The European Commodity Clearing (ECC) welcomes National Bank of Greece (NBG), based in Athens, as a new General Clearing Member (GCM). NBG obtained a general clearing licence and can now offer Euro denominated clearing services for all products and markets cleared by ECC.
National Bank of Greece plays a key role in supporting the Greek economy as well as the economic and social transformation of the country. The bank offers a wide range of financial products and services that meet the ever evolving needs of private and business customers, managing one fourth of the banking market in Greece.
NBG through the years has consistently been the main pillar of major energy projects financing in Greece, leveraging its technical expertise and strategic solutions. “As such, NBG is delighted to become a General Clearing Member of ECC. We will now be able to extend to our clients a full range of power, natural gas and emissions products for the Greek and European markets and offer clearing services to Greek Non-Clearing Members. NBG is the only Greek Bank that offers participants of the EEX and HEnEx exchanges services from one source. Indeed, this membership complements well our vision to be the leader in investment and financing of energy projects in Greece and be the ‘Greek Energy Bank’.”, says Paul Mylonas, CEO of National Bank of Greece.
"We’re looking forward to our business relationship with National Bank of Greece”, comments Dr. Thomas Siegl, CRO of ECC. “NBG is our first Greek clearing member and will facilitate the access for further customers from the region to connect to our large network of participants and a wide range of standardised, cleared energy and commodity products which will contribute to build liquidity and security in the Greek energy market.”
With the admission of National Bank of Greece, 28 clearing banks are now connected to ECC –27 in Europe and one clearing bank in the United States.
European Commodity Clearing (ECC) is the leading clearing house for energy and commodity products in Europe and the central clearing house for the Global Commodity Exchange, EEX Group. ECC assumes the counterparty risk and guarantees the physical and financial settlement of transactions, providing security and cross-margining benefits for its customers. As part of EEX Group, ECC provides clearing services for EEX, EEX Asia and EPEX SPOT with additional services provided to Power Exchange Central Europe (PXE). In addition, ECC also provides clearing services for the partner exchanges HUPX, HUDEX, NOREXECO, SEEPEX and SEMOpx.
National Bank of Greece (NBG) is the oldest and most reputable financial institution in Greece and one of the leading players in the Greek financial market. NBG’s Treasury and Investment Services Unit is the premier name in post trading and clearing of OTC and exchange traded financial instruments, custody and agency services to institutional and corporate clients. NBG holds trading and clearing memberships in Athens Exchange Spot & Derivatives Markets, EUREX Markets, HEnEx Markets and provides access to worldwide financial and commodity markets through an extensive network of brokers and financial institutions.