Market participants who trade and/or broker electricity futures contracts on the exchange – for example, on the European Energy Exchange (EEX) in Leipzig: in spring 2007, two-thirds of the market participants there, with more than half of the trading volume, came from abroad – or over the counter, provide banking transactions or financial services that require a license. In Germany, they are therefore subject to permission and supervision by the Federal Financial Supervisory Authority. – See Henry Hub, Electricity Traders. – Cf. BaFin Annual Report 2003, pp. 83 f., 101 f., BaFin Annual Report 2004, p. 121 (special supervisory rules on capital requirements), BaFin Annual Report 2007, p. 126 (European passport for electricity trading), BaFin Annual Report 2009, p. 139 (weak business), and the respective BaFin Annual Report, chapter “Supervision of Banks, Financial Service Providers, and Payment Institutions,” Deutsche Bundesbank Monthly Report of June 2014, pp. 62 f. (reordering the recording methodology for electricity trading in the balance of payments).
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