The settlement of transactions and the safekeeping of clearing collateral shall be done by the Clearing Facilities (Settlement Bank, CSD and Collateral Custodian) on behalf of CCP.A. Therefore, the Clearing Facilities are responsible for
a) the timely book entry of the securities and payments provided the cover is sufficient on the delivering and receiving parties`side on delivery day, whereby the CSD is booking the securities and the Settlement Bank is booking the payments, and
b) the safekeeping of securities, banking processes administration and the valuation of the clearing collateral, whereby the clearing collateral is kept with a Collateral Custodian.
- Settlement Bank:
a Central Bank or an authorized credit institution, which bears a minimal credit and market risk according to an internal assessment of CCP.A.
- CSD (Central Securites Depository):
a company especially determined to carry out the safekeeping and managing of securities as well as the settlement of securities transactions.
- Collateral Custodian:
an authorized credit institution or a Central Bank, which operates the safekeeping of clearing collateral on behalf of CCP.A.
For the service of a Settlement Bank, CCP.A utilizes the Austrian Central Bank - Oesterreichische Nationalbank (OeNB) - for clearing. Though some foreign Clearing Members use their respective Central Bank for this purpose. Regarding the fee settlement, Clearing Members shall set up accounts at Oesterreichische Kontrollbank AG (OeKB).
CCP.A cooperates for the purpose of a Central Securities Depository with the OeKB CSD GmbH, which embodies a subsidiary of OeKB. The OeKB CSD GmbH is responsible for the safekeeping of securities.
Regarding the custody of clearing collateral, CCP.A collaborates with two Collateral Custodians. The Oesterreichische Kontrollbank AG (OeKB) operates the safekeeping of cash collateral, whereby the OeKB CSD GmbH maintains the securities collateral.
The General Terms and Conditions of Business ("Business Terms") of the clearing facilities apply unless these contradict the General Terms and Conditions of Business of CCP.A and the Austrian Stock Exchange Act.