Cerha Hempel has advised Energy Exchange Austria and its cooperation with CCP Austria on the restructuring of 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 CCP Austria.
CCP Austria is the central counterparty clearing house of Austria and is responsible for the clearing and risk management of all CCP-eligible transactions on the Vienna Stock Exchange.
According to the firm, "considerable adjustments [were] 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 and with regard to the exchange of energy based on the uniform day-ahead market coupling."
Cerha Hempel’s team was led by Partner Peter Knobl.