General Description

Currently KELER CCP provides multinet securities market clearing for the following three (3) trading platforms:

  • Budapest Stock Exchange;
  • BÉTa Market (operated by the Budapest Stock Exchange Ltd.);
  • MTS Hungary (operated by EuroMTS Ltd.).

KELER CCP receives real time the trades that were matched and were executed in line with segregation and clears such trades in line with the most advanced multilateral netting principle (BIS Model 3). KELER CCP guarantees the positions that are formed as the result of multilateral netting. Thus in line with segregation KELER CCP determines the securities and financial settlement positions by Clearing Members. The financial settlement position is determined based on trade price. Due to multilateral netting the considerable number of transactions to be settled daily is reduced to a fraction of the original transaction number, this serves the interest of market participants efficiently and securely.

During the securities market clearing, in line with the best practice in Europe, all trades are settled on the second (2.) clearing day after trading (on T+2, where T = Transaction Day).

KELER CCP calculates margin requirement for the open positions; this is to be met on the first (1.) day after calculation.