Overview

General Description

KELER CCP provides clearing services for balancing transactions settled on the Information Platform (IP) operated by FGSZ Ltd, and for the Trading Platform (TP) operated by FGSZ Trading Platform Ltd., related to the following transaction types:

  • balancing transactions (IP)
  • intraday and day-ahead transactions (TP)

KELER CCP receives the matched commercial trades and the imbalance positions in batch, and based on the latter creates the imbalance transactions. At the moment the transactions are accepted KELER CCP novates the transactions. With novation KELER CCP interposes itself between the counterparties of the original transaction and it becomes the buyer of the seller and the seller of the buyer. This way KELER CCP eliminates counterparty risk. In the case of commercial transactions, the purchase price related to the monthly financial settlement of the transactions is determined at trade price; in the case of balancing transactions it is determined at the balancing settlement price. The transactions are financially settled on an aggregated basis.

In order to mitigate risks KELER CCP applies real time financial limits with the involvement of the cooperating trading system, which ensures that commercial transactions are financially covered (pre-trade trading limit). KELER CCP applies ex ante limits to balancing transactions.

In order to ensure that the purchase price settlement requirement is met KELER CCP calculates turnover margin and default fund contribution requirement that is to be met on the 2. (second) settlement day after the day of the normal monthly calculation.

Financial settlement of the transactions concluded on IP and TP takes place on the 5. (fifth) day after the first clearing day following the trading month (gas month), related to the monthly closing.