FAQ of integration into EEX

General

I would like to register as a trading participant at EEX. How to become an EEX member?

Before going through EEX Admission process, market participants have to decide with which access model at ECC they would like to work with. There are two ECC access models:

– Direct Clearing Participant (DCP) model, which enables trading only Baltic-Finnish gas SPOT products. Please have in mind that SPOT products are within-day and day spot contracts (consisting of day-ahead, weekends and bank holidays). DCP access model do not require a Clearing Bank, it is enough to have an agreement with suitable Settlement Bank fulfilling the DCP model requirements.
– Non-Clearing Member (NCM) model, which enables trading in spot and derivatives markets (depending on the offering of the Clearing Member). NCM model requires signing a trilateral agreement with Clearing Member and ECC.

Then corresponding to the decision the Settlement bank for DCP or Clearing member for NCM model should be selected.

For more information please review the admission process webinar: https://youtu.be/Ybi7jTSKKIM.

Which ECC access model to choose: DCP or NCM?

To decide which ECC access model to choose – NCM or DCP – please follow this link: https://www.getbaltic.com/en/news/which-membership-to-choose-dcp-or-ncm/.

What DCP and NCM means?

These are abbreviations for clearing models:
NCM means Non-Clearing Member
DCP means Direct Clearing Participant

Can I change membership from DCP to NCM later?

Changing your membership from DCP to NCM means a termination of DCP membership and completely new registration as NCM.

Documents

Which forms I have to submit to access ECC as NCM?

Here is the list of documents that need to be filled in and submitted to register as NCM:

Common forms
– KYC Common
– KYC Appendix: Gas/Power/Emission
– Supporting documents: Commercial Registry Extract, Financial Statement, Shareholder structure

ECC forms
– Application as Non-Clearing Member
– NCM Agreement: between Clearing Member, Non-Clearing Member and ECC
– VAT Details
– Gas specific forms:
TP_EEX_05a form – In case a company is a shipper, and they have their own Balance Agreement with the TSO(s).
TP_EEX_05b form – In case a company will be using a 3rd party’s Shipper code (Another company’s Balance Agreement with the TSO).
TP_EEX_05c form – In case a company is not a shipper and wishes to use the close-out procedure. This option is only possible for Futures products.

EEX forms
– Application for Admission as an Exchange participant
– Order of technical access

Member Section steps
– Exchange Trader (Assistant) admission and termination applications.
– Technical Infrastructure order and configuration processes.
– Upload of MiFID II short code/long code and algorithmic trading data.

Reporting forms
– REMIT Agreement – if Spot OR Spot + Derivatives
– MIFID/MIFIR Agreement – mandatory if Derivatives OR Spot + Derivatives
– EMIR Agreement – if Derivatives OR Spot + Derivatives (reporting with us if not already provided by CM)

Which forms I have to submit to access ECC as DCP?

Here is the list of documents that need to be filled in and submitted to register as DCP:

Common forms 
– KYC Common
– KYC Appendix Gas
– Supporting documents: Commercial Registry Extract, Financial Statement, Shareholder structure

ECC forms
-DCP01 – Application for admission as DCP Clearing Member
– TP07 – VAT Details
– Gas specific forms:
TP_EEX_05a form – In case a company is a shipper, and they have their own Balance Agreement with the TSO(s).
TP_EEX_05b form – In case a company will be using a 3rd party’s Shipper code (Another company’s Balance Agreement with the TSO).

EEX forms
– Application for Admission as an Exchange participant
– Order of technical access

Member Section steps
– Exchange Trader (Assistant) admission and termination applications.

Reporting forms
– REMIT Agreement

What is the contractual relationship between Non-Clearing Member, ECC and Clearing Member?

NCM (Non-Clearing Member), ECC and CM (Clearing Member) by signing NCM02 agreement have to enter into a trilateral contractual relationship .
Additionally, before entering into trilateral agreement, NCM has to sign a bilateral agreement with CM.
There is no bilateral agreement between NCM and ECC (relationship is stated in trilateral NCM02 agreement only).

What is the contractual relationship between Direct Clearing Participant and ECC?

The agreement that must be signed between DCP and ECC is DCP01 Agreement.
Additionally, before entering into DCP01 Agreement, DCP has to sign an bilateral agreement with Settlement Bank.

Banks

What banks can be used as Settlement Banks? Where can I find the list?

Settlement Banks

Baltic states: SEB bank and Swedbank

Finland: Danske Bank A/S; DNB Bank ASA, Filial Finland; Nordea Bank ABP; Svenska Handelsbank AB

Other countries:
ABN AMRO BANK N.V.
AIB BANK
BANK POLSKA KASA OPIEKI SA – BANK PEKAO SA
BNP-PARIBAS SA (FORMERLY BANQUE NATIONALE DE PARIS S.A.)
CM – CIC BANQUES
DANSKE BANK A/S
DEUTSCHE BANK AG-POSTBANK BRANCH (FORMERLY DEUTSCHE POSTBANK AG)
DZ BANK AG (FORMERLY WGZ BANK AG)
HSH NORDBANK AGING BANK N.V.
ING LUXEMBOURG S.A.
JYSKE BANK A/S
KBC BANK NV
LCL LE CREDIT LYONNAIS
NORDEA BANK FINLAND PLC
NYKREDIT BANK A/S
RABOBANK NEDERLAND
Société Générale
Sydbank A/S
UNICREDIT BANK AG

Please note that the chosen Settlement Bank and Guarantor Bank cannot be the same.

How to open Connected Bank Settlement Account:
Download the presentation

The list can be found here: DCP Payments (ecc.de)

Which banks issued bank guarantees are accepted by ECC? Where can I find a list?

Guarantor Banks

BayernLB
COMMERZBANK Aktiengesellschaft
Coöperatieve Rabobank U.A.
DZ BANK AG
Danske Bank A/S
Deutsche Bank AG
Jyske Bank
Landesbank Baden-Württemberg
Landesbank Hessen-Thüringen Girozentrale
Raiffeisenlandesbank Oberösterreich AG
Santander Consumer Bank AG
Svenska Handelsbanken
Sydbank
Österreichische Kontrollbank AG

Please note that the chosen Settlement Bank and Guarantor Bank cannot be the same.

What are the General Clearing Members I can choose from?

General Clearing Members

ABN AMRO Clearing Bank N.V.
Banca Akros SpA
Banca Popolare di Sondrio SCPA
Banco Santander, S.A.
Bayerische Landesbank
BNP Paribas S.A.
BofA Securities Europe SA
Citigroup Global Market Europe AG
Citigroup Global Markets Limited
Goldman Sachs International
Intesa Sanpaolo
J.P. Morgan SE
KELER CCP Ltd.
Macquarie Bank Europe
MAREX Financial Limited
Mizuho Securities USA LLC
Morgan Stanley Europe SE
National Bank of Greece SA
Oesterreichische Kontrollbank AG
Raiffeisenbank a.s.
Renta 4 Banco S.A.
Skandinaviska Enskilda Banken AB
Société Générale SA
UBS AG
UniCredit Bank AG

The list can be found here: Clearing Members (ecc.de)

Trader Exam

What are the Trader Exam fees?

Standard Trader Exam package*:
1. Preparatory Workshop (voluntary participation) – 400 EUR per person
2. System Training (mandatory) – 250 EUR per person
3. EEX Trader Exam (mandatory) – 200 EUR per person

*The exam package is free of charge for all traders registered with GET Baltic by 1st October 2024 if EEX has received this registration form before 31st July 2025.

Can I pass Trader Exam online?

Yes, Trader Exam is held online in combination with a video conference (sound, image, access to your browser). In order to ensure/supervise compliance with the rules, you will be supervised by a person of the EEX group when answering the questions.

Are there any circumstances under which the exam could be waived?

No, the Trader Exam is mandatory.

Is the Trader Exam taken on trader level or on the company level?

The Trader Exam is taken on personal trader level.

Fees

What are the EEX service fees?

EEX AG Service Fees:

Transaction fees
EEX Spot trading fee* 0.05 EUR/MWh
EEX Futures trading fee 0,01 EUR/MWh

Membership fees**
EEX Baltic-Finnish Natural Gas Markets*** 5 000 EUR/p.a.
EEX Membership fee, all natural gas markets 20 000 EUR/p.a.

Technical fees
EEX Technical access per account, 2 400 EUR/p.a.
from April 2025
EEX Technical access – Shift Trader, 990 EUR/p.a.
from April 2025

Fees for further EEX services
EEX ACER REMIT reporting service fee 3 420 EUR/p.a.

* The indicated trading fee is for the Baltic-Finnish market area. Trading fees can vary depending on the market area.
** All membership fees are free of charge for the first 12 months.
*** Considering all three Baltic-Finnish markets as one market area.

What are the ECC service fees?

ECC Service Fees:

Clearing and delivery fees
ECC Spot clearing fee 0,01 EUR/MWh
ECC Futures clearing fee 0,0025 EUR/MWh
ECC Futures delivery fee at expiry 0,01 EUR/MWh

Annual fees
ECC NCM participation fee* 1 000 EUR/p.a.
ECC DCP Baltic-Finnish Natural Gas Markets only 3 500 EUR/p.a.
(Free of charge for the calendar year 2025)

* All revenues with regards to Clearing Fees effectively collected from the respective NCM in the respective calendar year will be credited against the annual fee.

Who and when issues the invoices ?

EEX and ECC issue invoices separately.

On the EEX side, invoices will be issued for Membership fees, Reporting fees and technical fees (technical access, trading license, transaction fee, training & exam). For more information: https://www.eex.com/en/markets/trading-ressources/price-list

On the ECC side, invoices will be issued for fees for the provision of clearing and settlement services. For more information: https://www.ecc.de/en/operations/invoicing

How and when are payments made when trading futures contracts?

The payment for physically delivered future contracts is settled on each delivery day following a cascading into daily slices or weekend slices including the Monday (Sa, Sun & Mon) on Monday.

How does a future delivery fee at expiry work (when is it applied?)

The delivery fee is due only if you keep your futures position until it matures and goes into delivery. If you net your positions before the month futures goes into delivery, this fee is not paid and you only pay the clearing fee.

Technical Requirements

What trading programs will be needed?

Gas Spot is only tradeable with Trayport Joule Screen or EEX Joule Direct Screen.

Trayport Joule Screen:
-All products except EUA Primary Auction
-Can integrate other venues
-Extra costs for clients apply (license etc.)

EEX Joule Direct Screen:
– All products except EUA Primary Auction

TT for EEX for:
– All products on Derivatives market

Are there any front-end solutions for mobile devices?

No. There are no dedicated front-end solutions specifically designed for mobile devices.

What is a shift trader?

Shift traders are users who are active exclusively as part of a team in the shift system set up specifically for 24/7 trading on the EEX gas spot market.

All shift traders of a trading participant must never be logged in or be active in the trading system at the same time.

Is it allowed to have a shared trader account?

Trading accounts are personal at EEX, they are set up under the name of the respective trader.

It’s not possible to transfer them and they should not be used by another person.

Is it allowed to have only one shift trader account or at least one standard technical account is required?

One standard license at least is necessary, shift accounts must be used only for shift operations. It’s not possible to use them for a regular trading activity.

Trading

What products will be available for trading?

GAS SPOT Contracts:
-Within-day
-Day-spot (Day ahead, Weekend, Bank holiday)

GAS Derivatives Contracts:
-Yearly (Cascading)
-Seasonal (Cascading)
-Quarterly (Cascading)
-Monthly

How is cascading done?

Years, Seasons, and Quarters will cascade during the expiry process 3 ECC business days before delivery starts.

– Years cascade into the respective 3 Months and 3 Quarters.

– Seasons cascade into 3 Months and 1 Quarter.

– Quarters cascade in 3 Months.

For the delivery and nomination to the TSO, we consider only the Monthly contracts cascaded into the daily slices mentioned above, that are called Balance of the Month (BOM) contracts.

For more information:

https://www.eex.com/fileadmin/ECC/Downloads/Operations/Reports/Financial_Settlement_Reports/230408_Cascading_Explainer_ECC_Final.pdf

How is margining done?

As a central counterparty, ECC assumes the counterparty risk for all transactions concluded. In the event of a default of a Clearing Member ECC ensures payments to non-defaulting Clearing Members. Managing the counterparty risk is therefore an essential part of ECC’s business. ECC covers the risk with financial resources in the default waterfall. The main financial resource is the initial margins that are called for open positions.

For NCM model , please follow the links:

-How to optimize Margining at ECC: https://www.ecc.de/en/risk-management/margining

For DCP model: No Margin Calls:
In contrast to other ECC access models, the DCP model does not rely on margin calculations. ECC therefore does not perform any kind of margin calls towards DCP members.

Trading limits

For NCM model:
Trading limits enable market participants to proactively manage their risk exposure. ECC and EEX have implemented a range of trading limit services for their customers. Please get acquainted with them here:
https://www.ecc.de/en/risk-management/trading-limits

For DCP model:
ECC acts as the direct counterparty for all transactions concluded by DCP members. The trading exposure of a DCP member is managed through financial pre-trade limits within the respective trading system. To obtain a financial pre-trade limit, the DCP member must provide collateral accepted by ECC.

For more information how the limits are calculated read here: https://www.ecc.de/fileadmin/ECC/Downloads/Access/DCP_Clearing_Members/20240613_DCP_Client_second_Introduction_Slidedecks.pdf

Indices

Will the GET Baltic indices be calculated on the EEX?

Upon the launch of the trading products at EEX the following indices will be calculated for all three Baltic-Finnish market areas:

Within day:
-EEX WDRP (WD Reference Price Index)

Day-Ahead:
-EEX EOD Index (End of Day Index)
-EEX EGSI (European Gas Spot Index)
-EEX NDI (Next Day Index)

Futures:
-EEX Daily EGIX (Daily European Gas Index)
-EEX Monthly EGIX (Monthly European Gas Index)
-EEX Monthly Index (Front Month)

EEX indices are published here: https://www.eex.com/en/market-data/natural-gas/indices

The indices currently calculated by GET Baltic will be provided by GET Baltic until the trading products migration.