Overview

Clearing Membership General Description

KELER CCP as central counterparty offers clearing and guarantee undertaking service to the Clearing Members and energy market Non-clearing Members solely that are in contractual relationship with KELER CCP.
 
The participants of the clearing membership system are as follows:
  • General Clearing Member
  • Direct Clearing Member
  • Individually Segregated Client (Non-clearing Member, Principal)
  • Non-clearing Member
  • Principal
  • Settlement Agent
  • Back-up Clearing Member
  • Gas market Clearing Member
  • Energy market Non-clearing Member
 The participants of the clearing membership system are the first line of defense in the risk management system, therefore membership criteria are based on the risks of the members and the market segment, and thus it depends on the type of clearing membership and the individual risks of the market concerned. When the criteria are formed KELER CCP sets identical terms for participants on markets with identical risk profile. The license issued by the relevant supervisory authority and compliance with the capital requirements and its controllability are essential preconditions of participation in the clearing membership system. The participants of the clearing membership system can acquire clearing  right if they meet the membership criteria, during the period of membership the margin and settlement requirements must be met on an ongoing basis.