Eurobank has announced its participation as a General Clearing Member in the Cyprus Competitive Electricity Market (CEM), which commenced operations on 15 September, 2025, with its first trading day on 1 October, 2025.
A General Clearing Member (GCM) in the energy sector is a financial institution licensed by the relevant exchange or clearing house to clear transactions for its own clients and proprietary accounts, as well as for other trading members.
As noted in a press release from Eurobank, "The new market operates as an Energy Exchange, where producers and suppliers negotiate prices on a half-hourly basis. Its design provides for the distinct role of the Cyprus Stock Exchange (CSE) as the Clearing Authority, the Market Operator as the supervising management body, and Eurobank Greece as the intermediary between the CSE and participants—producers and suppliers—for the clearing and settlement of positions in the Day-Ahead Market, the Balancing Market, and Ancillary Services, in accordance with the Electricity Market Rules and the CSE’s Technical Decisions."
As a General Clearing Member, Eurobank is undertaking the following key functions for contracted participants, ensuring the security and integrity of transactions:
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Receipt of clearing and settlement results from executed transactions
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Monitoring and fulfillment of financial obligations (daily cash settlements, tax obligations)
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Management of collateral and coverage of obligations arising from calculated risk
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Management of credit limits to ensure smooth execution of orders and transactions
"Eurobank’s contribution was crucial to the successful launch of the market, demonstrating flexibility, expertise, and immediate responsiveness in a complex and demanding project. It is the only Bank or Investment Services Firm that has obtained the status of General Clearing Member in the Cyprus Energy Market, substantially strengthening the operational readiness and functional integrity of the new market," the press release continued.
It went on to note that, "The Cyprus Competitive Electricity Market marks a new era in the electricity sector, aiming for the transition to a fully liberalized and competitive framework, where producers, suppliers, and final customers can freely shape the terms of management and compensation for energy injected into the grid."
"The successful implementation of this project was based on close and constructive cooperation with all stakeholders in the Cypriot market, particularly the Ministry of Energy, Commerce and Industry of Cyprus, the Cyprus Transmission System Operator (TSO), and the Cyprus Stock Exchange," Eurobank continued.
"With many years of experience as a General Clearing Member in Stock, Derivatives, and Energy Exchanges in Greece, Eurobank consistently holds leading positions in the market, with certified, highly specialized staff, advanced technological systems, and flexible business models tailored to the needs of its clients," it added.
The press release also said, "Eurobank’s participation in the Cyprus Competitive Electricity Market does not involve energy price formation, but the provision of institutional clearing and settlement services, thereby strengthening the transparency, security, and operational soundness of the market. The Bank supports the evolution of the energy market toward a more competitive and sustainable model, with respect for the needs of consumers and businesses."
It also noted that, "This initiative is part of the broader strategic presence of the Eurobank Group in Cyprus. Following the completion of the merger between Hellenic Bank and Eurobank Cyprus, the new Bank under the name Eurobank is now one of the largest financial institutions in the country, with a strong capital base, extensive network, and commitment to supporting the Cypriot economy and the energy transition."
