OMIClear was incorporated on April 6th 2004, having presently a share capital of 3,000,000 Euros totally owned by OMIP with which shares several business support functions.
OMIClear takes on the position of Central Counterparty (CCP) to all operations it has registered, guaranteeing the fulfillment of obligations of both parties. Once an operation is registered, OMIClear manages the resulting positions, becoming the buyer in relation to the seller and the seller in relation to the buyer, using various systems and procedures to control the risk taken on by market participants such as the deposit and management of guarantees.
Therefore, eliminates a series of operational risks, specifically:
- Credit - of one party not fulfilling its contractual commitments in relation to the other;
- Settlement - ensuring multilateral cash debits and credits;
- Operational - supported on the market control and supervision procedures and mechanisms;
- Systemic - taking into account the introduction of multilateral netting in the operations.
OMIClear was initially the clearing house of OMIP’s derivatives market, however it immediately widened its services to bilateral (OTC) trades, as well as relative to other energy based products, while taking advantage of the infrastructures and connections in place, namely: VPP’s, CESUR and the management of TSO guarantees.