Related to CEEGEX/HUDEX clearing financial positions are settled daily. The settlement currency is Euro (EUR).
Following the closing of the day, KELER CCP prepares the daily clearing reports to advise the Clearing Member on daily financial result (PRD and PRS statements). The daily financial settlement is based on a single consolidated, netted financial position. Within this framework, KELER CCP nets the financial positions of the IP and KP transactions, the spot market transactions of CEEGEX, the price difference and the physical delivery transactions of HUDEX, modified by the distribution of results specified by the FGSZ.
During settlement, the finacial positions are formed in accordance with the VAT taxable trader status of the domestic client and according to the purchase price amount modified with the VAT according to the tax residency.
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 in the settlement accounts the coverage of the financial positions. From these accounts KELER CCP withdraws the funds for the entire quantity (Partial financial settlement is not available). Parallel with this KELER CCP posts credit entries in the settlement accounts of obligees.
In addition to the settlement of financial positions Clearing Members are required to comply with the daily margin and default fund contribution requirements.
Margin is to be provided by 9:00 am, while the normal monthly default fund contribution requirement is to be met by 9:00 am on the clearing day after being determined.