Financial Settlement

Related to the Trading Platform clearing purchase price settlement takes place twice:

  • monthly preliminary closing;
  • monthly correction closing.

Financial settlement of the monthly preliminary closing is on the fifth (5.) day after the first clearing day after the month (subject month) the transaction is made, while financial settlement of monthly closing is on the fifth (5.) day after the fifteenth (15.) day after the month of trading.

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.

KELER is the place of financial settlement.

Until 13:00 on Settlement Day the Clearing Members are required to provide in the settlement accounts the financial positions formed, from these accounts KELER CCP will take the funds for the entire amount. (Partial 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 second (2.) settlement day after the requirement is determined.