Currently KELER CCP provides multinet securities market clearing for the following five (5) trading platforms:
- Budapest Stock Exchange
- BÉTa Market (market operator is Budapest Stock Exchange Ltd.)
- Xtend Market (market operator is Budapest Stock Exchange Ltd.)
- XBond Market (market operator is Budapest Stock Exchange Ltd.)
- MTS Hungary (market operator is MTS S.p.A.)
KELER CCP receives in real time the trades that were matched and were executed in line with segregation, and clears such trades in line with the most advanced multilateral netting principle (BIS Model 3). In accordance with the model, KELER CCP performs total netting by ISIN on the securities side and by currency on the cash side, in line with the applicable segregation level. KELER CCP guarantees the positions that are formed as the result of multilateral netting. Thus, in line with segregation, KELER CCP determines the securities and financial settlement positions by Clearing Members. The financial settlement position, i.e the purchase price is determined based on trade price. Due to multilateral netting the considerable number of transactions to be settled daily is reduced to a fraction of the original number of transactions, this serves the interest of market participants efficiently and securely.
During the securities market clearing, in line with the best practice in Europe, all trades are settled on the 2. (second) clearing day after trading (on T+2, where T = Transaction Day).
KELER CCP calculates margin requirement for the open positions; this is to be met on the 1. (first) day after calculation.