On Apr. 15, 2025, ECC issued circular stating from Jun. 2, 2025 it will offer clearing services for orders entered in central limit order book for Japanese Power Options.
Following consultation with market and aim to pool liquidity, order book available only between 16:00-18:00 JST (9:00-11:00 CEST/8:00-10:00 CET) on EEX exchange days; no change to existing Trade Registration service for Japan Power Derivatives.
Transactions imported into EUREX C7 clearing system, integrated in standard clearing processes for derivatives contracts; included in EUREX data streams, reports; can be retrieved via ECC member area after 9:30am CE(S)T next ECC business day.
Transactions are processed in the ECC settlement system SMSS for invoicing purposes.
All products are settled financially in Japanese Yen (JPY); for open positions at end of each ECC business day, variation margin calculated using settlement prices from EEX.
Settlement prices are published in C7 system at around 12:45 pm CE(S)T on each ECC business day; more information on settlement in JPY is in ECC circular 7/2020.
For open positions, initial margin calculated on each ECC business day per ECC’s standard methodology; margin parameters updated, published in SPAN parameter file.
Initial margin requirements reported in SPAN margin class in Report CC750 daily margin; standard clearing fees for Japanese Power Futures and Options on Japanese Power Futures apply; EEX derivatives contracts must be reported according to EMIR Article 9, therefore, ECC’s EMIR Data Services automatically extended to new service.
On Mar. 5, ECC issued Japanese power futures central limit order book.
ECC announced launch of central limit order book for Japanese power futures.
Overview
From Apr. 22, 2025, ECC will offer clearing services for orders entered in the central limit order book for all EEX Japanese Power Futures; order book function will be enabled for all Japanese Power Futures listed on European Energy Exchange (EEX).
Japanese Power Options will remain available for trade registration only.
Noted that EEX future contracts must be reported according to Article 9 EMIR.
Therefore, ECC’s EMIR Data Services will automatically be extended to new service.
Product Setup
Introduction of central order book function has no impact on the product setup or specifications for EEX Japan Power Futures; more information on the product setup is provided in the EEX Contract Specifications and in the ECC Contract Details File.
Availability
Following consultation and with aim to pool liquidity, order book available between 16:00-18:00 JST (09:00-11:00 CEST and 08:00-10:00 CET) on EEX exchange days.
No changes to existing Trade Registration service for Japan Power Futures.
Clearing Process, Technical Access
For the clearing process, the transactions will be imported into the EUREX C7 clearing system and integrated into the standard clearing processes for derivatives contracts.
All products are settled financially in Japanese Yen (JPY); for open positions, an initial margin will be calculated on each ECC business day per ECC’s standard methodology.
Standard clearing fees for EEX Japan Power Futures apply, per the ECC price list.
ECC included details on how to gain access, as it will not be granted automatically.
Explained that order book function will be automatically integrated into EEX TT Screen.
The Q&A documents will be uploaded in due course.
Apr. 2025 Clearing for Central Limit Order Book
On Apr. 15, 2025, ECC issued circular stating from Jun. 2, 2025 it will offer clearing services for orders entered in central limit order book for Japanese Power Options.
Following consultation with market and aim to pool liquidity, order book available only between 16:00-18:00 JST (9:00-11:00 CEST/8:00-10:00 CET) on EEX exchange days; no change to existing Trade Registration service for Japan Power Derivatives.
Transactions imported into EUREX C7 clearing system, integrated in standard clearing processes for derivatives contracts; included in EUREX data streams, reports; can be retrieved via ECC member area after 9:30am CE(S)T next ECC business day.
Transactions are processed in the ECC settlement system SMSS for invoicing purposes.
All products are settled financially in Japanese Yen (JPY); for open positions at end of each ECC business day, variation margin calculated using settlement prices from EEX.
Settlement prices are published in C7 system at around 12:45 pm CE(S)T on each ECC business day; more information on settlement in JPY is in ECC circular 7/2020.
For open positions, initial margin calculated on each ECC business day per ECC’s standard methodology; margin parameters updated, published in SPAN parameter file.
Initial margin requirements reported in SPAN margin class in Report CC750 daily margin; standard clearing fees for Japanese Power Futures and Options on Japanese Power Futures apply; EEX derivatives contracts must be reported according to EMIR Article 9, therefore, ECC’s EMIR Data Services automatically extended to new service.
