Financial Settlement

Related to IP and TP transaction clearing financial positions are settled daily. The settlement currency is euro (EUR).

Following the closing of the gas day, KELER CCP prepares the daily clearing reports to advise the Clearing Member on daily financial result. The monthly purchase price invoice is issued based on the daily clearing reports. Daily financial result is settled on the day after the daily clearing (in case it is a non-business day, on the following first settlement day) at 9:00 am, as an aggregated value of IP and TP transactions modified by the neutrality charge calculated by FGSZ.

The settlement positions for the purchase price amount adjusted with VAT corresponding to the VAT residence are formed in line with the transactions of the Clearing Member during the period, KELER CCP determines the purchase price of all transactions as a single net financial position.

The place of financial settlement is the Settlement Bank at the choice of the Clearing Member.

Until 9:00 am on Settlement Day the Clearing Members are required to provide the financial positions formed in the settlement accounts, from these accounts KELER CCP withdraws the funds for the entire amount (Partial financial settlement is not available). Parallel with this KELER CCP credits the settlement accounts of the obligees.

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 9:00 am, while the normal monthly default fund contribution is to be made until 9:00 am on the 2nd (second) settlement day after the requirement is determined.