The settlement of Electricity Spot Market transactions, including fees and taxes, and the safekeeping of clearing collateral shall be done by the Clearing Facilities (Settlement Bank and Collateral Custodian) on behalf of CCP.A. Therefore, the Clearing Facilities shall be responsible for
- the timely booking of payments provided the cover is sufficient on the delivering and receiving parties’ side on the settlement day, whereby the Settlement Bank is booking the payments on the accounts, and
- the safekeeping, banking processes administration and the valuation of clearing collateral, whereby the clearing collateral is kept with a Collateral Custodian.
The settlement bank is obliged to execute payment orders via its electronic system. It does not enter into the contractual relationship between the clearing members and assumes no liability for their actions or omissions.
The collateral custodian represents an authorized credit institution or CSD, which operates the safekeeping of clearing collateral on behalf of CCP.A.
As part of settlement, the settlement facilities for CCP.A are entitled to direct debit from settlement accounts of the clearing members. The clearing members grant the clearing facilities a corresponding authorization which is irrevocable for the duration of the membership.
The General Terms and Conditions of Business of the clearing facilities apply unless these contradict the General Terms and Conditions Electricity of CCP.A and mandatory law.