Financial settlement

In derivative clearing the calculated variation margin is settled on the first (1) clearing day after the day the trade is made (on T+1 where T = Transaction Day).

During settlement the financial settlement positions are formed at the segregation levels of Clearing Member own and omnibus principal, while Non-clearing Member financial settlement positions are settled jointly with the omnibus principal positions.

The place of settlement for HUF is either KELER or in the case of credit institutions the MNB. The place of settlement for products with FX settlement is always KELER.

Clearing Members are required to make sure that the financial positions in line with segregation are available in the settlement accounts until 8:50, from these accounts KELER CCP will take the funds for the entire amount. (Partial settlement is not available.). Parallel with this KELER CCP posts credit entries, in line with segregation, in the settlement accounts of the obligees.

Related to settlements, in addition to the settlement of financial positions, Clearing Members are required to comply with the daily margin and default fund contribution requirements.

The deadline to meet the margin requirement is 8:50, while the normal monthly default fund contribution is to be provided until 8:50 on the second (2.) clearing day after the being determined.