Cash & Securites Accounts
Each Clearing Member shall maintain a Cash Settlement Account for the financial clearing, which shall meet the following requirements:
- Set up at an Austrian bank or a credit institute in the EAA (account-holding bank) with the ability to process SEPA B2B direct debits
- Guarantee of the processing of direct debits and credits with value date T + 1 in EURO cash deposits
The Clearing Member shall expressly agree to SEPA B2B direct debit procedure.
Each Clearing Member shall provide sufficient Clearing Collateral for the financial clearing in order to cover the risk of default. For this purpose, the Clearing Member may set up one or more collateral accounts as cash collateral and/or one or more collateral accounts for the safekeeping of security collaterals with the Collateral Custodians.
The fulfilment of Electricity Exchange Transactions is made by the fulfilment of the financial obligations in accordance with PART IV of the General Terms and Conditions of Business on the one hand and by the nomination of Schedules to the Balancing Group Coordinators, Transmission System Operators and the Balance Responsible Parties of the Clearing Members within the scope of physical settlement on the other hand.
Each Clearing Member shall immediately notify CCP.A of any changes or a termination of the Balancing Group Contracts on which the Electricity Exchange Transactions are based.