Financial Settlement

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

Following the closing of the gas month, KELER CCP prepares the monthly clearing report to advise the clearing member on monthly financial result. The monthly purchase price invoice is issued based on the monthly clearing report. Monthly financial result is settled on the 5. (fifth) day after the monthly clearing (in case it is a non-business day, on the following first settlement day) following the gas day clearing as an aggregated value of IP and TP transactions modified by FGSZ’s division of results.

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. On the financial netting KELER CCP issues the so-called compensation minutes.

The place of financial settlement is KELER.

Until 13:00 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 8:30, while the normal monthly default fund contribution is to be made until 8:30 on the 2. (second ) settlement day after the requirement is determined.