Financial settlement

Related to derivative clearing financial positions are settled daily. The settlement currency is in line with the product specification provided by the exchange, by default Forint (HUF).

During derivative clearing the calculated variation margin is settled on the 1. (first) 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 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 withdraws the funds for the entire amount (partial financial settlement is not available). Parallel with this, in line with segregation, KELER CCP posts credit entriesin 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 2. (second) clearing day after being determined.