EEX acquires 100% of Cleartrade Exchange13 April 2016,
Leipzig, 13th April 2016. The European Energy Exchange (EEX), the leading European energy exchange, and part of Deutsche Borse Group, will acquire the remaining shares in the Singapore-based Cleartrade Exchange (CLTX) from Freight Investor Holdings. The transaction will take effect as of 15th April 2016. With this transaction, EEX further strengthens its commitment to become a Global Commodities Exchange developing new asset classes and geographies, whilst continuing growth of its core markets.
“With this transaction we are taking a further important step towards the expansion of EEX Group beyond Europe and beyond the energy sector”, explains Peter Reitz, Chief Executive Officer of EEX. “The Cleartrade Exchange commodity markets form a valuable addition to the classical energy markets for our customers. Our customers require a more global, holistic solution to help them access multiple asset classes, utilise capital efficiently, trade globally and navigate the ongoing regulatory complexities we all face for the coming years. We are committed to further promote the development of these markets for the long term. To this end, we will work to reinforce our cooperation with the traders, brokers and clearing house partners that actively operate on the Cleartrade Exchange markets.”
Freight Investor Holdings (FIH), the founder and shareholder of Cleartrade Exchange since 2010, will fully assign its CLTX shares to EEX. Freight Investor Services, the London based brokerage business owned and operated by John Banaszkiweicz, will continue its cooperation with EEX Group as a customer.
“We founded Cleartrade Exchange in the belief that a neutral, dedicated trading venue could encourage freight and commodity trading to move to the next level of liquidity and sophistication,” says John Banaszkiewicz. “We are pleased that having been a lead customer over the years CLTX can now embark on a new chapter and build new products. EEX is the pefect owner for CLTX and FIS will continue to put our business through the platform and support the next stage of growth of these exciting markets.
Dr. Egbert Laege will assume the position of Chief Executive Officer for CLTX, in addition to his function as the Powernext CEO and as a member of the Executive Board of EEX Group. At the same time, Richard Baker, the founding and current CEO of CLTX, will step down from his position and will leave the company in May 2016. “We thank Richard for his tenacious leadership to this point and wish him well for the future”, adds Peter Reitz.
CLTX will retain its headquarters in Singapore, strengthening its commitment to the region with the promotion of Ray Zhirui Ang to Chief Operating Officer, effective immediately and will further fortify the commercial teams in Singapore later in 2016. The new shareholder and organisation structure of CLTX will reinforce the presence of EEX Group in Singapore.
Cleartrade Exchange (CLTX) is a regulated futures market offering a global electronic market platform for commodity futures. It was established in Singapore in 2010. EEX has held the majority of the shares in CLTX since January 2014 and it will hold 100% of the shares in future.
The European Energy Exchange (EEX) is the leading energy exchange in Europe. It develops, operates and connects secure, liquid and transparent markets for energy and commodity products. At EEX, contracts on Power, Coal and Emission Allowances as well as Freight and Agricultural Products are traded or registered for clearing. Alongside EEX, EPEX SPOT, Powernext, Cleartrade Exchange (CLTX) and Gaspoint Nordic are also part of EEX Group. Clearing and settlement of trading transactions are provided by the clearing house European Commodity Clearing (ECC). More information: www.eex.com
European Energy Exchange AG
Phone: +49 341 21 56 – 300
Augustusplatz 9 | 04109 Leipzig (Germany)