CME Group Announces First Trade of New European Power Contracts on CME Europe
CME Group, the world’s leading and most diverse derivatives marketplace, today announced the first trade of its new European Power Contracts. The contract traded for the first time on CME Europe, CME Group’s European exchange, on Tuesday, 16 June 2015.
The trade comprising five megawatts (totalling 60 contracts) of German base load Calendar Year 2016 brokered by GFI Brokers Limited, involving Mercuria Energy Trading SA and Freepoint Commodities Europe LLP as the counterparts.
CME has a suite of eight European Power cash-settled futures for the leading electricity markets, with base load and peak load available for Germany, France, Italy, and Spain. They are available on CME ClearPort and CME Globex, and are distributed via the Trayport platform alongside other exchange products.
“CME Group’s European power contracts aim to address a real need within European Power industry participants, to access cost-effective, relevant alternatives for trading power at lower fees,” said Cees Vermaas, Chief Executive Officer, CME Europe. “With these contracts, our customers can now mitigate their counterparty risk and manage their European Power and Gas exposures on a single marketplace, giving them access to premier clearing and margining services, and competitive fees.”
The new power contracts are subject to the rules of CME Europe and cleared via CME Clearing Europe, CME Group’s European clearing house. Details of the new contracts are set out below and full contract specifications can be found at http://www.cmegroup.com/europe/products.