All Exchange Members who take part in trading of spot market products for electric energy on the Vienna Stock Exchange as a general commodity exchange shall be Clearing Members at CCP.A.
In its role as the central counterparty, CCP.A positions itself between the seller and the buyer and takes on the counterparty risk. As a consequence, before taking up clearing activities, every Clearing Member is obliged to enter into a Clearing Agreement for the Electricity Spot Market with CCP.A (see also § 11 of the General Terms and Conditions for the Electricity Spot Market).
The Clearing Agreement thus forms the basis for future clearing activities and contains - including all annexes - a complete picture of the clearing member's desired structure with regard to the financial clearing and physical fulfilment by CCP.A.
Clearing Members shall be members of the general commodity exchange pursuant to § 18 of the General Terms and Conditions of Business of the Exchange Operating Company, whose company is commercially operating in relation with electric energy.
Before taking up clearing activities, each Clearing Member shall conclude a Clearing Agreement with CCP.A, undergo a credit assessment and provide proof to CCP.A that it
- has made the required contribution to the Default Fund,
- has installed the required technical facilities including access to the clearing systems,
- has the professionally trained staff required (clearing diploma) according to the requirements of the Schedule of Fees Spot Market Products in Electric Energy of CCP.A,
- has provided the required direct debit authorization, the list of authorized signatories as well as the pledge declarations for the financial clearing,
- assumes the function of a Balance Responsible Party in the Control Area where clearing takes place itself or has a valid contract with a Balance Responsible Party (confirmation of membership in a balance group), which enables it to participate in clearing with CCP.A,
- has a valid authorization of the competent authority to act as a Balance Responsible Party or a valid Balancing Group Contract in the Control Area where clearing takes place, in each case including proof of its unchanged validity at the time of the application,
- the required cash and, optional, securities accounts are available, and
- belongs to one of the categories pursuant to § 2 para. 1 or 2 of the Austrian Financial Collateral Act.