Houston-based EnergyClear Operations Co. (EOC) late Friday announced an agreement to provide over-the-counter (OTC) clearing services for its corporation. Earlier, EnergyClear Corp. launched a member-owned clearinghouse.

Thomas J. Perna, senior vice president of The Bank of New York, which is one of the owners, said the clearing platform would “facilitate the settlement of energy-forward contracts and energy derivatives, and help mitigate credit risk in this marketplace.”

EOC will use a multi-layered clearing application tailored to meet the needs of the OTC commodity markets. In addition to providing real-time credit-checking capabilities, the EOC system allows users the control in customizing accounts and integrating existing technologies with a clearing application interface. Other services, including margin collateral management and market surveillance, also will be provided.

“With our scalable and sophisticated clearing technology, I am confident that EOC will be instrumental in providing the standardization and liquidity to the OTC industry that is so vital to organized commodity markets,” said H. Lee Burton, president.

EOC, which relocated to Houston earlier this year, is owned by The Bank of New York, Prebon Yamane and Amerex. Prebon Yamane is an intermediary for a broad range of OTC foreign exchange, money, derivatives, securities, energy and emerging markets, and is a participant in several B2B exchanges.

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