The physical settlement transactions made and delivered on CEEGEX/HUDEX are subject to purchase price invoicing (Futures transactions are not subject to purchase price invoicing provided they are closed before expiry). As part of the central purchase price invoicing (“self invoicing”), KELER CCP issues the invoices of (in KELER CCP’s view) both the buyers and sellers as well, based on the mandate stated in the applicable agreement on invoicing. The invoice issued includes VAT corresponding to the VAT residence. In relation to central purchase price invoicing, KELER CCP has joint responsibility for the issued invoices.
Invoices are issued on a „fungible” basis taking into account the reference period.
In addition to the purchase price invoices, KELER CCP issues fee invoices to the Clearing Members related to CEEGEX/HUDEX clearing. Payment is based on the invoice issued by the 5th (fifth) business day following the subject month, the invoiced amounts are collected by debiting the Clearing Member accounts kept with the Settlement Bank.
Purchase price invoicing - How are invoices made?
