ATHEXClear has undertaken the clearing of transactions in the Derivatives Market of Athens Exchange as a Central Counterparty. The derivative products that are cleared are listed in detail here.
The counterparties of ATHEXClear in the clearing process are the Clearing Members of the Derivatives Market. The clearing of transactions is carried out by ATHEXClear at Clearing Account level.
Each Clearing Member keeps in the Clearing System at least one Clients Clearing Account and one Own Clearing Account. Additional Client Clearing Accounts or Clients Clearing Accounts may be created at the request of a Clearing Member.
Each Clearing Account is linked to at least one Clearing Subaccount solely and exclusively for needs relating to the recording and allocation of the Credit Limit by Clearing Members to Market Members.
In order to monitor the positions of clients of Clearing Members in the Clearing System, Position Accounts are created by Clearing Members. Each Position Account is linked to:
- the investor share account,
- a Clearing Subaccount,
- a Clearing Account,
- at least one investor Trading Code at a Market Member, to enable the automatic updating of the Position Account with transactions carried out in the Market.
In the framework of the clearing process, ATHEXClear on a daily basis calculates the final positions for each Position Account. It also calculates for each Clearing Account the daily cash settlement amounts and the required Margin which are due from the Clearing Members on the next business day (T+1).
On expiry of derivatives contracts, final clearing is conducted on the basis of the final settlement prices that are announced by Athens Exchange on its website. ATHEXClear also calculates the liabilities and claims of Clearing Members in cases involving the receipt or delivery of securities (physical settlement) and forwards the relevant settlement instructions to ATHEXCSD.
More specifically, the clearing procedures followed by ATHEXClear in order to complete the clearing of transactions in the Derivatives Market of ATHEX are:
- Notification from the Market Operator to ATHEXClear of transactions to be cleared.
- Shaping of transactions (through a declaration in the Clearing System by Market Members and Clearing Members).
- Transfer of clearing (through a declaration in the Clearing System by General Clearing Members).
- Transfer of positions (through a declaration in the Clearing System by Clearing Members for the same investor).
- Exercise of rights in accordance with the product characteristics (through a declaration by the buyer in the Clearing System).
- Notification of Securities Settlement Account (for derivative products with physical delivery).
- Finalisation and netting of positions by ATHEXClear after completion of the above actions.
- Calculation of settlement claims and liabilities.
- Adjustment of positions due to corporate actions.
- Announcement of clearing results.