KELER Group Ownership Structure

Transcription

1 The KELER Group

2 KELER Group Ownership Structure Wiener Börse OeKB Others 50% 18% 32% 53.33% 46.67% 0.15% 99.72% 0.13% 2

3 3 KELER Group History

4 Our Mission With competitive services provided KELER ensures the stable operation and development of financial markets. Along with its parent company KELER Ltd., and thanks to the competitive post-trading services it provides, KELER CCP Ltd. ensures safe and EMIR-compliant operation of the financial and energy markets. 4

5 Key Figures as of EOY2013 and % +16,4% transactions cleared and mio EUR consolidated EBITDA generated settled for Budapest Stock 75.5 Exchange per day mio EUR consolidated equity ,4% ,46% billion EUR assets under custody in securities GWh daily turnover settled for the Energy markets across Europe (ECC) +1% ,2% ,6% GWh daily turnover cleared and settled for NFKP (Daily Gas Capacity Market) per cent Client satisfaction ratio 5 1 EUR = 280 HUF 1 EUR = 296,91 HUF + 6% The weakening HUF had an effect on our figures

6 Number of Clients on the Energy Markets Customers spreads to 20 countries across Europe 6 Companies can be participant on more markets

7 7 KELER CCP is a Service Provider of Choice

8 Our Footprint Power markets Gas markets Other markets and services EEX European Energy Exchange - Spot and derivatives markets for power, gas, CO2, coal and guarantees of origin in DE, FR, AT, CH, BE, RO, IT, SP CEGH Central European Gas Hub - Austrian trading platform for gas with spot and futures products in AT and CZ NOREXECO for renewables Trading renewable commodities - derivatives in wood, recovered fiber and paper EPEX European Power Exchange - Spot and intraday markets for power trading in DE, FR, AT, CH Powernext - Gas spot and futures product in FR, NL MAVIR Hungarian Transmission System Operator Managing the deposit for: - the Hungarian balancing energy market - the feed-in tariff / system - the cross-border capacity auction HUPX Hungarian Power Exchange - Exchange for power trading in HU - Spot and futures products CEEGEX Central Eastern European Gas Exchange - Gas exchange with spot and futures products in HU PXE Power Central Europe - Trading futures power product in CZ, SK and HU Balancing Platform - Balancing natural gas market in HU OTE Electricity - Trading for CZ, SK and HU power on spot market Gaspoint Nordic - Gas exchange in Denmark ICE Futures Europe 8 - Energy, Interest rates and emissions for the following packaged regions: PJM, NY, Southeast, Midwest, NEPool and West.

9 KELER Group s Services KELER CSD KELER CCP Banking services and settlement Clearing Risk management Cash and securities accounts Settlement of trxs Cash and sec transfers Collateral management ISIN allocation Cross-border settlement Trade reporting under EMIR/REMIT Position management Netting of transactions Limit calculation and monitoring Margin requirement calculation and valuation Guarantee undertaking Robust risk management Default management Tiered clearing membership system ekid 9

10 KELER Trade Reporting Service Key elements of our service: Both ETD and OTC trades can be reported to KELER; Reports can be submitted related to all derivative classes stated in EMIR; Comprehensive solution for both financial and non-financial counterparties; Simple solution to submit reports (automated reporting and file uploading possibility); Attractive fee structure; KELER CCP can report on behalf of clearing members their derivative transactions concluded on our guaranteed markets; KELER CCP can generate trade identifiers required to report transactions. 10

11 Next Challenge Ahead - REMIT REMIT: Regulation on wholesale Energy Market Integrity and Transparency REMIT applies to trading in wholesale energy products (gas and power) Target go-live of REMIT Reporting schedule as of July 2015 A pilot process has been started in 2013 to fine-tune operational implementation details KELER ADJUSTS ITS TRADE REPORTING SYSTEM TO COMPLY WITH REMIT CLIENTS ARE RING-FENCED FROM COMPLIANCE PERSPECTIVE 11

12 Why would KELER CCP be an Ideal Partner? EMIR licensed clearing house Know-how and expertise 20 years of experience in clearing and settlement Best practices and well-utilised capacities 12 Comprehensive offering Trade reporting under EMIR/REMIT State-of-the-art solutions Using SPAN for spot and derivatives capital markets Spot market margining system developed in-house Dedicated team supporting development needs Fee structure Reasonable costs Maximum transparency TAILORED SERVICES FOR ENERGY EXCHANGES LET S BUILD YOUR SUCCESS TOGETHER

13 EMART We hope to see you at our booth. 13

14 THE IMPORTANCE OF A CLEARING HOUSE FOR AN ENERGY EXCHANGE

15 Settlement Scheme without Clearing Collateral placement: Complicated Risky Collateral placement: Cash Cash Bank Guarantee Bank Guarantee Limits Inefficient Expensive Limits 15

16 16 Central Counterparty Settlement Scheme

17 Benefits of CCP Clearing Risk elimination Costs Efficiency Counterparty risk Limits and other collateral Simplicity and efficiency brings savings in expenditure No collateral at counterparties saving in cost of capital No bilateral connections for settlement Netting eliminates numerous transactions Equal treatment of participants Small players enjoy the same benefits as their larger peers 17

18 Benefits of an Independent Clearing House INDEPENDENT CLEARING HOUSE EU regulations (e.g. EMIR) govern operation Rock-solid capital position Liability for settlement Best-in-breed risk management Technology advantage Supervision guarantees transparency and prudency Expertise and experience Additional services, e.g. cash management SELF CLEARING Competitive disadvantage Large players prefer professional clearing houses Lack of focus NO DEVELOPMENTS Lack of competition and developments EXPENSIVE Regulations push towards professional clearing houses NO SPACE FOR SELF CLEARING 18

19 Summary 19 Clearing houses are natural risk takers Eliminating counterparty risk Liability for settlement HIGHER SAFETY OF TRADING European regulations govern the operation of the clearing houses Capital requirements Risk management Procedures EU regulations towards CCP clearing Bring as many products as possible into clearing There will be no space for other solutions, e.g. self-clearing Clearing houses are professional service providers Expertise and experience Efficiency Continuous developments Clearing houses offer competitive services Tenders can guarantee cost effective offering at all times

20 THANK YOU FOR YOUR ATTENTION! Please contact us: MR. SZABOLCS NYÍRI Head of Client Relations and Marketing MR. TAMÁS HORVÁTH Head of Clearing Operations Tel.: Tel.: