EEX futures contract triggers margining spat

Rivals criticise use of lower margins in marketing push

Freight futures at EEX attract lower margins

Clearing houses have criticised the European Energy Exchange (EEX) for advertising margins that are lower than that of three rivals. The critics say overt competition on margin could encourage a race to the bottom, in which central counterparties (CCPs) deliberately sacrifice financial strength in a bid to attract trading volume.

"Margins should not be used as a marketing tool," says a senior commodities source at one exchange. "Clearing houses should not compete on margin, so it is very unusual

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