CROPEX and SKDD-CCP are pleased to announce the signing of the Memorandum of Understanding, which formalized and defined the framework of cooperation between the companies that act as the infrastructure of the financial and energy market in the Republic of Croatia.
The document was signed by Ante Mikulić (CEO) from the CROPEX side and Ante Romić (President of the Management Board) and Antonija Čunko (Member of the Management Board) from the SKDD-CCP side.
According to the provisions of the Memorandum, in the coming period, through cooperation and projects, both companies will invest their knowledge, experience, resources and expertise in the field of operation and provision of services of the organized market and the Central Counter Party, and will explore the possibilities of developing new products and services and thereby contribute to the development of financial and energy market in the Republic of Croatia and thus a positive impact on overall economic activity, efficiency and safety.
CROATIAN POWER EXCHANGE Ltd. (CROPEX) is a company established to provide a central location for trading electricity to their market participants in a safe, reliable and transparent way, and as a Central Counter Party - CCP acts between sellers and buyers of electricity and takes the risks of buying and selling electricity for all day-ahead and intraday trades concluded on the trading platform.
SKDD-CCP Smart Clear d.d. is part of the SKDD Group and as the Central Counter Party, in accordance with Regulation (EU) No. 648/2012 of the European Parliament and the Council of 4th July 2012 on OTC derivatives, central counterparties and trade repositories (EMIR), mediates between other counterparties in the financial market (credit institutions, investment companies). The main activity of SKDD-CCP is settlement, i.e. the process that unifies activities from the conclusion of the transaction on the regulated market to the settlement in a way that enables the systematic and efficient fulfillment of the obligations arising from the transaction. SKDD-CCP, along with the implemented best risk management practices, reduces the systemic risk of the market and contributes to its stability.
Ante Mikulić, CROPEX CEO: We are pleased to start cooperation with SKDD-CCP as the only Clearing House in the Republic of Croatia that operates in accordance with the EMIR Regulation on the further development of the electricity market in the Republic of Croatia as well as the expansion of CROPEX's services to the benefit of all energy entities.
Ante Romić, President of the SKDD-CCP Management Board: We are proud to have formalized our cooperation with this memorandum, which is a step towards building a stronger and more efficient environment in the economic sectors in which we operate. We believe that by working together we will share knowledge and best practices in order to stimulate the development of the energy and financial market in the Republic of Croatia through innovation and expansion of services.
Antonija Čunko, Member of the SKDD-CCP Management Board: This Memorandum of Cooperation is an excellent opportunity for both companies to use common resources to create a positive environment for new opportunities. Our interests are clear here, and we sincerely believe that together, through the expertise of both companies, we will offer great solutions for the benefit of the economic sectors in which we operate.