Financial Settlement

Related to energy market clearing, financial position and margin settlement takes place daily. The settlement currencies are Euro (EUR) and British Pound (GBP). The settlement currency of margin settlement is solely Euro (EUR).

Daily financial settlement is based on a single netted financial position by currencies. KELER CCP nets the financial positions of the energy market Non-clearing Member spot market transactions, derivative variation margin and physical delivery transactions arising from futures transactions.

The place of settlement on the cash side is generally the own cash account of the client kept with the chosen Settlement Bank. The place of settlement for clients registered in Serbia is OTP banka Srbija (member of OTP Group).

Until 10:00 on Settlement Day the energy market Non-clearing Members are required to provide the coverage of their financial positions formed in their settlement accounts; KELER CCP withdraws the funds from these accounts for the entire quantity (Partial financial settlement is not available). Parallel with this KELER CCP credits the settlement accounts of the obligees.

Related to settlements, in addition to the settlement of financial positions, energy market Non-Clearing Members are required to meet the daily margin requirement.

The margin requirement is to be met until 10:00 a.m.