The Clearing House ensures the seamless operation of the Clearing process of the ATHEX market, involving the participation of Clearing Members and DSS users. For each trading day T the ATHEX trading Members may input in the Clearing System a shaping proposal for transactions they have performed on behalf of clients. Clearing Members are responsible for inputting the final transactions shaping in the Clearing System.

The Clearing process includes the following procedures for day T:

  1. All trades performed in ATHEX are loaded in the Clearing System
  2. Grouping of transactions
  3. Finalisation of transactions to be cleared and calculation of obligations/requirements in stock quantities and cash amount per Clearing Member and per Clearing Account (or sub-Account).
  4. Calculation of 3-day risk and of required collateral
  5. Calculation of the day risk per Clearing Account for monitoring the trading quotas.
  6. Calculation of the concentration limit (to prevent dominant position of a specific Clearing Member)

In order to complete the Clearing process and the final Settlement of transactions in the time interval from trade date T, up to the settlement day T+2, the Shaping procedures are conducted in the Clearing System. These involve the following steps and actions:

  1. Trading Members have permission to modify/release instructions. Shaping (Splitting or grouping) of transactions is initially possible by Trading and/or Clearing Members
  2. At a second stage, Trading Members no longer have permissions to modify/release instructions (and thus shaping is no longer possible by these Members). After this stage shaping is only possible for Clearing Members.
  3. Settlement is shifted from the Clearing Member to the relevant DSS Operator.
  4. The DSS Operator takes up the Settlement of the transaction by declaring the Security account of the end beneficiary for the transaction.
  5. Settlement instructions grouping on-Exchange with off-Exchange trades in the principal Account are produced.

 

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