ABN Amro Clearing is to offer clearing and settlement of trades at MEFFPower, the trade registration service offered by MEFF (the exchange) and BME Clearing (the central counterparty clearing house (CCP)), which will be cleared by the latter.
MEFFPower provides access to major market players in Spain’s power derivatives market, with a growing number of members and participants currently totaling 87 entities including utilities, investment banks and hedge funds.
ABN Amro Clearing noted that the Spanish power derivatives market is one of the top five markets in Europe and has experienced strong growth in the past decade. The maturities that it will offer as swaps and futures will be: annual, quarter, months, weeks, week-ends and days. They can be either base load or peak load.
“We look forward to providing our market participants with the ability to trade this market and to clear for them,” said Emile Goulmy, product manager energy, ABN Amro Clearing. “The expansion into MEFFPower is driven by client requests, and will help them growing their business and (global) reach.”
Sara Colmenar, sales manager at MEFFPower added: “Our aim is to continue increasing the liquidity in the Spanish power market, allowing more entities to cross trades with others with whom they may not have credit lines. Hence having ABN Amro Clearing on board is an important step as it will open up the service to their clients.”