LEIPZIG, Germany & CHICAGO & LONDON--(BUSINESS WIRE)--The European Energy Exchange (EEX) and IncubEx are pleased to announce a partnership to build and improve liquidity in environmental and other related contracts. In this framework, the partners aim to increase the number of active participants at the exchange and to create a global trading network. The cooperation involves existing environmental products and aims to continuously extend and improve the offering to clients.
EEX has established significant market share in the primary and secondary markets of the European Union Emissions Trading Scheme (EU ETS). Under the cooperation agreement, EEX and IncubEx will join forces in product development, marketing and sales to ensure close customer contact and to support market growth. Additionally, EEX Group’s global network of exchanges and clearing houses will extend their trading and clearing offering to contracts designed and developed by IncubEx. The cooperation partners will work together on a global scale while initially focusing on European and US markets.
Peter Reitz, CEO of EEX, comments: “We are very pleased about further developing our markets in cooperation with IncubEx which marks an important step in further strengthening our market position in Environmental markets. IncubEx is a strong partner which has major experience in managing these product groups and a wide network of market participants. Furthermore, this cooperation will enable us to expand our global reach and, therefore, take us further towards our aim of becoming a global commodity exchange.”
Neil Eckert, Chairman of IncubEx says: “The conclusion of this agreement with EEX is a defining moment in the development of our business. Establishing an agreement with a globally recognized and fast-growing exchange to list and clear our products is absolutely key and fundamental to our business plan. We look forward to collaborating with EEX and our global network of customers and stakeholders to develop our portfolio of products.”
Michael MacGregor, CEO of IncubEx, comments, “EEX’s presence in European energy is well-known and experiencing robust growth. Their progressive approach toward global expansion will allow us to access market opportunities and deliver essential products to our customers. EEX and IncubEx share a philosophy on the value and importance of strong customer relationships for continued product development and innovation.”
About EEX
The European Energy Exchange (EEX) with registered office in Leipzig was established in 2002 as a result of the merger of the German power exchanges in Frankfurt and Leipzig. Since then it has evolved from a local power exchange into a leading energy trading platform in Europe. At EEX, contracts for Power, Coal and Emission Allowances as well as Freight and Agricultural Products are traded or registered for clearing.
Today, EEX is part of a group of companies (EEX Group) that establishes international partnerships and plays a decisive role in European energy trading. Alongside EEX, EPEX SPOT, Powernext, Cleartrade Exchange (CLTX), Gaspoint Nordic, Power Exchange Central Europe (PXE), and Nodal Exchange are also part of EEX Group. Clearing and settlement of trading transactions are provided by the clearing house European Commodity Clearing (ECC) and by Nodal Clear in the United States. EEX is part of Deutsche Börse Group.
About IncubEx
IncubEx, through its subsidiaries in North America and Europe, focuses on product and business development, in conjunction with market-leading partners, to innovate and incubate financial products and services that meet the needs of the rapidly evolving commodities markets. The IncubEx team has deep experience in the derivatives industry with a specific expertise in exchange traded products and services. The company currently has offices in Chicago and London.