#EEX – Exchange Council confirms appointment of Wolfgang von Rintelen as member of Exchange Management Board

| December 12, 2019

On 5 December, the Exchange Council of the European Energy Exchange (EEX) held its fourth and final meeting of 2019 in Vienna, chaired by Dr Michael Redanz, Managing Director of EWE Trading GmbH. In the course of the meeting, the Exchange Council discussed a number of topics including the appointment of Dr Wolfgang von Rintelen to the Exchange Management Board of EEX, the recent announcement that EEX Group has acquired the commodities business of Nasdaq Futures, Inc. (NFX), the integration of the natural gas markets and the registry services, both currently operated by Powernext, into EEX AG as well as EEX’s plans in relation to the upcoming changes to the trade registration process for MiFIR pre-trade transparency requirements.

At the meeting, the Exchange Council confirmed that Dr Wolfgang von Rintelen will be appointed as a member of the Exchange Management Board in addition to current Board Members Steffen Koehler and Tim Greenwood. Wolfgang von Rintelen will replace Dr Tobias Paulun who has resigned from the office as of 6th December 2019 to stronger focus on EEX’s global growth strategy in his function as Chief Strategy Officer of EEX AG. Wolfgang von Rintelen joined EEX AG in April 2005 as Director of Legal and Compliance. In December 2005 he was appointed as Head of Market Surveillance and has been an active contributor to the Exchange Council since that time. As a result of his new appointment, Dr von Rintelen will step down from his position as Head of Market Surveillance with Henning Hentschke taking over the role.

The Exchange Council also discussed the recently announced news that EEX Group and US-based Nasdaq Futures, Inc. (NFX) have successfully reached an agreement to sell NFX’s futures and options exchange business to EEX Group. Moving forward, EEX Group will acquire the core assets of NFX, including the portfolio of open interest in NFX contracts. The transaction involves the transfer of existing open positions in US Power, U.S. Natural Gas, Crude Oil, Ferrous Metals and Dry Bulk Freight futures and options contracts to EEX Group’s clearing houses Nodal Clear and European Commodity Clearing (ECC). The Exchange Council welcomed the agreement as another major development for EEX Group’s global business as it continues to expand its presence in the US energy markets and seaborne commodities sector.

Furthermore, the Exchange Council approved all the necessary changes to the EEX rules and regulations ahead of the integration of the natural gas markets and the registry services, both currently operated by Powernext, into EEX AG. As a result, trading participants at EEX will be able to trade natural gas products as of 1st January 2020, alongside all other EEX products for power, emission allowances, freight and agriculturals under one rulebook and membership.

Finally, the Exchange Council discussed the upcoming changes to the trade registration process for MiFIR pre-trade transparency requirements. In order to ensure regulatory compliance with pre-trade transparency requirements for pre-arranged transactions (also commonly known as ‘block trades’ or ‘OTC-cleared transactions’), as laid down in Art. 8 of the Markets in Financial Instruments Regulation (MiFIR), EEX will adapt its trade registration procedures as of 1st January 2020. The EEX solution was developed with a focus on minimising the impact on the existing trade registration process on the member side, while at the same time meeting the regulatory requirements to provide transparency for pre-arranged transactions that can be acted upon by third parties before a trade is executed.

The Exchange Council of EEX is an official body of the exchange under the German Exchange Act. It consists of a total of 24 members who expertly represent the various relevant interest groups and business circles. In addition to the trading participants who are represented by 19 elected members from five different voting groups, four representatives from associations and one representative of energy science belong to the Exchange Council. The tasks of the Exchange Council include the formulation of the rules and regulations of the exchange and their amendments. The Exchange Council is also tasked with the supervision of the Management Board of the Exchange and the appointment of the Head of the Market Surveillance.

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