CERHA HEMPEL provided advice to EXAA and its cooperation with CCP.A on restructuring the clearing of spot market trading in electric power products on the Vienna Stock Exchange and on the transfer of the central counterparty function from EXAA to Central Counterparty Austria GmbH.
Headed by CERHA HEMPEL Banking & Finance Partner Peter Knobl (Stock Exchange Law, GTCs, MiFID II, EMIR, REMIT, CACM Regulation, Financial Collateral Act), a team of experts advised on the considerable adjustments required as a result of changes to the settlement structure in the Austrian electricity trading spot market. The framework conditions for clearing as well as the settlement tasks and functions of the central counterparty were reviewed and revised both with regard to ordinary energy spot market products (10:15 auction) and with regard to the exchange of energy based on the uniform day-ahead market coupling (12:00 auction under the CACM Regulation). The amended General Terms and Conditions of Business of the Vienna Stock Exchange for Spot Market Products for Electric Power have been approved by the Exchange Commissioner and will enter into force on 9 November 2021.
Peter Knobl: "The new arrangement for clearing and central counterparty functions is most welcome from the point of view of leveraging economies of scale on the domestic securities and general commodity exchanges as well as enhancing the competitiveness of the Austrian electricity spot market; we are pleased to have been a part of the project."