CEEGEX
CEEGEX Central European Gas Exchange (hereinafter CEEGEX) trades in non-financial products on the spot gas market and is therefore not covered by the EMIR Regulation.
On the spot gas market KELER CCP provides the cash side guarantee. Physical settlement of a CEEGEX transaction is the responsibility of the CEEGEX Clearing Member that is obliged to settle. On the spot gas market positions limits are determined to cover the risks arising from any default on purchase price. The position limit is the current value of the CEEGEX-entitled collateral assets posted with a KELER CCP adjusted by financial positions.
The methodology for the position limit is published by the KELER CCP in the applicable announcement.
The financial result is settled on a net basis per Clearing Member. The financial settlement takes place in the payment account held by the Settlement Banks, irrespective of any complaints or subsequent corrections.
The purchase invoice is issued at gross value (including VAT) for domestic CEEGEX Clearing Members and at net value (0% VAT) for foreign CEEGEX Clearing Members.
In order to be able to cover the financial obligations of Clearing Members in the event of a default, the KELER CCP operates a guarantee system.
HUDEX
The risk management of gas futures products of HUDEX Hungarian Derivative Energy Exchange (hereafter: HUDEX) is governed by the provisions of EMIR.
KELER CCP is responsible for the cash-side guarantee on the HUDEX gas market. The physical settlement of HUDEX gas transactions is the responsibility of the HUDEX Clearing Member that is obliged to settle. In the HUDEX gas futures market, the KELER CCP does not apply any position limit.
The financial result is settled on a net basis per Clearing Member. The financial settlement is made on the payment account held by the Settlement Banks, irrespective of any claims and subsequent corrections.
The purchase invoice is issued at gross value (including VAT) for domestic HUDEX Clearing Members and at net value (0% VAT) for foreign HUDEX Clearing Members.