On the capital market the following trading platforms cooperate with KELER CCP:
-
Budapest Stock Exchange
-
BETa Market
-
MTS Hungary
General Clearing Member
General Clearing Member
| Definition |
The General Clearing Member is entitled to trade and clear own and principal transactions, it can also clear the trades made by its Non-clearing Members. The stock exchange trading right is not a condition of General Clearing Membership provided own account and client account transactions are not traded. |
| Liability |
The General Clearing Member has joint and several liability to KELER CCP for the settlement of all the trades it clears. |
| Legal relationship |
The General Clearing Member has direct legal relationship with KELER CCP, thus in case of default by other Clearing Members it can make use of the guarantee undertaking by KELER CCP. |
| Capital requirement |
HUF 2 billion, uniformly for all markets, sections, products |
Direct Clearing Member
Direct Clearing Member
| Definition |
The Direct Clearing Member has trading right and is entitled to trade and clear own and principal transactions. |
| Liability |
The Direct Clearing Member has joint and several liability to KELER CCP for the settlement of all the trades it clears. |
| Legal relationship |
The Direct Clearing Member has direct legal relationship with KELER CCP, thus in case of default by other Clearing Members it can make use of the guarantee undertaking by KELER CCP. |
| Capital requirements |
HUF 75 million; for the Direct Clearing Member clearing only for principal accounts, uniformly for all markets, sections and products.
HUF 100 million for the Direct Clearing Member clearing for both own and principal accounts, uniformly for all markets, sections and products |
Non-clearing Member / Segregated Non-clearing Member
Non-clearing Member / Segregated Non-clearing Member
| Definition |
The Non-clearing Member, the Individually Segregated Non-clearing Member has trading right and is entitled to trade for own and principal accounts, such trades will be cleared by a General Clearing Member. |
| Liability |
- |
| Legal relationship |
The Non-clearing Member, the Individually Segregated Non-clearing Member has no direct legal relationship with KELER CCP, thus in case of default by the General Clearing Member it cannot make use of the guarantee undertaking by KELER CCP. |
| Capital requirements |
- |
Principal / Segregated Principal
Principal / Segregated Principal
| Definition |
The Principal, the Individually Segregated Principal is entitled to trade through a trading member, trades will be cleared by a General or Direct Clearing Member. |
| Liability |
- |
| Legal relationship |
The Principal, the Individually Segregated Principal has no direct legal relationship with KELER CCP, thus in case of default by the General or the Direct Clearing Member it cannot make use of the guarantee undertaking by KELER CCP. |
| Capital requirement |
- |
| Reporting |
The General or Direct Clearing Member is responsible to report the Individually Segregated Principal to KELER CCP. |
Settlement Agent
Settlement Agent
| Definition |
The Settlement Agent has cash and securities account with KELER and cash account with the MNB, and based on specific agreement it keeps the accounts necessary for settlement for the Clearing Member, additionally, it offers other settlement services. |
| Liability |
- |
| Legal relationship |
The Settlement Agent has no direct legal relationship with KELER CCP, the obligation to settle rests with the Clearing Member making use of the service. |
| Capital requirement |
- |
| Reporting |
The Clearing Member is responsible to report the Settlement Agent used to KELER CCP. |
Gas Market
Gas Market Clearing Member
Gas Market Clearing Member
| Definition |
The Gas Market Clearing Member has trading right, it is entitled to trade and clear trades for own account.
Clearing membership in the Balancing Platform is the condition of CEEGEX market clearing membership. |
| Liability |
The Gas Market Clearing Member is liable to KELER CCP for the settlement of all the transactions it clears. |
| Legal relationship |
The Gas Market Clearing Member has direct legal relationship with KELER CCP, thus in case of default by other Clearing Members it can make use of the guarantee undertaking by KELER CCP. |
| Capital requirement |
HUF 75 million, uniformly on all markets. |
Energy Market
Energy Market Non-Clearing Member
Energy Market Non-clearing Member
| Definition |
The Energy Market Non-clearing Member has trading right and is entitled to trade and clear for own account. |
| Liability |
The Energy Market Non-clearing Member is liable to KELER CCP for the settlement of all the trades it clears. |
| Legal relationship |
The Energy Market Non-clearing Member has direct legal relationship with KELER CCP, thus in case of default by other Energy Market Non-clearing Members it can make use of the guarantee undertaking by KELER CCP. |
| Capital requirement |
HUF 75 million, uniformly for all markets. |