Financial Settlement

Related to CEEGEX/HUDEX clearing financial positions are settled daily. The settlement currency is Euro (EUR).

The daily financial settlement is based on a single aggregated and netted financial position. KELER CCP nets the financial positions arising from the spot transactions, futures variation margin and futures transactions related physical delivery transactions of the Clearing Member.

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 debit financial positions formed for the purchase price amount adjusted with VAT corresponding to the VAT residence. 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 2nd (second) settlement day after being determined.