012, in partnership with APX-ENDEX, European Energy Exchange (EEX), NOS Clearing ASA (a NASDAQ OMX company), OMIP, GFI Group, ICAP, Marex Spectron and Tullett Prebon. These companies are now electronically connected together, hence ensuring that all cleared and clearable trades executed on their electronic platforms are directly registered into the appropriate clearing service safely and securely.

An on-line portal for real-time monitoring of the registration process is provided by the EFETnet CMS platform enabling all participants including the traders to maintain an up- to-date view of their cleared transactions.

The eXRP process has been developed by the market participants coordinated by EFET in response to market trends and in anticipation of regulatory requirements for increased usage of clearing services. An open standard for connecting market participants is seen as essential in ensuring non-proprietary access to clearing services at minimum cost to the industry.

eXRP establishes a single standard connection between execution and clearing venues allowing new joiners to connect easily. Several new participants are expected to join the service over the coming months.

About EFETnet

EFETnet B.V. is set up by the European Federation of Energy Traders (EFET), a not for profit organisation. EFET was founded in 1999 by Europe’s leading energy companies. EFETnet B.V. was set up in 2004 by EFET to serve those actively involved in energy trading. Its mission is to deliver the benefits of electronic data exchange standardisation created by EFET and its members and to minimise cost to the industry.



For more information please contact: Sandra Langedijk (s.langedijk@efet.org) or Marie-Louise van Rossum (m.vanrossum@efet.org).

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