All products traded on EPEX SPOT are cleared and settled by the European Commodity Clearing AG (ECC).
ECC is a privately owned stocked corporation under the laws of Germany with registered offices in Leipzig. In its role as a central counterparty ECC steps between the buyer and seller and assumes the counterparty risk. In the event of a default, ECC guarantees payment and delivery of the transactions.
More precisely, ECC performs all activities encompassing the daily balancing of profit and losses, the daily calculation of collateral requirements and final physical and financial settlement.
The clearing process of ECC relies on an infrastructure of international banks operating as Clearing Members. Companies that wish to trade on the EPEX SPOT markets have to be admitted as Non-Clearing-Members and/or Clearing-Members by ECC.
The list of clearing members on EPEX SPOT is available here.
ECC has a wholly owned subsidiary in Luxembourg. European Commodity Clearing Luxembourg S.á.r.l. (ECC Lux) started operations in 2009. It steps into the delivery chain as an additional contractual partner in respect to the settlement of deliveries of commodities on the Spot Market which are settled by ECC.
Link: Website of the ECC AG