Global commodities broker Marex Spectron has executed the first trade of the European Energy Exchange’s (EEX’) ‘Phelix’ German power option contract to be cleared via straight-through-processing (STP).
The trade was arranged for two of Marex Spectron’s major energy clients on Monday 18 May 2015.
Jeremy Elliott, Managing Director, Energy, at Marex Spectron, said: “Marex Spectron, as the leading broker in this market, understands the value clients place on the speed, clarity and confidence that STP clearing brings. Here we reaped the reward of our investment in community initiatives and low-touch technology to deploy STP for this product before anyone else. We have built our business on not just being the best broking service available in our markets but also the most agile and innovative. That we have an STP solution for Phelix up and running demonstrates the success of that strategy.”
The trade was delivered to EEX via the European Federation of Energy Traders’ eXRP clearing solution. eXRP is a non-discriminatory, open standard, industry owned and governed infrastructure which establishes straight through processing integrating all participating execution and clearing venues.