ATHEXClear has undertaken the clearing of transactions in the Securities Market of Athens Exchange as a Central Counterparty. The counterparties of ATHEXClear in the clearing process are the Clearing Members of the aforesaid Market.
The clearing of transactions follows a two-day cycle after the trading day(T+2) and 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.
Clearing involves the following procedures, which are completed within the period T (trading day) to T+2 (two business days after the trading day):
- Notification from the Market Operator to ATHEXClear of transactions to be cleared.
- Correction of Clearing Account codes (by Market Members).
- Finalisation and consolidation of trades by ATHEXClear (to reduce the number of transactions for clearing).
- Announcement by ATHEXClear of clearing results to Clearing Members after the end of the trading session, on the same day.
- Transaction shaping procedure by Clearing Members. Transaction shaping is a preparatory procedure for the settlement of transactions and includes:
- the splitting and merging of trades,
- the transfer of settlement,
- the declaration of the Securities Settlement Account,
- the entry of instructions for the settlement of Intermediary transactions in favour of final beneficiaries.
On settlement day (T+2) ATHEXClear sends a file of settlement instructions to ATHEXCSD, so that the latter may carry out the cash settlement of transactions as well as all kinds of transfers and relevant entries in the DSS in accordance with the AthexCSD Rulebook. Clearing Members / Participants participate in this process.