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The Iberian Energy Clearing House

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Requirements and Types of Clearing Members

The clearing members are OMIClear counterparts, which through direct access to MiClear system, participate in OMIClear’s clearing and settlement procedures for all trades (exchange or OTC) registered with the clearing house.


Clearing Members Categories:


Direct Clearing Member (
DCM): responsible for management and settlement of positions resulting from registered transactions for own account or on behalf of entities of the same group;

General Clearing Member (GCM): responsible for the management and settlement of positions recorded resulting from operations carried out either by itsel for by its clients, typically Trading Members, with which it has concluded for this purpose, a clearing agreement.

General Requirements to be a Clearing Member:

  • Be a TARGET 2 participant or make an agreement with a Financial Settlement Agent that is a TARGET2 participant;
  • Make a contribution to the Clearing Fund managed by OMIClear;
  • Have at their disposal the human resources adequate for the work out Clearing Members’ functions.

Specific Requirements to be a Direct Clearing Member (DCM):

  • Be:
    • A credit institution or a financial intermediary; or
    • An electricity sector entity; or
    • An entity that only clears positions from entities of the same group, under the terms of Article 21 of Securities Code.

  • To have an equity capital requeriments of:
         

Specific requirements to be a General Clearing Member (GCM):

  • Be a credit institution or a financial intermediary;
  • To have an equity capital requeriments of:
         

Regarding the Risk Level of those candidates to become a Clearing Member (CM), OMIClear analyze the "risk scoring" of each one based on their Internal Credit Risk Poliies: 

  • "Risk Level" (RL): The RL is assigned to a CM based on the probability of fulfillment of its commitments and obligations, and ultimately on its ability to repay through assets or financial performance.
  • To be accepted as CM the entity must hold a RL between 1 and 7 (both included). An Additional Guarantee is required for entities which a RL = 6 or 7