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Requirements and Types of Settlement Agents

The Settlement Agents are not OMIClear’s members, although they are recognized by OMIClear to provide settlement services to market members.

There are two types of Settlement Agents:

Financial Settlement Agent – it is an agent who acts as an intermediary between the payment system (TARGET2) and a Clearing Member in order to assure cash settlements. All financial institutions that are connected to TARGET2 can perform this function.

Physical Settlement Agent – it is an OMEL member who can trade and settle on the day-ahead market. The role of a Physical Settlement Agent consists in being the intermediary between the trading accounts owners and the physical settlement system, ensuring that any holder of a trading account may make the physical delivery of its positions.