HOUSTON, Texas, July 24, 2002 — In preparation for its impending launch, EnergyClear Corp. (ECC) recently announced that Dennis M. Earle, formerly of Eurex Clearing AG in Frankfurt and currently a Board Member of EnergyClear, has been elected President.
Earle brings over 20 years of clearing, settlement and financial expertise to EnergyClear. Prior to joining Eurex he served as Managing Director of Depository Trust & Clearing Corporation and was also the founding president of Commodity Futures Clearing Corporation of New York, established by members to act as the unified clearing agent for all New York futures exchanges.
Formerly Executive Director of the Group of Thirty project, which reformed how securities markets clear and settle trades, Earle has broad and successful international experience in developing and operating financial markets and their supporting infrastructure as well as a strong background in technology and banking and brokerage operations.
Commenting on the appointment, Earle stated, “In the next few weeks EnergyClear will take on responsibility for clearing energy trades and providing direct trade guarantees to members of the energy industry. This innovative model offers its members the maximum protections available in the event of a bankruptcy while the energy industry itself sets the levels of protections as well as the fees. This model is a true clearinghouse for an OTC market and extends the protections of a clearinghouse to these new markets with new types of members. I look forward to working with EnergyClear and its members in achieving their goal of a safe and sounder market.”
About EnergyClear Corporation
EnergyClear Corporation (http://www.energyclear.com) provides netting and settlement of over-the-counter energy transactions, delivering the benefits of multilateral clearing in an efficient, effective and secure manner. The Corporation is wholly owned by market participants and is a registered Derivatives Clearing Organization with the Commodity Futures Trading Commission under the Commodity Futures Modernization Act of 2000.