KELER CCP Central Counterparty Ltd. (hereinafter: KELER CCP) operates as a central counterparty under Act CXX of 2001 on the Capital Market (Tpt.), as well as under Regulation (EU) No 648/2012 on OTC derivatives, central counterparties, and trade repositories (EMIR). Accordingly, KELER CCP is a central clearing service provider on capital markets and specializes in energy related commodity products.

On 4 December 2024, the amended text of EMIR (EMIR 3) was published in the Official Journal of the European Union, and it entered into force on 24 December 2024. The new provisions introduced by EMIR 3 affect KELER CCP’s energy market non-clearing membership service (GCM services), which is currently provided under the umbrella of European Commodities Clearing AG (ECC), which is also an acting central counterparty regulated by EMIR.

According to Article 89(10) of EMIR, one central counterparty (e.g., KELER CCP) may not be a clearing member of another central counterparty (e.g., ECC) therefore such arrangements must be terminated no later than 25 December 2026, in compliance with the EMIR 3 requirements.

Anticipating these regulatory changes, KELER CCP proactively began preparations well in advance, guided by our commitment to partnership and transparency. Our primary objective has been to develop a forward-looking, value-creating solution that not only ensures full compliance with EMIR 3 but also enhances the efficiency, resilience and competitiveness of the markets and market players where KELER CCP provides its services. We believe the solution will strengthen the joint position of all parties in the evolving European energy market and open new opportunities for continued growth together.

Solution
Incorporation of BÉTx Ltd. (BÉTx, a 100% subsidiary of the Budapest Stock Exchange Plc.), which will become a fully-fledged investment service provider and approved Institution CM of ECC, taking over KELER CCP’s client portfolio and related contractual obligations through legal succession. The entire operational process will be managed by KELER CCP based on an outsourcing agreement between BÉTx and KELER CCP to be concluded. 

Impacts
BÉTx will continue to provide the service under exactly the same conditions (from commercial, technical, and service-level perspectives) as KELER CCP does today.

Actions to be taken by clients
1.    As soon as possible
•    Please, check internally whether there are any further questions at this stage on your side, or there are aspects not covered by the material and let us know.
•    Please, check internally whether the KYC process of BÉTx as future service provider needs to be completed on your side, and inform us in due course (BÉTx will not be a central counterparty – it will be a CM of ECC, while this role will continue to be fulfilled by ECC).
•    Please also check internally if you, as an NCM, are required to notify your regulatory bodies in any case.

2.    At a later stage (exact date to be specified later)
•    As part of the legal succession process, clients must provide their consent (by 30 September at the latest, form will be provided at a later stage, in a timely manner).
•    Energy markert Non-Clearing Membership agreement (bilateral Client-KELER CCP): no change expected; will be inherited by BÉTx.
•    NCM02 (triparty Client-ECC-KELER CCP): no change expected; will be inherited by BÉTx.
•    Settlement bank related triparty agreement (Client-Bank-KELER CCP): amendment expected (by 30 September at the latest, form will be provided at a later stage, in a timely manner).